{"id":32682,"date":"2025-09-29T09:41:26","date_gmt":"2025-09-29T07:41:26","guid":{"rendered":"https:\/\/integrae.it\/?p=32682"},"modified":"2025-09-29T09:42:23","modified_gmt":"2025-09-29T07:42:23","slug":"update-41","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-41\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H25A, the Company reported a Value of Production of \u20ac 27.89 mln, up 6.1% compared to \u20ac 26.29 mln in 1H24A, mainly driven by Ultra-Broadband connections (\u20ac 16.20 mln, +20.2%) and Voice and Data services (\u20ac 5.00 mln). EBITDA amounted to \u20ac 12.51 mln, up 9.1% compared to \u20ac 11.47 mln, with a record-high EBITDA margin of 44.9%. EBIT reached \u20ac 6.01 mln (+3.0% vs \u20ac 5.84 mln), with an EBIT margin of 21.6%, while Net Income stood at \u20ac 3.60 mln, broadly in line with \u20ac 3.54 mln in 1H24A. At the balance sheet level, Net Financial Position moved from \u20ac 32.86 mln at year-end 2024 to \u20ac 37.39 mln in 1H25A.<br><br>In light of the results published in the 1H25A half-year report, we have revised our estimates for the current year and the following years. Specifically, we estimate a Value of Production for FY25E of \u20ac 57.00 million and EBITDA of \u20ac 25.65 million, corresponding to a margin of 45.0%. For the subsequent years, we expect the Value of Production to increase to \u20ac 70.50 million (CAGR 24A\u201327E: 8.0%) in FY27E, with EBITDA reaching \u20ac 35.25 million (corresponding to a margin of 50.0%), up from \u20ac 24.04 million in FY24A (corresponding to an EBITDA margin of 43.0%). At the balance sheet level, we estimate a Net Financial Position of \u20ac 15.69 million for FY27E. We conducted the valuation of Intred\u2019s equity value based on the DCF method and the multiples of a sample of comparable companies. The DCF method (which prudentially includes a specific risk of 1.0% in the WACC calculation) results in an equity value of \u20ac 396.6 million. The equity value of Intred based on market multiples is \u20ac 241.0 million. <strong>The average equity value therefore amounts to approximately \u20ac 318.8 million. We set a target price of \u20ac 20.00, with a BUY rating and MEDIUM risk profile<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H25A, the Company reported a Value of Production of \u20ac 27.89 mln, up 6.1% compared to \u20ac 26.29 mln in 1H24A, mainly driven by Ultra-Broadband connections (\u20ac 16.20 mln, +20.2%) and Voice and<\/p>\n","protected":false},"author":5,"featured_media":22239,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[199],"class_list":["post-32682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-intred-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-41\/\" \/>\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 Company reported a Value of Production of \u20ac 27.89 mln, up 6.1% compared to \u20ac 26.29 mln in 1H24A, mainly driven by Ultra-Broadband connections (\u20ac 16.20 mln, +20.2%) and Voice and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-41\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-29T07:41:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-29T07:42:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2024\/01\/20137.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-41\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H25A, the Company reported a Value of Production of \u20ac 27.89 mln, up 6.1% compared to \u20ac 26.29 mln in 1H24A, mainly driven by Ultra-Broadband connections (\u20ac 16.20 mln, +20.2%) and Voice and","og_url":"https:\/\/integrae.it\/en\/research\/update-41\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-09-29T07:41:26+00:00","article_modified_time":"2025-09-29T07:42:23+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/01\/20137.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-41\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/01\/20137.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/01\/20137.png","width":400,"height":400,"caption":"Intred"},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-41\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-41\/","name":"UPDATE - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-41\/#primaryimage"},"datePublished":"2025-09-29T07:41:26+00:00","dateModified":"2025-09-29T07:42:23+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-41\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-41\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-41\/#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\/32682","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=32682"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/32682\/revisions"}],"predecessor-version":[{"id":32683,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/32682\/revisions\/32683"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/22239"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=32682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=32682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=32682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}