{"id":27116,"date":"2024-10-14T15:11:13","date_gmt":"2024-10-14T13:11:13","guid":{"rendered":"https:\/\/integrae.it\/?p=27116"},"modified":"2024-10-14T15:11:14","modified_gmt":"2024-10-14T13:11:14","slug":"update-14-10-2024-5","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-5\/","title":{"rendered":"UPDATE &#8211; 14.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>n the half-year report as of June 30, 2024, Pozzi Milano reported sales of finished products totaling \u20ac9.65 million, up from \u20ac9.32 million as of June 30, 2023, marking an increase of 3.6%. EBITDA for the period amounted to \u20ac0.90 million, registering a decrease of 22.2% compared to \u20ac1.15 million in the first half of the previous year. As a result, the EBITDA margin also declined, dropping from 11.9% in 1H23A to 9.1% in the recently concluded semester. EBIT followed the same trend, decreasing from \u20ac0.93 million to \u20ac0.71 million, with an EBIT margin of 7.3% (vs. 9.6% in 1H23A). Similarly, Net Income saw a significant contraction, falling from \u20ac0.65 million to \u20ac0.32 million (-50.6%)..\u00a0<br><br>In light of the results published in the 1H24A interim report, we are adjusting our estimates for both the current year and the coming years. In particular, we estimate a production value for FY24E of \u20ac20.40 million and EBITDA of \u20ac2.10 million. The downward revision of year-end revenues, which prudently takes into account the situation in the reference market, also affects profitability, resulting in a contraction. For the following years, we expect production value to increase to \u20ac24.50 million (CAGR: FY23A \u2013 FY26E: 3.2%) in FY26E, with EBITDA reaching \u20ac2.95 million, corresponding to a margin of 12.0%, up from \u20ac2.45 million in FY23A, corresponding to a margin of 11.0%. .\u00a0<br><br>We conducted our valuation of the equity value of Pozzi Milano based on the DCF method. 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 43.7 million.\u00a0<strong>The target price is therefore \u20ac 1.25 (prev. \u20ac 1.50), with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>n the half-year report as of June 30, 2024, Pozzi Milano reported sales of finished products totaling \u20ac9.65 million, up from \u20ac9.32 million as of June 30, 2023, marking an increase of 3.6%. EBITDA<\/p>\n","protected":false},"author":5,"featured_media":17446,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[165],"class_list":["post-27116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-pozzi-milano-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-14-10-2024-5\/\" \/>\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=\"n the half-year report as of June 30, 2024, Pozzi Milano reported sales of finished products totaling \u20ac9.65 million, up from \u20ac9.32 million as of June 30, 2023, marking an increase of 3.6%. EBITDA\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-14-10-2024-5\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-14T13:11:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-14T13:11:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/Pozzi-logo.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 - 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-14-10-2024-5\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 14.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"n the half-year report as of June 30, 2024, Pozzi Milano reported sales of finished products totaling \u20ac9.65 million, up from \u20ac9.32 million as of June 30, 2023, marking an increase of 3.6%. 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