{"id":30167,"date":"2025-04-22T14:18:02","date_gmt":"2025-04-22T12:18:02","guid":{"rendered":"https:\/\/integrae.it\/?p=30167"},"modified":"2025-04-22T14:18:03","modified_gmt":"2025-04-22T12:18:03","slug":"update-20","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-20\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>In 2024, the Value of Production amounted to \u20ac 27.34 mln, up from \u20ac 26.40 mln in 2023 but below our estimate of \u20ac 29.00 mln. The Software House division contributed \u20ac 14.98 mln (+3.6%), Engineering \u20ac 5.16 mln (+31.9%), while Digital Infrastructures declined to \u20ac 7.19 mln (-10.1%). EBITDA decreased to \u20ac 4.29 mln (-3.2%), with a margin of 15.7% (vs 16.8% in 2023), affected by non-recurring costs and the downturn in the mass retail sector (GDO). EBIT dropped to \u20ac 1.91 mln (\u20ac 2.26 mln in 2023), while Net Income came in at \u20ac 1.05 mln. Net Financial Position (NFP) worsened to a debt of&nbsp;\u20ac 2.30 mln, mainly due to the partial voluntary takeover bid and the final payment for the InRebus acquisition.<br><br>Following the FY24A results disclosed in the annual report, we have revised our estimates for the current year and the following years. The update also includes the effects of the acquisition of RTC S.p.A., whose contribution will be fully reflected in the consolidated perimeter starting from 2025. Specifically, we estimate a FY25E Value of Production of \u20ac 41.30 mln and EBITDA of \u20ac 6.20 mln, corresponding to a 15.0% margin. In the following years, we expect the Value of Production to grow to \u20ac 49.50 mln by FY27E (CAGR 24A\u201327E: 21.9%), with EBITDA reaching \u20ac 7.90 mln (16.0% margin), up from \u20ac 4.29 mln in FY24A (15.7% EBITDA margin). On the balance sheet side, we forecast a cash-positive NFP of \u20ac 1.38 mln by FY27E. We conducted FOS\u2019s equity valuation using both the DCF method and a peer group multiples comparison. The DCF approach (including a specific risk premium of 2.5% for prudential purposes in the WACC calculation) returns an equity value of \u20ac 41.2 mln. The peer multiples valuation yields an equity value of \u20ac 40.8 mln. <strong>The resulting average equity value stands at approximately \u20ac 41.0 mln. The target price is \u20ac 6.00, with a BUY rating and MEDIUM risk profile<\/strong>.<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 2024, the Value of Production amounted to \u20ac 27.34 mln, up from \u20ac 26.40 mln in 2023 but below our estimate of \u20ac 29.00 mln. The Software House division contributed \u20ac 14.98 mln<\/p>\n","protected":false},"author":5,"featured_media":11531,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[190],"class_list":["post-30167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-gruppo-fos-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-20\/\" \/>\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 2024, the Value of Production amounted to \u20ac 27.34 mln, up from \u20ac 26.40 mln in 2023 but below our estimate of \u20ac 29.00 mln. 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