{"id":27349,"date":"2024-10-23T08:51:17","date_gmt":"2024-10-23T06:51:17","guid":{"rendered":"https:\/\/integrae.it\/?p=27349"},"modified":"2024-10-23T08:51:19","modified_gmt":"2024-10-23T06:51:19","slug":"update-23-10-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-23-10-2024\/","title":{"rendered":"UPDATE – 23.10.2024"},"content":{"rendered":"\n
As of June 30th, 2024, the Group reported sales revenues of \u20ac 15.46 million, marking a 6.5% increase compared to \u20ac 14.51 million in the first half of 2023. As of June 30th, 2024, the value of production reached \u20ac 18.04 million, showing a slight increase of 5.3% compared to the equivalent figure at the end of the first half of the previous year. EBITDA amounted to \u20ac 1.42 million, reflecting an increase of 17.6% compared to the equivalent figure for 1H23A, which was \u20ac 1.20 million. The EBITDA Margin for the semester stood at 7.9%, up from the 7.0% figure of 1H23A. EBIT amounted to – \u20ac 1.20 million, after depreciation and impairments of \u20ac 2.62 million, an increase compared to – \u20ac 1.49 million in 1H23A. Net Income stood at – \u20ac 1.13 million compared to – \u20ac 1.12 million recorded in 1H23A.\u00a0

In light of the results published in the 1H24A half-year report, we are revising our estimates for both the current year and the coming years. Specifically, we estimate a FY24E value of production of \u20ac38.00 million and EBITDA of \u20ac 3.60 million, corresponding to a margin of 9.5%. For the following years, we expect the value of production to increase to \u20ac 50.00 million (CAGR 23A-26E: 13.1%) by FY26E, with EBITDA reaching \u20ac 8.60 million (corresponding to a margin of 17.2%), up from \u20ac 2.26 million in FY23A (corresponding to an EBITDA margin of 6.5%).

We have conducted the valuation of SEIF\u2019s equity value based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) yields an equity value of \u20ac 15.0 million. SEIF\u2019s equity value using market multiples amounts to \u20ac 11.9 million (including a 25.0% discount). This results in an average equity value of approximately \u20ac 13.5 million. The target price is \u20ac 0.60, with a BUY rating and a MEDIUM risk level.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

As of June 30th, 2024, the Group reported sales revenues of \u20ac 15.46 million, marking a 6.5% increase compared to \u20ac 14.51 million in the first half of 2023. As of June 30th, 2024,<\/p>\n","protected":false},"author":5,"featured_media":24293,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[309],"class_list":["post-27349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-seif-2"],"acf":[],"yoast_head":"\nUPDATE - 23.10.2024 - 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-23-10-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 23.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"As of June 30th, 2024, the Group reported sales revenues of \u20ac 15.46 million, marking a 6.5% increase compared to \u20ac 14.51 million in the first half of 2023. 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