{"id":27019,"date":"2024-10-09T09:30:07","date_gmt":"2024-10-09T07:30:07","guid":{"rendered":"https:\/\/integrae.it\/?p=27019"},"modified":"2024-10-09T09:30:08","modified_gmt":"2024-10-09T07:30:08","slug":"update-09-10-2024-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-09-10-2024-2\/","title":{"rendered":"UPDATE &#8211; 09.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues amounted to \u20ac 16.12 million, essentially in line with the \u20ac 16.52 million recorded in 1H23A. EBITDA stood at \u20ac 3.06 million, registering a growth of 38.2% compared to \u20ac 2.22 million in the same semester of the previous year. The EBITDA margin increased by 5 percentage points compared to 1H23A, reaching 18.3%. EBIT amounted to \u20ac 0.73 million, representing an increase of 256.8% compared to 1H23A. The Net Income was \u20ac -0.48 million, essentially in line with the negative figure of \u20ac -0.47 million in 1H23A. On a balance sheet level, the NFP decreased from \u20ac 19.63 million at the end of FY23A to \u20ac 18.93 million in 1H24A.<br><br>In light of the results published in the half-year report for 1H24A, we are revising estimates for both the current year and the following years. Specifically, we estimate FY24E production value at \u20ac 34.10 million, with EBITDA of \u20ac 6.80 million, corresponding to a margin of 19.9%. For subsequent years, we expect production value to increase to \u20ac 43.00 million (CAGR 23A-26E: 8.3%) in FY26E, with EBITDA of \u20ac 9.90 million (corresponding to a margin of 23.0%), up from \u20ac 5.34 million in FY23A (corresponding to an EBITDA margin of 15.8%).<br><br>We conducted our valuation of the equity value of Siav on the basis of 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 59.9 million. Using market multiples, the equity value of Siav was calculated to be \u20ac 59.4 million (including a 25% discount). <strong>The result gives an average equity value of approximately \u20ac 59.6 million. The target price is \u20ac 6.50, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues amounted to \u20ac 16.12 million, essentially in line with the \u20ac 16.52 million recorded in 1H23A. EBITDA stood at \u20ac 3.06 million, registering a growth of 38.2% compared to \u20ac 2.22 million in<\/p>\n","protected":false},"author":5,"featured_media":12295,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[164],"class_list":["post-27019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-siav-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-09-10-2024-2\/\" \/>\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=\"Revenues amounted to \u20ac 16.12 million, essentially in line with the \u20ac 16.52 million recorded in 1H23A. EBITDA stood at \u20ac 3.06 million, registering a growth of 38.2% compared to \u20ac 2.22 million in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-09-10-2024-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-09T07:30:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-09T07:30:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/08\/logo-sito-Siav.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\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-09-10-2024-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 09.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"Revenues amounted to \u20ac 16.12 million, essentially in line with the \u20ac 16.52 million recorded in 1H23A. 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