{"id":29854,"date":"2025-03-31T08:56:10","date_gmt":"2025-03-31T06:56:10","guid":{"rendered":"https:\/\/integrae.it\/?p=29854"},"modified":"2025-03-31T08:56:11","modified_gmt":"2025-03-31T06:56:11","slug":"update-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-2\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In 2024, ISCC recorded a strong economic improvement, with revenues nearly tripling to \u20ac 8.76 million and a positive EBITDA of \u20ac 2.40 million (EBITDA margin of 27.8%) after the negative result of the previous year. Net Income returned positive at \u20ac 1.05 million, confirming the success of the NPL portfolio valorization strategy. The improvement in profitability was accompanied by efficient cost management and stronger cash generation, resulting in a cash-positive NFP of \u20ac 0.59 million. Among the key operations, we mention the resumption of securitized portfolio resale activities (\u20ac 5.18 million during the year) and the participation in the Illimity SGR Granular NPL Fund through the contribution of assets. This transaction allowed the recognition of an equity investment of \u20ac 3.60 million against the book value of \u20ac 2.00 million of the contributed receivables, generating a capital gain of \u20ac 1.60 million.

In light of the results published in the FY24A annual report, we have updated our estimates for the next three years by adopting a more conservative approach, based on a revised growth trajectory for the value of production, now expected to be more evenly distributed over time compared to previous assumptions. The new forecasts indicate a progressive top-line expansion, projected at \u20ac 10.25 million in 2025 and \u20ac 15.20 million in 2027 (FY24A\u2013FY27E CAGR: 20.2%), and an EBITDA trajectory showing exponential growth, driven by increased operational efficiency and operating leverage. Estimated EBITDA is \u20ac 3.65 million in 2025 and \u20ac 7.50 million in 2027, with margins improving from 27.8% in 2024 to 50.0% in 2027. We conducted our valuation using both the DCF method and the Excess Return approach: the DCF, which prudentially includes a 2.5% specific risk premium in the WACC, yields an equity value of \u20ac 59.0 million, while the Excess Return method produces a value of \u20ac 57.0 million. The resulting average equity value is approximately \u20ac 58.0 million. We set a target price of \u20ac 4.50, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

In 2024, ISCC recorded a strong economic improvement, with revenues nearly tripling to \u20ac 8.76 million and a positive EBITDA of \u20ac 2.40 million (EBITDA margin of 27.8%) after the negative result of the<\/p>\n","protected":false},"author":5,"featured_media":12122,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[171],"class_list":["post-29854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-iscc-fintech-en"],"acf":[],"yoast_head":"\nUPDATE - 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-2\/\" \/>\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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