{"id":30036,"date":"2025-04-10T09:04:49","date_gmt":"2025-04-10T07:04:49","guid":{"rendered":"https:\/\/integrae.it\/?p=30036"},"modified":"2025-04-10T09:04:50","modified_gmt":"2025-04-10T07:04:50","slug":"update-8","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-8\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Consolidated revenues as of 31 December 2024 amounted to \u20ac20.00 million, marking an increase of 79.9% compared to the previous year when the Company recorded revenues of \u20ac11.12 million (\u20ac15.12 million the pro-forma figure for FY23A*). In FY24A, EBITDA stood at \u20ac1.26 million, showing solid growth compared to \u20ac0.78 million recorded in 2023, with an EBITDA Margin of 6.1%, an improvement over the 5.3% reported in FY23A. EBIT, after depreciation and impairment charges totalling \u20ac1.06 million, amounted to approximately \u20ac0.21 million, compared to \u20ac0.37 million reported in 2023. Net Income was negative at \u20ac -0.16 million, down from \u20ac0.21 million in FY23A. The Net Financial Position (NFP) in FY24A amounted to \u20ac5.13 million of debt, compared to \u20ac3.51 million of debt in 2023.<br><br>In light of the results published in the half-year report for FY24A, we largerly confirm our estimates for both the current year and the coming years. Specifically, we estimate a Value of Production for FY25E of \u20ac34.20 million and an EBITDA of \u20ac3.50 million, corresponding to a margin of 10.2%. For the following years, we expect the Value of Production to increase to \u20ac64.00 million (CAGR 24A-28E: 32.4%) in FY28E, with an EBITDA of \u20ac11.20 million (corresponding to a margin of 12.9%), up from \u20ac1.26 million in FY24A (with an EBITDA Margin of 6.1%). Lastly, we estimate a net financial position (NFP) for FY25E amounting to \u20ac3.99 million of debt. We conducted the valuation of Bellini Nautica\u2019s equity value based on the DCF methodology. The DCF method (which prudently includes a specific risk of 2.5% in the WACC calculation) yields an equity value of \u20ac33.5 million.<strong> The target price is \u20ac5.25, with a BUY rating and a MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Consolidated revenues as of 31 December 2024 amounted to \u20ac20.00 million, marking an increase of 79.9% compared to the previous year when the Company recorded revenues of \u20ac11.12 million (\u20ac15.12 million the pro-forma figure<\/p>\n","protected":false},"author":5,"featured_media":24334,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[329],"class_list":["post-30036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-bellini-nautica-2"],"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-8\/\" \/>\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=\"Consolidated revenues as of 31 December 2024 amounted to \u20ac20.00 million, marking an increase of 79.9% compared to the previous year when the Company recorded revenues of \u20ac11.12 million (\u20ac15.12 million the pro-forma figure\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-8\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-10T07:04:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-10T07:04:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2024\/04\/Logo-Bellini.png\" \/>\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\/png\" \/>\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-8\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"Consolidated revenues as of 31 December 2024 amounted to \u20ac20.00 million, marking an increase of 79.9% compared to the previous year when the Company recorded revenues of \u20ac11.12 million (\u20ac15.12 million the pro-forma figure","og_url":"https:\/\/integrae.it\/en\/research\/update-8\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-04-10T07:04:49+00:00","article_modified_time":"2025-04-10T07:04:50+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/04\/Logo-Bellini.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 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; 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