{"id":27165,"date":"2024-10-15T10:07:53","date_gmt":"2024-10-15T08:07:53","guid":{"rendered":"https:\/\/integrae.it\/?p=27165"},"modified":"2024-10-15T10:07:54","modified_gmt":"2024-10-15T08:07:54","slug":"update-15-10-2024-5","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-15-10-2024-5\/","title":{"rendered":"UPDATE &#8211; 15.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Group recorded total revenues of \u20ac32.61 million for 1H24A, marking a growth of 104.9% compared to the 1H23A figure of \u20ac15.92 million. EBITDA stands at \u20ac0.24 million, up by 133.6% compared to 1H23A, which was \u20ac-0.71 million, thanks to the combined effect of increased bookings and cost synergies achieved from the combined entity following the merger with Portale Sardegna. EBIT, after depreciation and amortization of \u20ac1.07 million, is \u20ac-0.83 million, an improvement of 52.5% compared to the result of 1H23A (\u20ac-1.75 million). NFP, for the period under review, amounts to \u20ac12.07 million in debt, slightly worsening compared to the figure at the end of 2023 (\u20ac11.61 million in debt).<br><br>In light of the results published in the half-year report for 1H24A, we are adjusting our estimates for both the current year and the coming years. In particular, we estimate FY24E Production Value at \u20ac64.00 million and EBITDA at \u20ac0.65 million, corresponding to a 1.0% margin. For the following years, we expect the Production Value to increase to \u20ac150.00 million (CAGR 23A-27E: 28.3%) in FY27E, with EBITDA reaching \u20ac14.95 million (corresponding to a 10.0% margin), up from \u20ac-0.05 million in FY23A (corresponding to an EBITDA margin of -0.1%). On the balance sheet, we estimate FY24E NFP debt at \u20ac14.68 million. Regarding estimated investments, we expect Capex 2024E-2027E to total around \u20ac31.02 million.<br><br>We conducted the equity value assessment of Destination Italia based on the DCF methodology. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) results in an equity value of \u20ac33.2 million. <strong>The target price is set at \u20ac1.80, with a BUY rating and MEDIUM risk<\/strong>.<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Group recorded total revenues of \u20ac32.61 million for 1H24A, marking a growth of 104.9% compared to the 1H23A figure of \u20ac15.92 million. EBITDA stands at \u20ac0.24 million, up by 133.6% compared to 1H23A,<\/p>\n","protected":false},"author":5,"featured_media":12327,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[174],"class_list":["post-27165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-destination-italia-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\/research\/update-15-10-2024-5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 15.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The Group recorded total revenues of \u20ac32.61 million for 1H24A, marking a growth of 104.9% compared to the 1H23A figure of \u20ac15.92 million. EBITDA stands at \u20ac0.24 million, up by 133.6% compared to 1H23A,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-15-10-2024-5\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-15T08:07:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-15T08:07:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/10\/destination-italia.png\" \/>\n\t<meta property=\"og:image:width\" content=\"284\" \/>\n\t<meta property=\"og:image:height\" content=\"177\" \/>\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 - 15.10.2024 - 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-15-10-2024-5\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 15.10.2024 - integrae.it \u2013 Financial Boutique","og_description":"The Group recorded total revenues of \u20ac32.61 million for 1H24A, marking a growth of 104.9% compared to the 1H23A figure of \u20ac15.92 million. 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