{"id":32816,"date":"2025-10-03T09:26:35","date_gmt":"2025-10-03T07:26:35","guid":{"rendered":"https:\/\/integrae.it\/?p=32816"},"modified":"2025-10-03T09:26:36","modified_gmt":"2025-10-03T07:26:36","slug":"update-44","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-44\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In 1H25A, the Group reported a Value of Production of \u20ac 17.15 mln (+3.0% vs \u20ac 16.69 mln), supported by the launch of PNRR-related projects in the Public Administration sector. EBITDA amounted to \u20ac 3.75 mln (+22.5% vs \u20ac 3.06 mln), with an EBITDA margin of 21.9% (vs 18.3%). EBIT stood at \u20ac 1.07 mln (vs \u20ac 0.73 mln), with an EBIT margin of 6.3%. Net Income returned to positive territory at \u20ac 0.40 mln (vs \u20ac -0.48 mln), benefiting from improved operations and non-recurring items, including the gain on the disposal of Mitric S.r.l. and the reduction in extraordinary costs compared to the prior year. Net Financial Position improved to \u20ac 17.58 mln of net debt (vs \u20ac 20.88 mln at FY24A), driven by the reduction in both short-term and medium-to-long-term bank debt.

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 Value of Production of \u20ac 35.50 mln and EBITDA of \u20ac 7.75 mln, corresponding to a margin of 21.8%. For the following years, we expect Value of Production to grow to \u20ac 44.80 mln in FY27E (CAGR 24A\u201327E: 9.7%), with EBITDA of \u20ac 11.45 mln (margin of 25.6%), up from \u20ac 6.27 mln in FY24A (EBITDA margin of 18.5%). At the balance sheet level, we estimate FY27E Net Financial Position of \u20ac 11.70 mln of net debt. We conducted Siav\u2019s equity value assessment using both the DCF method and a multiples-based comparison with a sample of comparable companies. The DCF valuation (which prudently includes a 2.5% specific risk premium in the WACC calculation) results in an equity value of \u20ac 49.9 mln. The market multiples approach yields an equity value of \u20ac 48.4 mln. The resulting average equity value is approximately \u20ac 49.2 mln. Our target price is \u20ac 5.35, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

In 1H25A, the Group reported a Value of Production of \u20ac 17.15 mln (+3.0% vs \u20ac 16.69 mln), supported by the launch of PNRR-related projects in the Public Administration sector. EBITDA amounted to \u20ac<\/p>\n","protected":false},"author":5,"featured_media":12295,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[164],"class_list":["post-32816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-siav-en"],"acf":[],"yoast_head":"\nUPDATE - 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-44\/\" \/>\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 a Value of Production of \u20ac 17.15 mln (+3.0% vs \u20ac 16.69 mln), supported by the launch of PNRR-related projects in the Public Administration sector. EBITDA amounted to \u20ac\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-44\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-03T07:26:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-03T07:26:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/08\/logo-sito-Siav.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\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-44\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H25A, the Group reported a Value of Production of \u20ac 17.15 mln (+3.0% vs \u20ac 16.69 mln), supported by the launch of PNRR-related projects in the Public Administration sector. EBITDA amounted to \u20ac","og_url":"https:\/\/integrae.it\/en\/research\/update-44\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-10-03T07:26:35+00:00","article_modified_time":"2025-10-03T07:26:36+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/08\/logo-sito-Siav.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 & 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-44\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/08\/logo-sito-Siav.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/08\/logo-sito-Siav.jpg","width":1748,"height":1240},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-44\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-44\/","name":"UPDATE - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-44\/#primaryimage"},"datePublished":"2025-10-03T07:26:35+00:00","dateModified":"2025-10-03T07:26:36+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-44\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-44\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-44\/#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\/32816","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=32816"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/32816\/revisions"}],"predecessor-version":[{"id":32817,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/32816\/revisions\/32817"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/12295"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=32816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=32816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=32816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}