{"id":27016,"date":"2024-10-09T09:24:34","date_gmt":"2024-10-09T07:24:34","guid":{"rendered":"https:\/\/integrae.it\/?p=27016"},"modified":"2024-10-09T09:27:09","modified_gmt":"2024-10-09T07:27:09","slug":"update-09-10-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-09-10-2024\/","title":{"rendered":"UPDATE &#8211; 09.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the financial report for the first half of the year, revenues amounted to \u20ac7.71 million, remaining broadly in line with the results achieved in the same period of the previous year, which were \u20ac7.62 million. The company\u2019s EBITDA, at \u20ac1.03 million, shows significant growth compared to the \u20ac0.68 million recorded in the first half of 2023, following a positive trend also in terms of EBITDA margin, which stands at 13.3%, up from 8.9% in the previous period. Net Income is \u20ac0.39 million, marking a remarkable increase of 251.5% compared to the \u20ac0.11 million reported in the first half of 2023. NFP stands at \u20ac4.64 million in debt, showing a deterioration compared to \u20ac3.59 million as of December 31, 2023.<br><br>In light of the results published in the 1H24A half-year report, we almost entirely confirm our estimates for both the current year and the coming years. In particular, we estimate 2024E revenues at \u20ac15.50 million and EBITDA at \u20ac2.00 million, corresponding to a margin of 12.9%. For the following years, we expect revenues to increase to \u20ac16.60 million (CAGR 23A-26E: 3.1%) in 2026E, with EBITDA reaching \u20ac2.45 million (corresponding to an EBITDA margin of 14.8%), up from \u20ac1.68 million in 2023A (corresponding to an EBITDA margin of 11.1%).<br><br>We conducted the valuation of GEL\u2019s equity value 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 \u20ac17.6 million. Using market multiples, the equity value of Gel came in at \u20ac 15.5 million (including a 25% discount). The result is an average equity value of approximately \u20ac16.5 million. <strong>The target price is \u20ac2.30, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the financial report for the first half of the year, revenues amounted to \u20ac7.71 million, remaining broadly in line with the results achieved in the same period of the previous year, which were<\/p>\n","protected":false},"author":5,"featured_media":11521,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[202],"class_list":["post-27016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-gel-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 09.10.2024 - 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-09-10-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 09.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the financial report for the first half of the year, revenues amounted to \u20ac7.71 million, remaining broadly in line with the results achieved in the same period of the previous year, which were\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-09-10-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-09T07:24:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-09T07:27:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/gel400x400-1-o8xguly30egikephosw33ixk01f3ppbllt3nj25k80.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\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 - 09.10.2024 - 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-09-10-2024\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 09.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"In the financial report for the first half of the year, revenues amounted to \u20ac7.71 million, remaining broadly in line with the results achieved in the same period of the previous year, which were","og_url":"https:\/\/integrae.it\/en\/research\/update-09-10-2024\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-10-09T07:24:34+00:00","article_modified_time":"2024-10-09T07:27:09+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/gel400x400-1-o8xguly30egikephosw33ixk01f3ppbllt3nj25k80.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; 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