{"id":27137,"date":"2024-10-14T16:03:10","date_gmt":"2024-10-14T14:03:10","guid":{"rendered":"https:\/\/integrae.it\/?p=27137"},"modified":"2024-10-14T16:03:11","modified_gmt":"2024-10-14T14:03:11","slug":"update-14-10-2024-8","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-8\/","title":{"rendered":"UPDATE &#8211; 14.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production at the end of the first half of 2024 amounted to \u20ac 56.54 million, reflecting a 14.5% increase compared to the first half of 2023, which recorded \u20ac 49.39 million. EBITDA reached \u20ac 4.28 million, marking a growth of 17.3% compared to 1H23A, where it amounted to \u20ac 3.65 million. Similarly, there was an improvement in the EBITDA margin, which increased from 7.4% to 7.6%. EBIT stood at \u20ac 2.10 million, recording a growth of 10.0% compared to the previous period (\u20ac 1.91 million). The consolidated Net Income amounted to \u20ac 0.29 million, showing a decrease compared to the previous period, where it reached \u20ac 0.49 million.<br><br>In light of the results published in the half-year report for 2024, we confirm our estimates almost entirely. We estimate a value of production for FY24 of \u20ac 112.50 million and an EBITDA of \u20ac 8.75 million, corresponding to a margin of 7.8%. For the following years, we expect the value of production to increase to up to \u20ac 148.65 million (CAGR 23A-26E: 14.2%) in FY26E, with an EBITDA of \u20ac 13.00 million (corresponding to a margin of 8.7%), growing from \u20ac 7.23 million in FY23A (with an EBITDA margin of 7.2%). Lastly, we expect an improvement in the NFP, which, according to our estimates, will move from a debt value of \u20ac 2.87 million in FY23A to \u20ac 0.55 million in FY26E.<br><br>We conducted the valuation of Spindox\u2019s equity value based on the DCF method 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 95.8 million. The equity value of Spindox using market multiples comes out to be \u20ac 93.7 million (including a discount of 25.0%).\u00a0<strong>This results in an average equity value of approximately \u20ac 94.8 million. The target price is therefore of \u20ac 15.80, rating BUY and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production at the end of the first half of 2024 amounted to \u20ac 56.54 million, reflecting a 14.5% increase compared to the first half of 2023, which recorded \u20ac 49.39 million.<\/p>\n","protected":false},"author":5,"featured_media":14941,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[284],"class_list":["post-27137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-spindox-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-14-10-2024-8\/\" \/>\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 at the end of the first half of 2024 amounted to \u20ac 56.54 million, reflecting a 14.5% increase compared to the first half of 2023, which recorded \u20ac 49.39 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-14-10-2024-8\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-14T14:03:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-14T14:03:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/02\/unnamed.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\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-14-10-2024-8\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 14.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"The value of production at the end of the first half of 2024 amounted to \u20ac 56.54 million, reflecting a 14.5% increase compared to the first half of 2023, which recorded \u20ac 49.39 million.","og_url":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-8\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-10-14T14:03:10+00:00","article_modified_time":"2024-10-14T14:03:11+00:00","og_image":[{"width":900,"height":900,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/02\/unnamed.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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