{"id":32824,"date":"2025-10-03T09:29:50","date_gmt":"2025-10-03T07:29:50","guid":{"rendered":"https:\/\/integrae.it\/?p=32824"},"modified":"2025-10-03T09:30:19","modified_gmt":"2025-10-03T07:30:19","slug":"update-14-10-2024-10","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/ricerche\/update-14-10-2024-10\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H25A, the Group recorded a value of production of \u20ac 59.44 million, up 2.1% compared to \u20ac 58.22 million in 1H24A. EBITDA stood at \u20ac 4.04 million, up 10.5% from \u20ac 3.66 million in the previous period, with a margin of 6.8% (vs 6.3% in 1H24A), driven by more efficient operational management and the synergies developed among the acquired companies. EBIT reached \u20ac 2.96 million, an increase of 20.7% compared to \u20ac 2.46 million in 1H24A. Net income amounted to \u20ac 2.13 million, improving by 5.5% from \u20ac 2.02 million in 1H24A. Net financial position went from \u20ac9.53 million in debt at the end of 2024 to \u20ac9.91 million in debt as of June 30, 2025, reflecting the absorption of working capital to support growth.<br><br>In light of the results published in the half-year report for 1H25A, we almost entirely confirm our estimates both for the current year and for the coming years. Specifically, we estimate FY25E value of production at \u20ac 137.05 million and EBITDA at \u20ac 12.15 million, corresponding to a margin of 8.9%. For the following years, we expect value of production to increase to \u20ac 168.25 million in FY28E (CAGR 24A\u201328E: 8.1%), with EBITDA reaching \u20ac 17.95 million (corresponding to a margin of 10.7%), compared to \u20ac 8.78 million in FY24A (corresponding to an EBITDA margin of 7.1%).<br>From a balance sheet perspective, we estimate a cash positive net financial position of \u20ac 6.69 million in FY28E. We carried out the equity value assessment of Casta Diva Group based on both the DCF methodology and multiples of a peer group of comparable companies. The DCF method (which, in the calculation of WACC, prudently includes a specific risk factor of 2.5%) yields an equity value of \u20ac 78.3 million. The equity value of Casta Diva Group using market multiples amounts to \u20ac 50.1 million. <strong>This results in an average equity value of approximately \u20ac 64.2 million. The target price is \u20ac 3.20, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H25A, the Group recorded a value of production of \u20ac 59.44 million, up 2.1% compared to \u20ac 58.22 million in 1H24A. EBITDA stood at \u20ac 4.04 million, up 10.5% from \u20ac 3.66 million<\/p>\n","protected":false},"author":5,"featured_media":24883,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17,130],"tags":[218],"class_list":["post-32824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ricerche","category-update","tag-casta-diva-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\/ricerche\/update-14-10-2024-10\/\" \/>\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 a value of production of \u20ac 59.44 million, up 2.1% compared to \u20ac 58.22 million in 1H24A. EBITDA stood at \u20ac 4.04 million, up 10.5% from \u20ac 3.66 million\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/ricerche\/update-14-10-2024-10\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-03T07:29:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-03T07:30:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2024\/05\/images.png\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"168\" \/>\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\/ricerche\/update-14-10-2024-10\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H25A, the Group recorded a value of production of \u20ac 59.44 million, up 2.1% compared to \u20ac 58.22 million in 1H24A. 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