{"id":32505,"date":"2025-09-19T08:37:39","date_gmt":"2025-09-19T06:37:39","guid":{"rendered":"https:\/\/integrae.it\/?p=32505"},"modified":"2025-09-19T08:37:40","modified_gmt":"2025-09-19T06:37:40","slug":"update-40","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-40\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H25A, the Group recorded revenues of \u20ac 11.04 mln, broadly stable compared to \u20ac 11.09 mln in 1H24A (-0.5%). Productive revenues with margin contribution grew by +1.8% to \u20ac 10.40 mln, with a recurring component of 46.0%. By business area, Digital, Social and Media Marketing reported growth of +4.8% to \u20ac 5.40 mln, and Platform &amp; Technology Services rose by +9.9% to \u20ac 4.30 mln, while Consulting (\u20ac 0.20 mln, -63.0%) and Digital Academy (\u20ac 0.50 mln, -24.4%) declined. EBITDA stood at \u20ac 1.22 mln (vs \u20ac 2.02 mln in 1H24A), with the EBITDA margin decreasing from 17.2% to 10.4%; adjusted EBITDA was \u20ac 1.61 mln (vs \u20ac 1.87 mln in 1H24A). EBIT amounted to \u20ac 0.17 mln (vs \u20ac 0.91 mln), while Net Income was \u20ac &#8211; 0.12 mln (vs \u20ac 0.41 mln). From a balance sheet perspective, NFP improved from \u20ac 5.71 mln to \u20ac 4.84 mln of net debt.<br><br>In light of the results published in the 1H25A half-year report, we revise our estimates for both the current year and the following years. Specifically, we estimate FY25E revenues of \u20ac 22.80 mln and adjusted EBITDA of \u20ac 3.78 mln, corresponding to a margin of 16.6%. For the following years, we expect revenues to grow to \u20ac 28.50 mln (CAGR 24A-27E: 7.9%) in FY27E, with adjusted EBITDA of \u20ac 6.60 mln (margin of 23.2%), compared to \u20ac 4.04 mln in FY24A (adjusted EBITDA margin of 17.8%). At the balance sheet level, we forecast a cash positive NFP of \u20ac 0.89 mln by FY27E. The equity value of Websolute has been assessed using both the DCF methodology and market multiples of a selected peer group. The DCF method, incorporating a prudential specific risk of 2.5% in the WACC calculation, yields an equity value of \u20ac 45.7 million. The market multiples approach results in an equity value of \u20ac 30.0 million. <strong>Consequently, the average equity value stands at approximately \u20ac 37.9 million. The target price is set at \u20ac 3.70, with a BUY rating and a MEDIUM risk level.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H25A, the Group recorded revenues of \u20ac 11.04 mln, broadly stable compared to \u20ac 11.09 mln in 1H24A (-0.5%). Productive revenues with margin contribution grew by +1.8% to \u20ac 10.40 mln, with a<\/p>\n","protected":false},"author":5,"featured_media":11482,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[192],"class_list":["post-32505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-websolute-en"],"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-40\/\" \/>\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 1H25A, the Group recorded revenues of \u20ac 11.04 mln, broadly stable compared to \u20ac 11.09 mln in 1H24A (-0.5%). Productive revenues with margin contribution grew by +1.8% to \u20ac 10.40 mln, with a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-40\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-19T06:37:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-19T06:37:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/websolute-400x400-oejc1duy9su7u4u8sggy0ft7m9rxhkq4iirf3zdzfk-1.jpg\" \/>\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\/jpeg\" \/>\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=\"4 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-40\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H25A, the Group recorded revenues of \u20ac 11.04 mln, broadly stable compared to \u20ac 11.09 mln in 1H24A (-0.5%). 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