{"id":27203,"date":"2024-10-16T09:32:38","date_gmt":"2024-10-16T07:32:38","guid":{"rendered":"https:\/\/integrae.it\/?p=27203"},"modified":"2024-10-16T09:32:39","modified_gmt":"2024-10-16T07:32:39","slug":"update-21-05-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-21-05-2024\/","title":{"rendered":"UPDATE 21.05.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The value of production reached \u20ac9.63 million, an increase of 4.3% compared to \u20ac9.24 million in 1H23A. EBITDA amounted to \u20ac1.10 million, an increase of 23.6% compared to \u20ac0.89 million in the first half of the previous year. The EBITDA margin of 11.4% is higher than the 9.6% recorded in 1H23A. EBIT, after amortization and depreciation of \u20ac0.52 million, amounted to \u20ac0.58 million, up 15.8% compared to \u20ac0.50 million in 1H23A. Net Income stood at \u20ac0.32 million, compared to \u20ac0.29 million in 1H23A. On the balance sheet, the NFP remained virtually unchanged, with a cash-positive value of \u20ac2.32 million, compared to \u20ac2.41 million at December 31, 2023.<br><br>In light of the results published in the half-year report for 1H24A, we are revising our estimates for both the current year and the coming years.In particular, we now estimate the value of production for FY24E at \u20ac19.15 million and EBITDA at \u20ac3.10 million, corresponding to a margin of 16.2%. For the following years, we expect the value of production to increase to \u20ac22.05 million (CAGR 23A-26E: 5.3%) in FY26E, with EBITDA reaching \u20ac4.20 million, corresponding to a margin of 19.0%, growing from \u20ac3.02 million in FY23A (which had an EBITDA Margin of 16.0%).<br><br>We conducted our valuation of the equity value of Simone 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 \u20ac 24.0 million. Using market multiples, the equity value of Simone was calculated as \u20ac 21.0 million (including a 25.0% discount). The result is an average equity value of approximately \u20ac 22.5 million. <strong>The target price is \u20ac 3.00, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The value of production reached \u20ac9.63 million, an increase of 4.3% compared to \u20ac9.24 million in 1H23A. EBITDA amounted to \u20ac1.10 million, an increase of 23.6% compared to \u20ac0.89 million in the first half<\/p>\n","protected":false},"author":5,"featured_media":21603,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[316],"class_list":["post-27203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-simone-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE 21.05.2024 - 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-21-05-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE 21.05.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The value of production reached \u20ac9.63 million, an increase of 4.3% compared to \u20ac9.24 million in 1H23A. EBITDA amounted to \u20ac1.10 million, an increase of 23.6% compared to \u20ac0.89 million in the first half\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-21-05-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-16T07:32:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-16T07:32:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/12\/Simone-Logo.png\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\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 21.05.2024 - 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-21-05-2024\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE 21.05.2024 - integrae.it \u2013 Financial Boutique","og_description":"The value of production reached \u20ac9.63 million, an increase of 4.3% compared to \u20ac9.24 million in 1H23A. 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