{"id":30101,"date":"2025-04-16T09:12:14","date_gmt":"2025-04-16T07:12:14","guid":{"rendered":"https:\/\/integrae.it\/?p=30101"},"modified":"2025-04-16T09:12:15","modified_gmt":"2025-04-16T07:12:15","slug":"update-13","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-13\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Company\u2019s revenues at the end of FY24A amounted to \u20ac 8.48 million, representing a 25.4% increase compared to \u20ac 6.77 million in FY23A. EBITDA for the period stood at \u20ac -0.13 million, showing a marked improvement (+58.7%) versus the \u20ac -0.32 million reported at the end of 2023. EBIT, after depreciation and amortisation totalling \u20ac 0.85 million, amounted to \u20ac -0.98 million, improving from \u20ac -1.06 million recorded in FY23A. As a result, Net Income also remained negative at \u20ac -0.86 million, compared to \u20ac -0.90 million in 2023. From a balance sheet perspective, the Net Financial Position (NFP) was \u20ac 0.16 million, down from a cash-positive position of \u20ac 0.51 million in 2023.<br><br>In light of the results published in the annual report for 2024, we have updated our estimates for both the current year and the following years. In particular, we now estimate an FY25E revenues to be \u20ac9.65 million, with an EBITDA of \u20ac0.90million, corresponding to a margin of -9.3%. For the following years, we expect revenues to increase to \u20ac11.40 million (CAGR 24A-27E: 10,4%) in FY27E, with EBITDA of \u20ac1.75 million (corresponding to a margin of 15.4%), up from \u20ac-0.13 million in FY24A (with an EBITDA margin of -1.5%). From a balance sheet perspective, the Net Financial Position (NFP) stood at \u20ac 0.16 million, down from the cash-positive figure of \u20ac 0.51 million recorded in 2023. We conducted our valuation of the equity value of ICC based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of \u20ac 9.5 million. <strong>The target price is \u20ac 2.00, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Company\u2019s revenues at the end of FY24A amounted to \u20ac 8.48 million, representing a 25.4% increase compared to \u20ac 6.77 million in FY23A. EBITDA for the period stood at \u20ac -0.13 million, showing<\/p>\n","protected":false},"author":5,"featured_media":12109,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[173],"class_list":["post-30101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-icc-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-13\/\" \/>\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=\"The Company\u2019s revenues at the end of FY24A amounted to \u20ac 8.48 million, representing a 25.4% increase compared to \u20ac 6.77 million in FY23A. 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