{"id":32893,"date":"2025-10-09T08:51:19","date_gmt":"2025-10-09T06:51:19","guid":{"rendered":"https:\/\/integrae.it\/?p=32893"},"modified":"2025-10-09T08:51:19","modified_gmt":"2025-10-09T06:51:19","slug":"update-50","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-50\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>In 1H25, the Group reported revenues of \u20ac 18.57 million (-15.7% vs \u20ac 22.02 million in 1H24), affected by the slowdown in the European and American manufacturing industries. EBITDA stood at \u20ac 0.66 million (vs \u20ac 3.23 million), penalized by lower volumes and higher operating costs, particularly personnel expenses (+9.9%), which included \u20ac 0.86 million in severance incentives and \u20ac 0.55 million in non-recurring items. Adjusted EBITDA, net of these charges, was \u20ac 2.07 million, with an Adjusted EBITDA margin of 10.5%, while Adjusted EBIT amounted to \u20ac 1.05 million (vs \u20ac 1.91 million), with a margin of 5.3%. Net Income showed a loss of \u20ac 0.78 million (vs a profit of \u20ac 1.31 million). The adjusted Net Financial Position worsened to \u20ac 7.53 million of net debt (vs \u20ac 5.62 million at the end of 2024), reflecting \u20ac 1.90 million of investments in new assembly and testing lines at Zola Predosa.<br><br>In light of the results published in the 1H25 half-year report, we have revised our estimates for both the current year and the following years. Specifically, we estimate FY25E revenues of \u20ac 35.00 million and EBITDA of \u20ac 3.75 million, corresponding to a margin of 10.7%. For the following years, we expect revenues to increase to \u20ac 42.00 million in FY27E (CAGR 24A\u201327E: 1.6%), with EBITDA of \u20ac 5.60 million (margin of 13.3%), up from \u20ac 3.64 million in FY24A (margin of 9.1%). At the balance sheet level, we forecast FY27E Net Financial Position of \u20ac 4.32 million of net debt. We conducted the equity value assessment of Marzocchi Pompe based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which prudentially includes a specific risk premium of 2.5% in the WACC calculation) returns an equity value of \u20ac 35.2 mln. The equity value of Marzocchi Pompe based on market multiples stands at \u20ac 32.7 mln. <strong>This results in an average equity value of approximately \u20ac 34.0 mln. The target price is set at \u20ac 5.20, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H25, the Group reported revenues of \u20ac 18.57 million (-15.7% vs \u20ac 22.02 million in 1H24), affected by the slowdown in the European and American manufacturing industries. EBITDA stood at \u20ac 0.66 million<\/p>\n","protected":false},"author":5,"featured_media":11915,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[271],"class_list":["post-32893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-marzocchi-pompe-2"],"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-50\/\" \/>\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 1H25, the Group reported revenues of \u20ac 18.57 million (-15.7% vs \u20ac 22.02 million in 1H24), affected by the slowdown in the European and American manufacturing industries. EBITDA stood at \u20ac 0.66 million\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-50\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-09T06:51:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/Marzocchi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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-50\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H25, the Group reported revenues of \u20ac 18.57 million (-15.7% vs \u20ac 22.02 million in 1H24), affected by the slowdown in the European and American manufacturing industries. 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