{"id":27120,"date":"2024-10-14T15:13:56","date_gmt":"2024-10-14T13:13:56","guid":{"rendered":"https:\/\/integrae.it\/?p=27120"},"modified":"2024-10-14T15:14:56","modified_gmt":"2024-10-14T13:14:56","slug":"update-14-10-2024-6","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-6\/","title":{"rendered":"UPDATE &#8211; 14.10.2024"},"content":{"rendered":"\n<p>The value of production stands at \u20ac12.55 million, up by 38.0% compared to \u20ac9.10 million in 1H23A. EBITDA, amounting to \u20ac1.87 million, shows a 19.7% increase from \u20ac1.57 million in 1H23A, due to better management of structural costs following the revenue growth. The EBITDA margin decreased from 17.3% in 1H23A to 15.0%, reflecting a 2.3% decline primarily due to the new acquisitions business, which has lower margins compared to traditional operations. EBIT, after depreciation and amortization amounting to \u20ac1.04 million, is \u20ac0.85 million, an improvement from the \u20ac0.17 million recorded in 1H23A. Net Income is positive at \u20ac0.56 million, an improvement compared to the negative result of -\u20ac0.07 million in 1H23A.&nbsp;<\/p>\n\n\n\n<p>In light of the results published in the 1H24A semi-annual report, we are revising our estimates for both the current year and the upcoming years. In particular, we estimate a production value of \u20ac26.00 million for FY24E and EBITDA of \u20ac4.45 million, corresponding to a margin of 17.1%. For the following years, we anticipate that the production value could increase to \u20ac34.00 million by FY26E (CAGR 23A-26E: 20.4%), with EBITDA reaching \u20ac7.50 million, corresponding to a margin of 22.2%, an increase from \u20ac3.35 million in FY23A, which had an EBITDA margin of 17.2%. On a financial level, we estimate a cash-positive NFP of \u20ac2.79 million for FY24E.<\/p>\n\n\n\n<p>We conducted our valuation of the equity value of ABTG based on the DCF method. The DCF method (which includes a specific risk of 2.50% in the WACC calculation for prudence) returns an equity value of \u20ac37.8 million.&nbsp;<strong>The target price is \u20ac7.00, with a BUY rating and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The value of production stands at \u20ac12.55 million, up by 38.0% compared to \u20ac9.10 million in 1H23A. EBITDA, amounting to \u20ac1.87 million, shows a 19.7% increase from \u20ac1.57 million in 1H23A, due to better<\/p>\n","protected":false},"author":5,"featured_media":11935,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[306],"class_list":["post-27120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-alfio-bardolla-2"],"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-14-10-2024-6\/\" \/>\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=\"The value of production stands at \u20ac12.55 million, up by 38.0% compared to \u20ac9.10 million in 1H23A. EBITDA, amounting to \u20ac1.87 million, shows a 19.7% increase from \u20ac1.57 million in 1H23A, due to better\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-14-10-2024-6\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-14T13:13:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-14T13:14:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/ABTG.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"225\" \/>\n\t<meta property=\"og:image:height\" content=\"225\" \/>\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-14-10-2024-6\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 14.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"The value of production stands at \u20ac12.55 million, up by 38.0% compared to \u20ac9.10 million in 1H23A. EBITDA, amounting to \u20ac1.87 million, shows a 19.7% increase from \u20ac1.57 million in 1H23A, due to better","og_url":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-6\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-10-14T13:13:56+00:00","article_modified_time":"2024-10-14T13:14:56+00:00","og_image":[{"width":225,"height":225,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/ABTG.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; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-6\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/ABTG.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/ABTG.jpg","width":225,"height":225},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-6\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-6\/","name":"UPDATE - 14.10.2024 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-6\/#primaryimage"},"datePublished":"2024-10-14T13:13:56+00:00","dateModified":"2024-10-14T13:14:56+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-6\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-14-10-2024-6\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-6\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 14.10.2024"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/27120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=27120"}],"version-history":[{"count":3,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/27120\/revisions"}],"predecessor-version":[{"id":27124,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/27120\/revisions\/27124"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/11935"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=27120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=27120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=27120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}