{"id":29681,"date":"2025-03-21T09:20:05","date_gmt":"2025-03-21T08:20:05","guid":{"rendered":"https:\/\/integrae.it\/?p=29681"},"modified":"2025-03-21T09:29:22","modified_gmt":"2025-03-21T08:29:22","slug":"update-21-03-2025","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-21-03-2025\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In FY24A, the Group recorded revenues of \u20ac 22.68 million, marking a 14.7% increase compared to the previous year and exceeding projected estimates. This solid performance was driven by the acquisition of Lunghezza D\u2019Onda and the strong growth of the main business areas. EBITDA reached \u20ac 4.00 million (+61.6%), with a significant improvement in profitability (Adjusted EBITDA margin at 17.8%). EBIT stood at \u20ac 1.67 million, while Net Income reached \u20ac 0.66 million, reflecting a strong recovery from the previous year\u2019s loss. The Group continued its strategic expansion through targeted investments in innovation, artificial intelligence, and technological development, further strengthening its competitive positioning in key market sectors.<br><br>Following the publication of the FY24A annual report, we have revised our estimates for the current and upcoming years. Specifically, we project FY25E revenues of \u20ac 25.50 million and an Adjusted EBITDA of \u20ac 5.40 million, corresponding to a margin of 21.2%. Looking ahead, we anticipate revenues to grow to \u20ac 30.90 million by FY27E (CAGR 24A-27E: 10.9%), with Adjusted EBITDA reaching \u20ac 7.70 million (Adjusted EBITDA margin of 24.9%), up from \u20ac 4.04 million in FY24A (Adjusted EBITDA margin of 17.8%). From a financial perspective, we estimate a net cash position (NFP cash positive) of \u20ac 0.09 million by FY27E. The equity value of Websolute has been assessed using both the DCF methodology and market multiples of a selected peer group. The DCF method, incorporating a prudential specific risk of 2.5% in the WACC calculation, yields an equity value of \u20ac 53.6 million. The market multiples approach results in an equity value of \u20ac 32.4 million. <strong>Consequently, the average equity value stands at approximately \u20ac 43.0 million. The target price is set at \u20ac 4.20, with a BUY rating and a MEDIUM risk level.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In FY24A, the Group recorded revenues of \u20ac 22.68 million, marking a 14.7% increase compared to the previous year and exceeding projected estimates. This solid performance was driven by the acquisition of Lunghezza D\u2019Onda<\/p>\n","protected":false},"author":5,"featured_media":11482,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[192],"class_list":["post-29681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-websolute-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 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-21-03-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In FY24A, the Group recorded revenues of \u20ac 22.68 million, marking a 14.7% increase compared to the previous year and exceeding projected estimates. This solid performance was driven by the acquisition of Lunghezza D\u2019Onda\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-21-03-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-21T08:20:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-21T08:29:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/websolute-400x400-oejc1duy9su7u4u8sggy0ft7m9rxhkq4iirf3zdzfk-1.jpg\" \/>\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\/jpeg\" \/>\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=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UPDATE - 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-21-03-2025\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In FY24A, the Group recorded revenues of \u20ac 22.68 million, marking a 14.7% increase compared to the previous year and exceeding projected estimates. This solid performance was driven by the acquisition of Lunghezza D\u2019Onda","og_url":"https:\/\/integrae.it\/en\/research\/update-21-03-2025\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-03-21T08:20:05+00:00","article_modified_time":"2025-03-21T08:29:22+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/websolute-400x400-oejc1duy9su7u4u8sggy0ft7m9rxhkq4iirf3zdzfk-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-21-03-2025\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/websolute-400x400-oejc1duy9su7u4u8sggy0ft7m9rxhkq4iirf3zdzfk-1.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/websolute-400x400-oejc1duy9su7u4u8sggy0ft7m9rxhkq4iirf3zdzfk-1.jpg","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-21-03-2025\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-21-03-2025\/","name":"UPDATE - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-21-03-2025\/#primaryimage"},"datePublished":"2025-03-21T08:20:05+00:00","dateModified":"2025-03-21T08:29:22+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-21-03-2025\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-21-03-2025\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-21-03-2025\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/29681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=29681"}],"version-history":[{"count":2,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/29681\/revisions"}],"predecessor-version":[{"id":29683,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/29681\/revisions\/29683"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/11482"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=29681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=29681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=29681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}