{"id":30573,"date":"2025-05-21T08:51:14","date_gmt":"2025-05-21T06:51:14","guid":{"rendered":"https:\/\/integrae.it\/?p=30573"},"modified":"2025-05-21T08:51:15","modified_gmt":"2025-05-21T06:51:15","slug":"update-33","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-33\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In FY24A, Simone reported a Value of Production of \u20ac 17.58 million, representing a 6.8% decrease compared to the \u20ac 18.87 million recorded in FY23A, and falling short by 8.2% relative to the previous report\u2019s estimate of \u20ac 19.15 million. EBITDA for FY24A amounted to \u20ac 2.08 million, marking a decline from \u20ac 3.02 million in FY23A (-31.1%). EBIT, after depreciation and amortization totalling \u20ac 1.33 million, amounted to \u20ac 0.75 million, down from \u20ac 1.98 million in the previous year. Net income amounted to \u20ac 0.90 million, below the \u20ac 1.21 million recorded in FY23A, reflecting the lower operating profitability for the year. Net income amounted to \u20ac 0.90 million, below the \u20ac 1.21 million recorded in FY23A, reflecting the lower operating profitability for the year.

Estimates and Valuation Update

In light of the results published in the annual report for FY24A, we have adjusted our estimates for both the current year and the following years. In particular, we estimate an FY25E value of production of \u20ac 17.60 million, and an EBITDA of \u20ac 2.40 million, corresponding to a margin of 13.6%. In the following years, we expect the value of production to reach \u20ac 19.40 million (CAGR 24A-27E: 3.3%) in FY27E, with EBITDA equal to \u20ac 4.10 million (corresponding to a margin of 21.1%), up from \u20ac 2.08 million in FY24A (corresponding to an EBITDA margin of 11.8%). From a balance sheet perspective, based on our estimates, the Net Financial Position (NFP) is expected to reach a cash positive value of \u20ac 1.33 million in FY25E. We conducted our valuation of the equity value of Simone based on the DCF method and multiples of a sample of comparable companies. 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 24.3 million. Using market multiples, the equity value of Simone was calculated as \u20ac 14.8 million (including a 25.0% discount). The result is an average equity value of approximately \u20ac 19.5 million. The target price is \u20ac 2.60, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

In FY24A, Simone reported a Value of Production of \u20ac 17.58 million, representing a 6.8% decrease compared to the \u20ac 18.87 million recorded in FY23A, and falling short by 8.2% relative to the previous<\/p>\n","protected":false},"author":5,"featured_media":21603,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[316],"class_list":["post-30573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-simone-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-33\/\" \/>\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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