{"id":27201,"date":"2024-10-16T09:31:51","date_gmt":"2024-10-16T07:31:51","guid":{"rendered":"https:\/\/integrae.it\/?p=27201"},"modified":"2024-10-16T09:31:52","modified_gmt":"2024-10-16T07:31:52","slug":"update-16-10-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-16-10-2024\/","title":{"rendered":"UPDATE &#8211; 16.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Group\u2019s consolidated revenues amounted to \u20ac9.78 million, marking an 8.6% increase compared to the 1H23A figure of \u20ac9.00 million. EBITDA reached \u20ac1.51 million, up by 10.6% compared to \u20ac1.37 million in 1H23A, showing growth that outpaced the rise in revenues. The EBITDA margin improved from 15.2% in 1H23A to the current 15.5%, reflecting a 0.3% increase. EBIT, after amortization and depreciation of \u20ac0.34 million (compared to \u20ac0.18 million in 1H23A), stood at \u20ac1.18 million, roughly in line with the \u20ac1.19 million recorded in 1H23A. The NFP transitioned from a cash-positive position of \u20ac2.05 million at the end of FY23 to approximately \u20ac0.98 million in debt in 1H24A.<br><br>In light of the results published in the half-year report for 1H24A, we fully confirm our estimates for both the current year and the coming years. In particular, we estimate FY24A Revenues of \u20ac22.30 million and EBITDA of \u20ac4.10 million, corresponding to a margin of 18.4%. For the following years, we expect revenues to increase to \u20ac27.80 million (CAGR 23A-26E: 12.9%) in FY26E, with EBITDA reaching \u20ac5.60 million (corresponding to a margin of 20.1%), growing from \u20ac3.51 million in FY23A (with an EBITDA margin of 18.2%).<br><br>We conducted our valuation of the equity value of IDNTT based on 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 \u20ac60.1 million. Using market multiples, the equity value of IDNTT was calculated to be \u20ac41.5 million (including a 25% discount). The results give an average equity value of approximately \u20ac50.8 million. <strong>The target price is \u20ac6.60, with a BUY rating and MEDIUM.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Group\u2019s consolidated revenues amounted to \u20ac9.78 million, marking an 8.6% increase compared to the 1H23A figure of \u20ac9.00 million. EBITDA reached \u20ac1.51 million, up by 10.6% compared to \u20ac1.37 million in 1H23A, showing<\/p>\n","protected":false},"author":5,"featured_media":11759,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[290],"class_list":["post-27201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-idntt-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 16.10.2024 - 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-16-10-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 16.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The Group\u2019s consolidated revenues amounted to \u20ac9.78 million, marking an 8.6% increase compared to the 1H23A figure of \u20ac9.00 million. 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