{"id":29856,"date":"2025-03-31T08:57:41","date_gmt":"2025-03-31T06:57:41","guid":{"rendered":"https:\/\/integrae.it\/?p=29856"},"modified":"2025-03-31T08:57:42","modified_gmt":"2025-03-31T06:57:42","slug":"update-3","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-3\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 2024, the Group recorded revenues of \u20ac 73.43 million, up by 10.1% compared to \u20ac 66.67 million in 2023 and above the previous estimate of \u20ac 70.00 million. The performance was driven by the strengthening of commercial investments in key international markets, particularly in the United States, South-East Asia, and Eastern Europe, as well as by the positive trend in the Italian market. Despite a temporary contraction in profitability due to extraordinary costs related to operational and structural enhancement, the Group maintained strong profitability, with an EBITDA margin of 20.2%. Net income amounted to \u20ac 8.38 million. From a balance sheet perspective, the Net Financial Position improved from a substantially neutral level\u00a0(\u20ac 0.03 million in 2023) to a positive cash position of \u20ac 3.26 million as of 31 December 2024.<br><br>In light of the results published in the FY24A annual report, we have revised our estimates for both the current year and the following years. Specifically, we estimate revenues of \u20ac 87.00 million for FY25E and EBITDA of \u20ac 17.40 million, corresponding to a margin of 20.0%. For the subsequent years, we expect revenues to increase to \u20ac 110.80 million (CAGR 24A\u201327E: 14.7%) in FY27E, with EBITDA reaching \u20ac 23.50 million (corresponding to a margin of 21.2%), up from \u20ac 14.80 million in FY24A (corresponding to an EBITDA margin of 20.2%). At the balance sheet level, we estimate a cash positive Net Financial Position of \u20ac 10.60 million for FY27E. We conducted the valuation of FOPE\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 211.4 million. The equity value of FOPE based on market multiples is \u20ac 209.8 million. <strong>The average equity value therefore amounts to approximately \u20ac 210.6 million. We set a target price of \u20ac 39.00, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 2024, the Group recorded revenues of \u20ac 73.43 million, up by 10.1% compared to \u20ac 66.67 million in 2023 and above the previous estimate of \u20ac 70.00 million. The performance was driven by<\/p>\n","protected":false},"author":5,"featured_media":11504,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[206],"class_list":["post-29856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-fope-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-3\/\" \/>\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, the Group recorded revenues of \u20ac 73.43 million, up by 10.1% compared to \u20ac 66.67 million in 2023 and above the previous estimate of \u20ac 70.00 million. 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