{"id":32864,"date":"2025-10-07T09:37:03","date_gmt":"2025-10-07T07:37:03","guid":{"rendered":"https:\/\/integrae.it\/?p=32864"},"modified":"2025-10-07T09:37:04","modified_gmt":"2025-10-07T07:37:04","slug":"update-48","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-48\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>In 1H25A, the Group reported revenues of \u20ac 16.84 million, slightly down compared to \u20ac 17.29 million in 1H24A. The Parent Company remained the main contributor with \u20ac 12.52 million (74.4% of total), while the Hong Kong subsidiary grew by 30.2% to \u20ac 1.70 million. Dubai declined to \u20ac 1.19 million (-22.3%), and New York to \u20ac 0.41 million, while Il Satiro Danzante posted \u20ac 0.91 million (+11.0%). The consolidated contribution margin stood at \u20ac 4.14 million (vs \u20ac 4.35 million), with an improvement for the Parent Company (23.2% vs 22.5%) and solid performance from Hong Kong. EBITDA was essentially neutral at \u20ac -0.01 million (vs \u20ac 0.29 million), with Adjusted EBITDA of \u20ac 0.11 million (vs \u20ac 0.27 million). Excluding the New York subsidiary, EBITDA would have reached \u20ac 0.52 million (margin of 3.2%). EBIT amounted to \u20ac -0.26 million, while Net Income was negative at \u20ac -1.33 million. At the balance sheet level, Net Financial Position stood at \u20ac 6.03 million 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 forecast FY25E Value of Production of \u20ac 35.50 million and EBITDA of \u20ac 1.20 million, corresponding to a margin of 3.4%. For the following years, we expect revenues to grow to \u20ac 37.65 million in FY27E (CAGR 24A\u201327E: 0.7%), with EBITDA of \u20ac 1.45 million (margin of 3.9%), up from \u20ac 0.88 million in FY24A (EBITDA margin of 2.4%). At the balance sheet level, we estimate FY27E Net Financial Position of \u20ac 4.73 million of net debt. Due to the lack of directly comparable companies, we have assessed Longino &amp; Cardenal\u2019s equity value using only the DCF method. <strong>The DCF model (which prudently includes a 2.5% specific risk premium in the WACC calculation) yields an equity value of \u20ac 13.8 million. The target price is \u20ac 2.20, 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 16.84 million, slightly down compared to \u20ac 17.29 million in 1H24A. The Parent Company remained the main contributor with \u20ac 12.52 million (74.4% of total), while<\/p>\n","protected":false},"author":5,"featured_media":11528,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[196],"class_list":["post-32864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-ilpra-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-48\/\" \/>\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 16.84 million, slightly down compared to \u20ac 17.29 million in 1H24A. The Parent Company remained the main contributor with \u20ac 12.52 million (74.4% of total), while\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-48\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-07T07:37:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-07T07:37:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/ilpra400x400-o8rp28oaayebskczsde5465g3v7d4mrz5f5mnhddpc.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-48\/","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 16.84 million, slightly down compared to \u20ac 17.29 million in 1H24A. 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