{"id":30187,"date":"2025-04-23T09:14:59","date_gmt":"2025-04-23T07:14:59","guid":{"rendered":"https:\/\/integrae.it\/?p=30187"},"modified":"2025-04-23T09:15:00","modified_gmt":"2025-04-23T07:15:00","slug":"update-22","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-22\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In 2024, Siav maintained a stable Value of Production at \u20ac 33.91 mln, in line with both the previous year and expectations. Revenue growth, reaching \u20ac 33.65 mln (+4.9%), was driven by management efficiency and a strategic focus on high value-added business lines\u2014 particularly the Software segment, which generated \u20ac 15.23 mln (+6.4%), accounting for 45.7% of total revenues, with over 80.0% being recurring. EBITDA rose to \u20ac 6.27 mln (+17.4%), supported by cost rationalization, resulting in a margin of 18.5%. Despite the increase in amortization, EBIT reached \u20ac 1.35 mln (+47.8%). Net Income was negative at \u20ac -1.49 mln, due to extraordinary expenses linked to the restructuring plan. Net Financial Position (NFP) stood at \u20ac 20.88 mln of debt, reflecting investments in the Connect platform, which is intended to become the cornerstone of Siav\u2019s future offering.

In light of the results published in the annual report for FY24A, we almost entirely confirm our estimates for the current and coming years. Specifically, we confirm a FY25E Value of Production of \u20ac 38.30 mln and EBITDA of \u20ac 8.35 mln, corresponding to a margin of 21.8%. In the following years, we expect the Value of Production to grow to \u20ac 47.25 mln in FY27E (CAGR 24A\u201327E: 11.7%), with EBITDA reaching \u20ac 12.10 mln (equivalent to a 25.6% margin), up from \u20ac 6.27 mln in FY24A (EBITDA margin of 18.5%). From a balance sheet perspective, we estimate a Net Financial Position of \u20ac 13.35 mln in debt for FY27E. We conducted Siav\u2019s equity value assessment using both the DCF method and a multiples-based comparison with a sample of comparable companies. The DCF valuation (which prudently includes a 2.5% specific risk premium in the WACC calculation) results in an equity value of \u20ac 57.6 mln. The market multiples approach yields an equity value of \u20ac 58.0 mln. The resulting average equity value is approximately \u20ac 57.8 mln. Our target price is \u20ac 6.30, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

In 2024, Siav maintained a stable Value of Production at \u20ac 33.91 mln, in line with both the previous year and expectations. Revenue growth, reaching \u20ac 33.65 mln (+4.9%), was driven by management efficiency<\/p>\n","protected":false},"author":5,"featured_media":12295,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[164],"class_list":["post-30187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-siav-en"],"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-22\/\" \/>\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, Siav maintained a stable Value of Production at \u20ac 33.91 mln, in line with both the previous year and expectations. 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