{"id":27256,"date":"2024-10-18T09:18:57","date_gmt":"2024-10-18T07:18:57","guid":{"rendered":"https:\/\/integrae.it\/?p=27256"},"modified":"2024-10-18T09:18:58","modified_gmt":"2024-10-18T07:18:58","slug":"update-18-10-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-18-10-2024\/","title":{"rendered":"UPDATE – 18.10.2024"},"content":{"rendered":"\n

As of June 30th, 2024, the value of production stands at \u20ac 6.92 million, marking a 40.5% increase compared to the same period of the previous year, when it amounted to \u20ac 4.92 million. As of June 30th, 2024, Adjusted EBITDA stands at \u20ac 1.04 million, showing significant growth (+60.9%) compared to the \u20ac 0.64 million recorded in 1H23A. Consequently, the Adjusted EBITDA Margin (calculated on the value of production) reaches 15.0%, showing an improvement compared to 13.1% at the end of the first half of the previous year. EBIT, after accounting for depreciation and impairment totaling \u20ac 0.90 million, stands at \u20ac 0.13 million, a decrease compared to the \u20ac 0.33 million recorded in 1H23A. Finally, Net Income at the end of the period is \u20ac 0.00 million, down from \u20ac 0.14 million in 1H23A.

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. Specifically, we estimate a value of production for FY24E of \u20ac 16.30 million and an Adjusted EBITDA of \u20ac 2.45 million, corresponding to a margin of 15.0%. For the following years, we expect the value of production to increase to \u20ac 26.35 million (CAGR 23A-26E: 35.8%) by FY26E, with Adjusted EBITDA of \u20ac 4.35 million (corresponding to a margin of 16.5%), up from \u20ac 1.45 million in FY23A (with an Adjusted EBITDA margin of 13.8%) Finally, we estimate a NFP for FY26E of \u20ac 4.47 million, an improvement compared to the \u20ac 7.84 million in debt in FY23A, primarily due to the positive cash flows generated by the return on investments made.

We conducted the equity value assessment of iVision Tech based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which prudentially includes a specific risk of 2.5% in the WACC calculation) yields an equity value of \u20ac 23.0 million. The equity value of iVision Tech using market multiples amounts to \u20ac 25.4 million (including a 25.0% discount). This results in an average equity value of \u20ac 24.2 million. The target price is \u20ac 3.10, with a BUY rating and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

As of June 30th, 2024, the value of production stands at \u20ac 6.92 million, marking a 40.5% increase compared to the same period of the previous year, when it amounted to \u20ac 4.92 million.<\/p>\n","protected":false},"author":5,"featured_media":18939,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[302],"class_list":["post-27256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-ivision-tech-2"],"acf":[],"yoast_head":"\nUPDATE - 18.10.2024 - 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-18-10-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 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