{"id":29918,"date":"2025-04-03T09:23:18","date_gmt":"2025-04-03T07:23:18","guid":{"rendered":"https:\/\/integrae.it\/?p=29918"},"modified":"2025-04-03T09:23:19","modified_gmt":"2025-04-03T07:23:19","slug":"update-4","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-4\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Convergenze (B-Corp since 2025) exceeded expectations, reaching a production value of \u20ac 26.61 million, up 16.61% compared to 2023. The Energy BU in particular showed a strong recovery, with volumes up 22.9% and a return to positive profitability, posting an adjusted EBITDA of \u20ac 1.42 million (9.5%). The TLC BU confirmed its solid growth, with a margin above 30.0% and a significant expansion of the installed FTTH fiber network. Consolidated adjusted EBITDA reached \u20ac 5.03 million (+57.8% YoY), with a record margin of 18.9%. Net Income more than doubled to \u20ac 1.25 million, supporting the renewed dividend distribution of \u20ac 0.02 per share, and the Net Financial Position improved to \u20ac 4.72 million. 2024 also saw the completion of the merger with Positivo Srl, the launch of the new Media &amp; Content Delivery Network BU, entry into the mobile market as an MVNO, and the operational start of the Albanian subsidiary.<br><br>Considering the results for the year just ended, we have updated our forecast for the 2025\u20132027 period, adjusting the sales mix in favor of the Energy BU while keeping the total production value unchanged. The TLC BU continues to implement its significant investment plan in proprietary infrastructure, estimated at approximately \u20ac 3.50 million per year. The return to profitability of the Energy BU, which was initially projected to remain near break-even through 2025, requires an upward revision of the EBITDA margin from 17.0% to the current 19.0%, with further growth expected to reach 20.0% by 2027. We have carried out the valuation of Convergenze\u2019s equity value based on a Discounted Cash Flow (DCF) approach and market multiples derived from a panel of comparable companies. The DCF method\u2014which, for prudential purposes, includes a company-specific risk premium of 2.5% in the WACC\u2014yields an equity value of \u20ac 38.7 million. The market multiples approach returns an equity value of \u20ac 28.7 million. This results in an average equity value of approximately \u20ac 33.7 million. <strong>The target price is set at \u20ac 4.50 (previously \u20ac 4.25), with a BUY rating and MEDIUM risk profile.<\/strong><br>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Convergenze (B-Corp since 2025) exceeded expectations, reaching a production value of \u20ac 26.61 million, up 16.61% compared to 2023. The Energy BU in particular showed a strong recovery, with volumes up 22.9% and a<\/p>\n","protected":false},"author":5,"featured_media":11760,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[180],"class_list":["post-29918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-convergenze-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-4\/\" \/>\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=\"Convergenze (B-Corp since 2025) exceeded expectations, reaching a production value of \u20ac 26.61 million, up 16.61% compared to 2023. The Energy BU in particular showed a strong recovery, with volumes up 22.9% and a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-4\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-03T07:23:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-03T07:23:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2020\/12\/convergenze.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=\"2 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-4\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"Convergenze (B-Corp since 2025) exceeded expectations, reaching a production value of \u20ac 26.61 million, up 16.61% compared to 2023. 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