{"id":27448,"date":"2024-10-30T14:53:33","date_gmt":"2024-10-30T13:53:33","guid":{"rendered":"https:\/\/integrae.it\/?p=27448"},"modified":"2024-10-30T14:53:34","modified_gmt":"2024-10-30T13:53:34","slug":"update-30-10-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-30-10-2024\/","title":{"rendered":"UPDATE &#8211; 30.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the consolidated half-year report as of June 30th, 2024, NVP recorded revenues of \u20ac 14.78 million, marking an 18.8% increase compared to \u20ac 12.43 million in the first half of 2023. The Group\u2019s EBITDA for the first half of 2024 reached \u20ac 3.82 million, showing a slight increase from \u20ac 3.71 million in 1H23A. The EBITDA margin stood at 25.3%, down from 29.2% in the same period of the previous year. EBIT came in at \u20ac 1.37 million, a decrease from \u20ac 1.69 million in the first half of 2023. The EBIT margin, calculated on the value of production, declined to 9.1% from 13.3% in 1H23A. Net Income amounted to \u20ac 0.26 million, down from \u20ac 0.39 million in the first half of 2023.<br><br>In light of the results published in the half-year report for 1H24A, we are slightly adjusting our estimates for both the current year and the upcoming years. Specifically, we forecast a FY24E value of production of \u20ac 35.50 million with an EBITDA of \u20ac 10.25 million, reflecting a margin of 31.1%. For the following years, we expect the value of production to increase to \u20ac 50.50 million by FY26E, with an EBITDA of \u20ac 16.80 million (corresponding to an EBITDA margin of 35.0%), up from \u20ac 7.75 million in FY23A (equivalent to an EBITDA margin of 28.2%).<br><br>We conducted the equity value assessment of NVP based on the DCF methodology and multiples from a sample of comparable companies. The DCF method (which, for prudential purposes, includes a specific risk of 2.5% in the WACC calculation) yields an equity value of \u20ac 78.47 million. The equity value of NVP using market multiples is \u20ac 65.89 million (including a 25.0% discount). This results in an average equity value of approximately \u20ac 72.18 million. <strong>The target price is \u20ac 9.50, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the consolidated half-year report as of June 30th, 2024, NVP recorded revenues of \u20ac 14.78 million, marking an 18.8% increase compared to \u20ac 12.43 million in the first half of 2023. The Group\u2019s<\/p>\n","protected":false},"author":5,"featured_media":11532,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[189],"class_list":["post-27448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-nvp-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 30.10.2024 - 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-30-10-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 30.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the consolidated half-year report as of June 30th, 2024, NVP recorded revenues of \u20ac 14.78 million, marking an 18.8% increase compared to \u20ac 12.43 million in the first half of 2023. 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