{"id":27097,"date":"2024-10-14T08:45:22","date_gmt":"2024-10-14T06:45:22","guid":{"rendered":"https:\/\/integrae.it\/?p=27097"},"modified":"2024-10-14T08:45:24","modified_gmt":"2024-10-14T06:45:24","slug":"update-14-10-2024-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-2\/","title":{"rendered":"UPDATE &#8211; 14.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>As of June 30, 2024, SolidWorld Group reported consolidated revenues of \u20ac 30.90 million, marking a 6.7% decline compared to \u20ac 33.14 million in the first half of 2023, primarily attributable to a decrease in hardware sales. EBITDA reached \u20ac 6.27 million, showing an increase compared to \u20ac 2.76 million in 1H23, thanks to the contribution of \u20ac 5.30 million to production value related to the development activities of the Electrospider project. Consequently, EBIT also improved, amounting to \u20ac 3.79 million, and Net Income rose from \u20ac 0.43 million in 1H23A to \u20ac 1.90 million in the first half of 2024.<br><br>We are updating the FY24E production value estimate to \u20ac 77.00 million, taking into account the contribution from capitalized research and development costs. The estimated EBITDA is \u20ac 8.50 million, corresponding to an 11.0% margin. For the following years, we expect the production value to increase to \u20ac 95.00 million (CAGR FY23A &#8211; FY26E: 11.9%) in FY26E, with an EBITDA of \u20ac 9.00 million (corresponding to a 9.5% margin), up from \u20ac 3.40 million in FY23A (with an EBITDA margin of 5.1%).<br><br>We conducted our valuation of the equity value of SolidWorld Group 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 106,2 million. Using market multiples, the equity value of SolidWorld Group was estimated at \u20ac 73,2 mln million (including a 25% discount). This gives an average equity value of approximately \u20ac 89,7 million.<strong> The target price is \u20ac 5.40, with BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>As of June 30, 2024, SolidWorld Group reported consolidated revenues of \u20ac 30.90 million, marking a 6.7% decline compared to \u20ac 33.14 million in the first half of 2023, primarily attributable to a decrease<\/p>\n","protected":false},"author":5,"featured_media":12144,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[167],"class_list":["post-27097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-solidworld-group-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 14.10.2024 - 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-14-10-2024-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 14.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"As of June 30, 2024, SolidWorld Group reported consolidated revenues of \u20ac 30.90 million, marking a 6.7% decline compared to \u20ac 33.14 million in the first half of 2023, primarily attributable to a decrease\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-14-10-2024-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-14T06:45:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-14T06:45:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/05\/Copia-di-logo-invest.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 - 14.10.2024 - 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-14-10-2024-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 14.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"As of June 30, 2024, SolidWorld Group reported consolidated revenues of \u20ac 30.90 million, marking a 6.7% decline compared to \u20ac 33.14 million in the first half of 2023, primarily attributable to a decrease","og_url":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-10-14T06:45:22+00:00","article_modified_time":"2024-10-14T06:45:24+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/05\/Copia-di-logo-invest.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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