{"id":29852,"date":"2025-03-31T08:54:45","date_gmt":"2025-03-31T06:54:45","guid":{"rendered":"https:\/\/integrae.it\/?p=29852"},"modified":"2025-03-31T08:54:46","modified_gmt":"2025-03-31T06:54:46","slug":"update","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 2024, Intred recorded solid results, with a Value of Production amounting to \u20ac 55.89 million, up by 10.6% compared to the previous year, mainly driven by Ultra-Broadband services and recurring fees. EBITDA reached an all-time high of \u20ac 24.04 million (+6.7%), with an EBITDA margin of 43.0%. EBIT stood at \u20ac 11.76 million, while net profit decreased to \u20ac 6.89 million, due to higher depreciation and financial charges related to investments. Net Financial Position (NFP) moved from a debt position of \u20ac 20.91 million to a debt position of \u20ac 32.86 million. The proprietary network exceeded 13,500 km (+14.6%) thanks to investments totaling \u20ac 32.2 million, contributing to the increase in users and strengthening the Group\u2019s infrastructure.<br><br>In light of the results published in the FY24A annual report, we have revised our estimates for the current year and the following years. Specifically, we estimate a Value of Production for FY25E of \u20ac 58.50 million and EBITDA of \u20ac 26.30 million, corresponding to a margin of 45.0%. For the subsequent years, we expect the Value of Production to increase to \u20ac 70.50 million (CAGR 24A\u201327E: 8.0%) in FY27E, with EBITDA reaching \u20ac 35.25 million (corresponding to a margin of 50.0%), up from \u20ac 24.04 million in FY24A (corresponding to an EBITDA margin of 43.0%). At the balance sheet level, we estimate a Net Financial Position of \u20ac 11.53 million for FY27E. We conducted the valuation of Intred\u2019s equity value based on the DCF method and the multiples of a sample of comparable companies. The DCF method (which prudentially includes a specific risk of 1.0% in the WACC calculation) results in an equity value of \u20ac 392.5 million. The equity value of Intred based on market multiples is \u20ac 244.0 million. <strong>The average equity value therefore amounts to approximately \u20ac 318.3 million. We set a target price of \u20ac 20.00, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 2024, Intred recorded solid results, with a Value of Production amounting to \u20ac 55.89 million, up by 10.6% compared to the previous year, mainly driven by Ultra-Broadband services and recurring fees. EBITDA reached<\/p>\n","protected":false},"author":5,"featured_media":22239,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[199],"class_list":["post-29852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-intred-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\/\" \/>\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 2024, Intred recorded solid results, with a Value of Production amounting to \u20ac 55.89 million, up by 10.6% compared to the previous year, mainly driven by Ultra-Broadband services and recurring fees. 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