{"id":30150,"date":"2025-04-22T13:20:40","date_gmt":"2025-04-22T11:20:40","guid":{"rendered":"https:\/\/integrae.it\/?p=30150"},"modified":"2025-04-22T13:21:03","modified_gmt":"2025-04-22T11:21:03","slug":"update-17","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-17\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In 2024, the SEIF Group recorded a value of production of \u20ac 35.92 million, up 4.0% compared to \u20ac 34.54 million in 2023 and slightly below the \u20ac 38.00 million estimated in our previous report. In FY24A, EBITDA amounted to \u20ac 3.71 million, marking strong growth (+64.2%) compared to \u20ac 2.26 million in FY23A, with the EBITDA margin expanding to 10.3% (compared to 6.5% in 2023). EBIT stood at -\u20ac 1.55 million in FY24A, benefiting from the overall reduction in operating costs mentioned earlier and showing a significant improvement compared to -\u20ac 3.05 million in FY23A. The EBIT margin also improved, rising from -8.8% in FY23A to -4.3% in FY24A. Similarly, Net Income amounted to -\u20ac 1.73 million in FY24A, an improvement compared to -\u20ac 2.39 million in FY23A and broadly in line with our estimate of -\u20ac 1.70 million.

In light of the results published in the FY24A annual report, we are revising our estimates for both the current year and the coming years. Specifically, we estimate FY25E revenues of \u20ac 36.50 million and an EBITDA of \u20ac 6.15 million, corresponding to a margin of 14.5%. In the following years, we expect revenues to increase to \u20ac 45.00 million by FY27E (CAGR 24A\u201327E: 13.8%), with EBITDA reaching \u20ac 11.70 million (corresponding to a margin of 22.3%), up from \u20ac 3.71 million in FY24A (corresponding to an EBITDA margin of 10.3%). Regarding the balance sheet, we estimate a cash-positive NFP of \u20ac 1.97 million for FY27E. We conducted the equity value assessment of SEIF based on the DCF methodology and the multiples of a selected peer group of comparable companies. The DCF method (which prudentially includes a specific risk premium of 2.5% in the WACC calculation) yields an equity value of \u20ac 15.1 million. The equity value of SEIF based on market multiples amounts to \u20ac 9.5 million. This results in an average equity value of approximately \u20ac 12.3 million. The target price is \u20ac 0.55, with a BUY rating and MEDIUM risk level.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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In 2024, the SEIF Group recorded a value of production of \u20ac 35.92 million, up 4.0% compared to \u20ac 34.54 million in 2023 and slightly below the \u20ac 38.00 million estimated in our previous<\/p>\n","protected":false},"author":5,"featured_media":24293,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[309],"class_list":["post-30150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-seif-2"],"acf":[],"yoast_head":"\nUPDATE - 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-17\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 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