{"id":27018,"date":"2024-10-09T09:31:12","date_gmt":"2024-10-09T07:31:12","guid":{"rendered":"https:\/\/integrae.it\/?p=27018"},"modified":"2024-10-09T09:31:13","modified_gmt":"2024-10-09T07:31:13","slug":"update-09-10-2024-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-09-10-2024-3\/","title":{"rendered":"UPDATE &#8211; 09.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the consolidated financial statements as of June 30, 2024, Palingeo reports revenues of \u20ac33.13 million, an increase of 28.7% compared to the result of \u20ac25.74 million for the same semester of the previous year. The EBITDA for the period amounts to \u20ac6.93 million, reflecting a notable growth of 66.3% compared to the figure of \u20ac4.17 million in 1H23A. The EBITDA margin stands at 20.0%, a significant increase from the first semester of 2023 (15.3%). EBIT, after depreciation and amortization of \u20ac1.88 million (including provisions for risks amounting to approximately \u20ac0.50 million), amounts to \u20ac5.06 million. As a result, the EBIT margin is 14.6%, compared to 9.9% in 1H23A. The Net Income amounts to \u20ac3.30 million, an increase of 70.9% compared to the first semester of 2023, which was \u20ac1.93 million.<br><br>In light of the results published in the semi-annual report for 1H24A, we confirm nearly all of our estimates for both the current year and the coming years. In particular, we confirm a Value of Production for FY24E of \u20ac71.45 million and an EBITDA of \u20ac15.35 million, corresponding to a margin of 21.5%. For the following years, we expect the Value of Production to increase to \u20ac80.75 million (CAGR 23A-27E: 7.0%) in FY27E, with EBITDA reaching \u20ac17.85 million (corresponding to a margin of 22.1%), an increase from \u20ac13.14 million in FY23A (which corresponds to an EBITDA margin of 21.4%). On the asset side, we estimate a positive Net Financial Position (NFP) of \u20ac9.71 million for FY27E.<br><br>We conducted the valuation of Palingeo\u2019s equity value based on the DCF methodology and the multiples from a sample of comparable companies. The DCF method (which includes a prudential specific risk of 2.5% in the WACC calculation) yields an equity value of \u20ac 77.9 million. The equity value of Palingeo using market multiples is \u20ac 80.6 million. <strong>This results in an average equity value of about \u20ac 79.3 million. The target price is \u20ac 12.00, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the consolidated financial statements as of June 30, 2024, Palingeo reports revenues of \u20ac33.13 million, an increase of 28.7% compared to the result of \u20ac25.74 million for the same semester of the previous<\/p>\n","protected":false},"author":5,"featured_media":22249,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[320],"class_list":["post-27018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-palingeo-2"],"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-09-10-2024-3\/\" \/>\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 consolidated financial statements as of June 30, 2024, Palingeo reports revenues of \u20ac33.13 million, an increase of 28.7% compared to the result of \u20ac25.74 million for the same semester of the previous\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-09-10-2024-3\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-09T07:31:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-09T07:31:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2024\/01\/Logo-Palingeo.png\" \/>\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\/png\" \/>\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-09-10-2024-3\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 09.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"In the consolidated financial statements as of June 30, 2024, Palingeo reports revenues of \u20ac33.13 million, an increase of 28.7% compared to the result of \u20ac25.74 million for the same semester of the previous","og_url":"https:\/\/integrae.it\/en\/research\/update-09-10-2024-3\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-10-09T07:31:12+00:00","article_modified_time":"2024-10-09T07:31:13+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/01\/Logo-Palingeo.png","type":"image\/png"}],"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; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-09-10-2024-3\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/01\/Logo-Palingeo.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/01\/Logo-Palingeo.png","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-09-10-2024-3\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-09-10-2024-3\/","name":"UPDATE - 09.10.2024 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-09-10-2024-3\/#primaryimage"},"datePublished":"2024-10-09T07:31:12+00:00","dateModified":"2024-10-09T07:31:13+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-09-10-2024-3\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-09-10-2024-3\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-09-10-2024-3\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 09.10.2024"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/27018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=27018"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/27018\/revisions"}],"predecessor-version":[{"id":27030,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/27018\/revisions\/27030"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/22249"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=27018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=27018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=27018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}