{"id":31619,"date":"2025-06-26T08:55:10","date_gmt":"2025-06-26T06:55:10","guid":{"rendered":"https:\/\/integrae.it\/?p=31619"},"modified":"2025-06-26T08:55:12","modified_gmt":"2025-06-26T06:55:12","slug":"update-38","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-38\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Borgosesia made significant progress in its transformation into an integrated manager of alternative assets, strengthening the recurring component of its business and expanding third-party asset management activities. The value of production stood at \u20ac 24.52 million (+6.3% YoY), supported by asset revaluations and rental income, while revenues from operations declined due to extraordinary items recorded in 2023. The gross margin from operating activities increased by 18.2% to \u20ac 17.32 million, driven by the Real Estate division. EBITDA reached \u20ac 12.99 million (+28.0%) with a margin exceeding 53.0%, and Net Income stood at \u20ac 2.53 million. The proprietary portfolio grew to \u20ac 169.6 million, while third-party assets under management rose to \u20ac 78.61 million. The Company strengthened its \u201ctwo-sided\u201d strategy through new initiatives (MyCredit, Borgosesia Agency, Herman-PNGroup).<br><br>Following the FY24 results, we do not identify any material elements requiring a revision of the forecasts outlined in our previous January 2025 report. We expect FY25E value of production to reach \u20ac 25.50 million, with EBITDA of \u20ac 12.50 million, corresponding to a 49.0% margin, and further growth in value of production to \u20ac 32.70 million by FY27E (CAGR 24A\u201327E: 10.1%), with EBITDA of \u20ac 19.00 million and EBITDA margin of 58.1%.\u00a0<strong>We confirm our target price of \u20ac 2.50, BUY rating, and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Borgosesia made significant progress in its transformation into an integrated manager of alternative assets, strengthening the recurring component of its business and expanding third-party asset management activities. The value of production stood at \u20ac<\/p>\n","protected":false},"author":5,"featured_media":16558,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[266],"class_list":["post-31619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-borgosesia-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-38\/\" \/>\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=\"Borgosesia made significant progress in its transformation into an integrated manager of alternative assets, strengthening the recurring component of its business and expanding third-party asset management activities. 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