{"id":30089,"date":"2025-04-15T08:56:09","date_gmt":"2025-04-15T06:56:09","guid":{"rendered":"https:\/\/integrae.it\/?p=30089"},"modified":"2025-04-15T08:56:10","modified_gmt":"2025-04-15T06:56:10","slug":"update-11","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-11\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>In the consolidated financial statements as of December 31, 2024, Palingeo reported revenues of \u20ac 62.99 million, up 7.7% compared to the \u20ac 58.50 million recorded in the previous year. EBITDA for the period amounted to \u20ac 14.94 million, an increase compared to the FY23A value of \u20ac 13.14 million, though slightly below our estimate of \u20ac 15.35 million. The EBITDA margin stood at 22.1%, up from the 2023 figure of 21.4% and also higher than our previous estimate of 21.5%. EBIT reached \u20ac 11.34 million, an improvement over the \u20ac 9.47 million recorded in the previous year (+19.7%). Net income came in at \u20ac 7.62 million, an increase compared to the \u20ac 6.71 million reported in the previous year. From a balance sheet perspective, the Net Financial Position improved, with a debt position decreasing from \u20ac 7.82 million to \u20ac 5.57 million.&nbsp;<br><br>In light of the results published in the FY24A Annual Report, we are adjusting our estimates for both the current year and the coming years. In particular, we estimate FY25E production value of \u20ac 68.25 million and EBITDA of \u20ac 14.90 million, corresponding to a margin of 21.8%. For the following years, we expect the value of production to increase up to \u20ac 75.15 mln (CAGR 24A-27E: 3.6%) in FY27E, with EBITDA of \u20ac 16.60 mln (corresponding to a margin of 22.1%), up from \u20ac 14.94 mln in FY24A (corresponding to an EBITDA margin of 22.1%). In terms of assets, for FY27E we estimate a cash positive NFP of \u20ac 5.44 million. We conducted the valuation of Palingeo\u2019s equity value based on the DCF methodology and the multiples from a sample of comparable companies. The DCF method (which includes a prudential specific risk of 2.5% in the WACC calculation) yields an equity value of \u20ac 88.2 million. The equity value of Palingeo using market multiples is \u20ac 76.2 million. <strong>This results in an average equity value of about \u20ac 82.2 million. The target price is \u20ac 11.90, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the consolidated financial statements as of December 31, 2024, Palingeo reported revenues of \u20ac 62.99 million, up 7.7% compared to the \u20ac 58.50 million recorded in the previous year. EBITDA for the period<\/p>\n","protected":false},"author":5,"featured_media":22249,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[320],"class_list":["post-30089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-palingeo-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-11\/\" \/>\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 the consolidated financial statements as of December 31, 2024, Palingeo reported revenues of \u20ac 62.99 million, up 7.7% compared to the \u20ac 58.50 million recorded in the previous year. 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