{"id":27154,"date":"2024-10-15T09:40:21","date_gmt":"2024-10-15T07:40:21","guid":{"rendered":"https:\/\/integrae.it\/?p=27154"},"modified":"2024-10-15T09:40:22","modified_gmt":"2024-10-15T07:40:22","slug":"update-15-10-2024-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/ricerche\/update-15-10-2024-2\/","title":{"rendered":"UPDATE 15.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>As of June 30, 2024, revenues amounted to \u20ac 11.91 million, marking a growth of 5.5% compared to the \u20ac 11.28 million recorded in the first half of 2023. The EBITDA for the period amounts to \u20ac 2.38 million, in line with the 1H23A figure, which was \u20ac 2.34 million. The EBITDA margin stands at 17.4%, compared to the 17.1% recorded in 1H23A. EBIT stands at \u20ac 1.36 million, showing a slight decrease compared to \u20ac 1.46 million in 1H23A. Net Income is \u20ac 0.86 million, up 7.5% compared to \u20ac 0.80 million in 1H23A. The NFP as of June 30, 2024, shows a worsening, reaching \u20ac 1.76 million in debt, compared to the cash-positive position of \u20ac 0.34 million recorded at the end of FY23A.<br><br>In light of the results published in the semi-annual report for 1H24A, we confirm our estimates for both the current year and the coming years. Specifically, we estimate a Value of Production for FY24E of \u20ac 29.00 million and an EBITDA of \u20ac 4.60 million, corresponding to a margin of 15.9%. For the following years, we expect the Value of Production to increase to \u20ac 36.00 million (CAGR 23A-26E: 10.9%) in FY26E, with EBITDA reaching \u20ac 7.00 million (corresponding to a margin of 19.4%), up from \u20ac 4.43 million in FY23A (corresponding to an EBITDA Margin of 16.8%).\u00a0<br><br>We conducted our valuation of the equity value of Fos 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 39.9 million. Using market multiples, the equity value of Fos was calculated to be \u20ac 38.0 million (including a 25% discount). <strong>This results is an average equity value of approximately \u20ac 39.0 million. The target price is \u20ac 5.70, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>As of June 30, 2024, revenues amounted to \u20ac 11.91 million, marking a growth of 5.5% compared to the \u20ac 11.28 million recorded in the first half of 2023. The EBITDA for the period<\/p>\n","protected":false},"author":5,"featured_media":11531,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17,130],"tags":[190],"class_list":["post-27154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ricerche","category-update","tag-gruppo-fos-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE 15.10.2024 - 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\/ricerche\/update-15-10-2024-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE 15.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"As of June 30, 2024, revenues amounted to \u20ac 11.91 million, marking a growth of 5.5% compared to the \u20ac 11.28 million recorded in the first half of 2023. 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