{"id":27020,"date":"2024-10-09T09:29:15","date_gmt":"2024-10-09T07:29:15","guid":{"rendered":"https:\/\/integrae.it\/?p=27020"},"modified":"2024-10-09T09:30:24","modified_gmt":"2024-10-09T07:30:24","slug":"update-24-04-2024-6","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-24-04-2024-6\/","title":{"rendered":"UPDATE &#8211; 09.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the first half of 2024, the Group generated consolidated revenues of \u20ac 29.47 million, a slight decline compared to \u20ac 30.21 million for the same period in the previous year, representing a change of -2.5%. The value of production, after other revenues of \u20ac 0.51 million, amounted to \u20ac 29.98 million compared to \u20ac 31.24 million in 1H23A. EBITDA for 1H24A stood at \u20ac 3.57 million, slightly down from the equivalent figure for 1H23A (\u20ac 3.61 million), resulting in an EBITDA margin of 11.9% (11.5% in 1H23A). Net Income was also positive, amounting to \u20ac 0.43 million, compared to \u20ac 1.27 million recorded in the first half of the previous year.<br><br>In light of the results published in the 1H24A half-yearly report, we are prudently adjusting our estimates for both the current year and the coming years. We estimate consolidated production value for FY24E at \u20ac 60.50 million and an EBITDA of \u20ac 7.40 million, corresponding to a margin of 12.2%, which is broadly in line with previous estimates. For the following years, we expect the production value to increase to \u20ac 67.00 million in FY26E, with a 24E-26E CAGR of 5.2%, consistent with market expectations for the fasteners sector, and an EBITDA of \u20ac8.85 million (corresponding to a margin of 13.2%), up from \u20ac 7.66 million in FY23A (which reflected an EBITDA margin of 12.5%).<br><br>We conducted the equity valuation of Vimi Fasteners based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which, for prudential purposes, includes a specific risk of 2.5% in the WACC calculation) yields an equity value of \u20ac 36.8 million. The equity value of Vimi Fasteners using market multiples amounts to \u20ac 38.0 million (including a discount of 25.0%). This results in an average equity value of approximately \u20ac 37.4 million. <strong>The target price is \u20ac 2.75, with a BUY rating and a MEDIUM risk level.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the first half of 2024, the Group generated consolidated revenues of \u20ac 29.47 million, a slight decline compared to \u20ac 30.21 million for the same period in the previous year, representing a change<\/p>\n","protected":false},"author":5,"featured_media":12069,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[251],"class_list":["post-27020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-vimi-fasteners"],"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-24-04-2024-6\/\" \/>\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 first half of 2024, the Group generated consolidated revenues of \u20ac 29.47 million, a slight decline compared to \u20ac 30.21 million for the same period in the previous year, representing a change\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-24-04-2024-6\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-09T07:29:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-09T07:30:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/vimi.png\" \/>\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\/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-24-04-2024-6\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 09.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"In the first half of 2024, the Group generated consolidated revenues of \u20ac 29.47 million, a slight decline compared to \u20ac 30.21 million for the same period in the previous year, representing a change","og_url":"https:\/\/integrae.it\/en\/research\/update-24-04-2024-6\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-10-09T07:29:15+00:00","article_modified_time":"2024-10-09T07:30:24+00:00","og_image":[{"width":500,"height":500,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/vimi.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; 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