{"id":32777,"date":"2025-10-01T08:45:25","date_gmt":"2025-10-01T06:45:25","guid":{"rendered":"https:\/\/integrae.it\/?p=32777"},"modified":"2025-10-01T08:50:04","modified_gmt":"2025-10-01T06:50:04","slug":"update-43","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-43\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H25A the Group reported revenues of \u20ac 43.02 mln, up 45.1% compared to \u20ac 29.64 mln in 1H24A, driven by strong performances in key international and emerging markets, as well as by the positive contribution of the Italian market. EBITDA amounted to \u20ac 10.60 mln, nearly tripling the \u20ac 3.70 mln reported in 1H24A, with an EBITDA margin of 24.6% (12.5% in 1H24A), supported by higher volumes and production efficiency improvements. EBIT reached \u20ac 9.10 mln, a sharp increase compared to \u20ac 2.44 mln in the same period, with an EBIT margin of 21.0%. Net Income stood at \u20ac 5.63 mln, more than tripling the \u20ac 1.59 mln recorded in 1H24A. On the balance sheet side, the NFP was cash positive at \u20ac 3.24 mln, broadly in line with year-end 2024, confirming the Group\u2019s solid financial position.<br><br>In light of the results published in the 1H25A half-year report, we are revising our estimates both for the current year and for the following years. In particular, we now estimate FY25E revenues of \u20ac 87.00 mln and EBITDA of \u20ac 19.40 mln, corresponding to a margin of 22.3%. For the subsequent years, we expect revenues to increase to \u20ac 110.80 mln in FY27E (CAGR 24A\u201327E: 14.7%), with EBITDA of \u20ac 25.50 mln (corresponding to a margin of 23.0%), up from \u20ac 14.80 mln in FY24A (EBITDA margin 20.2%). On the balance sheet side, we estimate a cash positive NFP of \u20ac 13.38 mln in FY27E. We conducted the valuation of FOPE\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 265.8 million. The equity value of FOPE based on market multiples is \u20ac 241.8 million. <strong>The average equity value therefore amounts to approximately \u20ac 253.8 million. We set a target price of \u20ac 47.00, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H25A the Group reported revenues of \u20ac 43.02 mln, up 45.1% compared to \u20ac 29.64 mln in 1H24A, driven by strong performances in key international and emerging markets, as well as by the<\/p>\n","protected":false},"author":5,"featured_media":11504,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[206],"class_list":["post-32777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-fope-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-43\/\" \/>\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 reported revenues of \u20ac 43.02 mln, up 45.1% compared to \u20ac 29.64 mln in 1H24A, driven by strong performances in key international and emerging markets, as well as by the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-43\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-01T06:45:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-01T06:50:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/fope-400x400-2-p1cw3iln8j2n6dapxdf3jhal8j1s5xaxqz9c31jp9c.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=\"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-43\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H25A the Group reported revenues of \u20ac 43.02 mln, up 45.1% compared to \u20ac 29.64 mln in 1H24A, driven by strong performances in key international and emerging markets, as well as by the","og_url":"https:\/\/integrae.it\/en\/research\/update-43\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-10-01T06:45:25+00:00","article_modified_time":"2025-10-01T06:50:04+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/fope-400x400-2-p1cw3iln8j2n6dapxdf3jhal8j1s5xaxqz9c31jp9c.jpg","type":"image\/jpeg"}],"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; 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