{"id":31588,"date":"2025-06-24T08:44:25","date_gmt":"2025-06-24T06:44:25","guid":{"rendered":"https:\/\/integrae.it\/?p=31588"},"modified":"2025-06-24T08:44:26","modified_gmt":"2025-06-24T06:44:26","slug":"update-37","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-37\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>During FY24A, E-Globe recorded a production value of \u20ac27.44 million, down by 8.2% compared to \u20ac29.89 million in the previous year. The EBITDA for FY24A amounted to \u20ac -1.39 million, down from \u20ac 5.41 million in FY23A and below our expectations of \u20ac 3.35 million. The EBITDA margin declined from 18.1% in FY23A to -5.1% in FY24A. EBIT, after depreciation and amortization charges of \u20ac0.70 million, declined from \u20ac5.02 million in FY23A to \u20ac -2.09 million in FY24A, with the EBIT margin falling from 16.8% to -7.6%. As a result, Net Income also turned negative, amounting to \u20ac -2.12 million, compared to a positive result of \u20ac1.54 million recorded in the previous year. From a balance sheet perspective, the Net Financial Position (NFP) moved from a cash-positive position of \u20ac1.63 million in FY23A to a net debt of \u20ac3.75 million in FY24A.<br><br>In light of the results published in the FY24A annual report, we have adjusted our estimates for both the current and the following years. In particular, we now estimate an FY24E value of production of \u20ac 38.15 million, and an EBITDA of \u20ac 3.00 million, corresponding to a margin of 7.9%. In the following years, we expect the value of production to reach \u20ac 47.20 million (CAGR 23A-26E: 19.8%) in FY27E, with EBITDA equal to \u20ac 4.70 million (corresponding to a margin of 10.0%), up from \u20ac -1.39 million in FY24A (corresponding to an EBITDA margin of -5.1%). From a balance sheet perspective, we expect an improvement in Net Financial Position (NFP), which, according to our estimates, is projected to improve from a debt position of \u20ac3.75 million in FY24A to \u20ac 2.36 million, still in debt, in FY25E. We conducted our valuation of the equity value of E-Globe based on the DCF method. 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 20.8 million. <strong>The target price is \u20ac 1.15, with a BUY rating and MEDIUM risk<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>During FY24A, E-Globe recorded a production value of \u20ac27.44 million, down by 8.2% compared to \u20ac29.89 million in the previous year. The EBITDA for FY24A amounted to \u20ac -1.39 million, down from \u20ac 5.41<\/p>\n","protected":false},"author":5,"featured_media":19022,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[299],"class_list":["post-31588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-e-globe-2"],"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-37\/\" \/>\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=\"During FY24A, E-Globe recorded a production value of \u20ac27.44 million, down by 8.2% compared to \u20ac29.89 million in the previous year. The EBITDA for FY24A amounted to \u20ac -1.39 million, down from \u20ac 5.41\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-37\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-24T06:44:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-24T06:44:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/08\/e-Globe-logo.png\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"amministratore integrae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UPDATE - integrae.it \u2013 Financial Boutique","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/integrae.it\/en\/research\/update-37\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"During FY24A, E-Globe recorded a production value of \u20ac27.44 million, down by 8.2% compared to \u20ac29.89 million in the previous year. The EBITDA for FY24A amounted to \u20ac -1.39 million, down from \u20ac 5.41","og_url":"https:\/\/integrae.it\/en\/research\/update-37\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-06-24T06:44:25+00:00","article_modified_time":"2025-06-24T06:44:26+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/08\/e-Globe-logo.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-37\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/08\/e-Globe-logo.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/08\/e-Globe-logo.png","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-37\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-37\/","name":"UPDATE - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-37\/#primaryimage"},"datePublished":"2025-06-24T06:44:25+00:00","dateModified":"2025-06-24T06:44:26+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-37\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-37\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-37\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/31588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=31588"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/31588\/revisions"}],"predecessor-version":[{"id":31589,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/31588\/revisions\/31589"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/19022"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=31588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=31588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=31588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}