{"id":26986,"date":"2024-10-08T09:38:24","date_gmt":"2024-10-08T07:38:24","guid":{"rendered":"https:\/\/integrae.it\/?p=26986"},"modified":"2024-10-08T09:38:26","modified_gmt":"2024-10-08T07:38:26","slug":"update-08-10-2024-4","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-08-10-2024-4\/","title":{"rendered":"UPDATE &#8211; 08.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the first half of 2024, the Group recorded revenues of \u20ac 22.02 million, marking a decrease of -17.3% compared to \u20ac 26.63 million achieved in 1H23A. The Group\u2019s EBITDA stands at \u20ac 3.23 million, showing a contraction of 34.8% compared to \u20ac 4.96 million in the first half of 2023. The EBITDA margin stands at 14.4%, down from 18.0% in 1H23A. The Adjusted EBIT stands at \u20ac 1.91 million, showing a decline compared to \u20ac 3.37 million recorded in the first half of 2023. The Net Income is \u20ac 1.31 million, compared to \u20ac 2.10 million in 1H23A. The Group\u2019s NFP increased from \u20ac 5.34 million as of December 31, 2023, to \u20ac 7.01 million in the first half of 2024.<br><br>Based on the results published in the semi-annual report for 1H24A, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate FY24E revenues of \u20ac 40.00 million, and an EBITDA of \u20ac 4.75 million, corresponding to a margin of 11.9%. In the following years, we expect revenues to reach \u20ac 46.40 million (CAGR 24E-27E: + 5,1%) in FY27E, with EBITDA equal to \u20ac 8.35 million (corresponding to a margin of 18.0%), up from \u20ac 8.10 million in FY23A (corresponding to an EBITDA margin of 16.3%). On the balance sheet, we estimate a debt NFP of \u20ac 2.51 million for FY27E.<br><br>We conducted our valuation of the equity value of Marzocchi Pompe based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of \u20ac 64.3 million. Market multiples approach led to an equity value of Marzocchi Pompe of \u20ac 33.8 million (including a 25% discount). <strong>The result is an average equity value of approximately \u20ac 49.0 million. The target price is \u20ac 7.50, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the first half of 2024, the Group recorded revenues of \u20ac 22.02 million, marking a decrease of -17.3% compared to \u20ac 26.63 million achieved in 1H23A. The Group\u2019s EBITDA stands at \u20ac 3.23<\/p>\n","protected":false},"author":5,"featured_media":11915,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[271],"class_list":["post-26986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-marzocchi-pompe-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 08.10.2024 - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/update-08-10-2024-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 08.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the first half of 2024, the Group recorded revenues of \u20ac 22.02 million, marking a decrease of -17.3% compared to \u20ac 26.63 million achieved in 1H23A. The Group\u2019s EBITDA stands at \u20ac 3.23\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-08-10-2024-4\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-08T07:38:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-08T07:38:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/Marzocchi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"amministratore integrae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UPDATE - 08.10.2024 - integrae.it \u2013 Financial Boutique","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/integrae.it\/en\/research\/update-08-10-2024-4\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 08.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"In the first half of 2024, the Group recorded revenues of \u20ac 22.02 million, marking a decrease of -17.3% compared to \u20ac 26.63 million achieved in 1H23A. 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