{"id":27052,"date":"2024-10-10T08:56:14","date_gmt":"2024-10-10T06:56:14","guid":{"rendered":"https:\/\/integrae.it\/?p=27052"},"modified":"2024-10-10T08:56:15","modified_gmt":"2024-10-10T06:56:15","slug":"update-10-10-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-10-10-2024\/","title":{"rendered":"UPDATE &#8211; 10.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the half-yearly report as of June 30, 2024, the Company reported sales revenues of \u20ac 14.42 million and a production value of \u20ac 14.53 million, marking a growth of 44.5% compared to the same period in 2023, \u20ac 10.05 million. The growth in business activities is clearly reflected in EBITDA, which reached \u20ac 8.20 million in 1H24A, representing an increase of 58.7% compared to \u20ac 5.17 million in the same period last year, with an EBITDA margin of 56.4% (up from 51.4% in 2023). EBIT also improved, standing at \u20ac 8.04 million after depreciation and amortization of \u20ac 0.16 million, marking an increase of 58.2% compared to \u20ac 5.08 million in the first half of 2023. Consequently, the EBIT Margin rose from 50.6% in 2023 to 55.4% in 1H24A. In line with this trend, Net Income reached \u20ac 5.32 million, compared to \u20ac 3.46 million recorded in 1H23A.<br><br>In light of the results published in the 2024 half-year report, we confirm our estimates for both the current year and the coming years, making slight adjustments. Specifically, we confirm the FY24E production value at \u20ac 31.00 million, while revising the EBITDA estimate to \u20ac 18.15 million, corresponding to a margin of 58.5%. For the following years, we expect the production value to increase to \u20ac 54.40 million (CAGR 23A-26E: 46.4%) in FY26E, with EBITDA reaching \u20ac 33.20 million (EBITDA margin of 61.0%), up from \u20ac 7.26 million in FY23A (EBITDA margin of 41.9%). On the balance sheet side, we expect the NFP to reach a cash-positive value of \u20ac 42.54 million in FY26E, which the Company will use to accelerate the development of its owned photovoltaic plants and the production and sale of electricity.<br><br>We conducted our valuation of the equity value of Altea Green Power 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 278.8 million. Using market multiples, the equity value of Altea Green Power is \u20ac 216.4 million. The results give an average equity value of \u20ac 247.6 million. <strong>The target price is \u20ac 14.30 (prev. \u20ac 14.30). We confirm a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the half-yearly report as of June 30, 2024, the Company reported sales revenues of \u20ac 14.42 million and a production value of \u20ac 14.53 million, marking a growth of 44.5% compared to the<\/p>\n","protected":false},"author":5,"featured_media":12058,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[169],"class_list":["post-27052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-altea-green-power-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 10.10.2024 - 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-10-10-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 10.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the half-yearly report as of June 30, 2024, the Company reported sales revenues of \u20ac 14.42 million and a production value of \u20ac 14.53 million, marking a growth of 44.5% compared to the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-10-10-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-10T06:56:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-10T06:56:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/logo-sito-Altea-e1645616463292.png\" \/>\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\/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=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UPDATE - 10.10.2024 - 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-10-10-2024\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 10.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"In the half-yearly report as of June 30, 2024, the Company reported sales revenues of \u20ac 14.42 million and a production value of \u20ac 14.53 million, marking a growth of 44.5% compared to the","og_url":"https:\/\/integrae.it\/en\/research\/update-10-10-2024\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-10-10T06:56:14+00:00","article_modified_time":"2024-10-10T06:56:15+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/logo-sito-Altea-e1645616463292.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"3 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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