{"id":30196,"date":"2025-04-23T17:00:49","date_gmt":"2025-04-23T15:00:49","guid":{"rendered":"https:\/\/integrae.it\/?p=30196"},"modified":"2025-04-23T17:00:50","modified_gmt":"2025-04-23T15:00:50","slug":"update-24","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-24\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
At the end of FY24A, the value of production amounted to \u20ac 8.99 million, marking an increase both compared to the result recorded in FY23A (+28.0%), which was \u20ac 7.02 million, and relative to our previous estimate of \u20ac 8.50 million. Despite an increase in external service costs and personnel expenses during the year, EBITDA still posted a year-over-year growth of 34.0% compared to \u20ac 2.54 million in FY23A, reaching \u20ac 3.40 million\u2014a result that also exceeded our estimate of \u20ac 2.75 million. As a result, the EBITDA margin showed a further improvement, rising from 36.1% in FY23A to 37.8% in FY24A, confirming the company\u2019s ongoing operational efficiency and its ability to sustain the expansion of its cost structure. EBIT, after D&A of \u20ac 1.12 million, amounted to \u20ac 2.27 million, up from both \u20ac 2.03 million in FY23A and our estimate of \u20ac 1.85 million. The EBIT margin was 25.3%, slightly below the FY23A figure of 28.9%. Net income at year-end was \u20ac 1.51 million, slightly up from \u20ac 1.24 million in FY23A and above our estimate of \u20ac 1.05 million.\u00a0

In light of the FY24A annual results, we have slightly revised our estimates for both the current year and the coming years. Specifically, we estimate FY25E value of production at \u20ac 15.00 million and EBITDA at \u20ac 4.90 million, corresponding to a margin (calculated on value of production) of 32.6%. For the following years, we expect the value of production to increase to \u20ac 21.00 million in FY27E (CAGR 24A\u201327E: 32.7%), with EBITDA reaching \u20ac 6.90 million (corresponding to a margin of 32.9%), up from \u20ac 3.40 million in FY24A. It is worth noting that the \u201cRevenues Hard Backlog\u201d refers to contracts already awarded to the Group, while the \u201cRevenues Variable\u201d represents our estimates concerning potential new contracts that may be secured by the Group. At the balance sheet level, we estimate a cash-positive net financial position of \u20ac 1.04 million for FY27E. We assessed Franchetti\u2019s equity value using the DCF methodology. The DCF method (which prudentially includes a specific risk premium of 2.5% in the WACC calculation) yields an average equity value of approximately \u20ac 92.8 million. The target price is \u20ac 10.70, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

At the end of FY24A, the value of production amounted to \u20ac 8.99 million, marking an increase both compared to the result recorded in FY23A (+28.0%), which was \u20ac 7.02 million, and relative to<\/p>\n","protected":false},"author":5,"featured_media":17433,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[163],"class_list":["post-30196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-franchetti-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-24\/\" \/>\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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