{"id":27296,"date":"2024-10-21T08:56:28","date_gmt":"2024-10-21T06:56:28","guid":{"rendered":"https:\/\/integrae.it\/?p=27296"},"modified":"2024-10-21T08:56:29","modified_gmt":"2024-10-21T06:56:29","slug":"update-21-10-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-21-10-2024\/","title":{"rendered":"UPDATE – 21.10.2024"},"content":{"rendered":"\n
Green Oleo, in its financial report as of December 31, 2023, recorded a value of production of \u20ac 62.58 million, of which \u20ac 60.57 million attributable to sales revenues, \u20ac 2.61 million related to a negative change in inventories, and \u20ac 4.62 million representing the item of other revenues. EBITDA amounted to \u20ac 1.55 million, corresponding to an EBITDA margin of 2.5% on the value of production. EBIT, considering the above, came in with a negative value for 2023, equal to \u20ac -1.26 million, after depreciation and amortization of \u20ac 2.81 million. Net Income was negative, equal to \u20ac -0.59 million.

In light of the FY23A results, we have modified our estimates for both the current year and the following years. In particular, we now estimate an FY24E value of production of \u20ac 67.20 million, and an EBITDA of \u20ac 4.70 million, corresponding to a margin of 7.0%. In the following years, we expect the value of production to reach \u20ac 81.50 million in FY26E, with EBITDA equal to \u20ac 6.10 million (corresponding to an EBITDA margin of 7.5 %), up from the value of \u20ac 1.55 million in FY23A (corresponding to an EBITDA margin of 2.5%).

We conducted our valuation of the equity value of Green Oleo based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk equal to 2.5% in the calculation of the WACC) returned an equity value of \u20ac 78,1 million. Using market multiples, the equity value of Green Oleo is \u20ac 45.0 million (including a 25.0% discount). The result gives an average equity value of approximately \u20ac 61,6 million. The target price is \u20ac 1.90 (prev. \u20ac 2.65), with a BUY rating, and MEDIUM risk.<\/strong>As of June 30th, 2024, the value of production amounts to \u20ac 37.51 million, marking an 8.5% increase compared to \u20ac 34.56 million in 1H23A. EBITDA stands at \u20ac 2.14 million, showing a 104.2% increase compared to \u20ac 1.05 million in 1H23A. The EBITDA margin for the semester is 5.7%, which also represents significant growth compared to the 3.0% registered in 1H23A. EBIT is \u20ac 0.73 million, a sharp improvement compared to – \u20ac 0.16 million in 1H23A. Net income is \u20ac 0.08 million, remaining largely consistent with the 1H23A figure of \u20ac 0.12 million. On the balance sheet, an improvement in the NFP is evident, decreasing from \u20ac 14.35 million as of December 31st, 2023, to \u20ac 12.23 million in 1H24A.

In light of the 1H24A financial results, we are slightly adjusting our estimates for both the current year and the coming years. Specifically, we estimate a FY24E value of production of \u20ac 67.50 million and an EBITDA of \u20ac 4.25 million, corresponding to a margin of 6.3%. For the following years, we expect the value of production to increase to \u20ac 82.20 million (CAGR 23A-26E: 9.5%) by FY26E, with EBITDA reaching \u20ac 6.15 million (corresponding to a margin of 7.5%), compared to \u20ac 1.55 million recorded in FY23A (corresponding to an EBITDA margin of 2.5%).

We conducted the equity value assessment of Green Oleo based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which, in the WACC calculation, prudentially includes a specific risk of 2.5%) returns an equity value of \u20ac 76.8 million. The equity value of Green Oleo using market multiples is \u20ac 52.5 million (including a 25.0% discount). This results in an average equity value of approximately \u20ac 64.7 million. The target price is \u20ac 2.00 (prev. \u20ac 1.90), with a BUY rating and a MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

Green Oleo, in its financial report as of December 31, 2023, recorded a value of production of \u20ac 62.58 million, of which \u20ac 60.57 million attributable to sales revenues, \u20ac 2.61 million related to<\/p>\n","protected":false},"author":5,"featured_media":17871,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[300],"class_list":["post-27296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-green-oleo-2"],"acf":[],"yoast_head":"\nUPDATE - 21.10.2024 - 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-21-10-2024\/\" \/>\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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