{"id":33033,"date":"2025-10-14T09:17:05","date_gmt":"2025-10-14T07:17:05","guid":{"rendered":"https:\/\/integrae.it\/?p=33033"},"modified":"2025-10-14T09:17:06","modified_gmt":"2025-10-14T07:17:06","slug":"update-52","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-52\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>The results for the first half of 2025 confirm that Convergenze continues to progress steadily along its growth trajectory: the company reported a 5.4% increase in value of production, rising from \u20ac 12.10 million in 1H24A to \u20ac 12.75 million in the first six months of 2025. Adjusted EBITDA amounted to \u20ac 2.18 million, slightly down from \u20ac 2.27 million recorded in the first half of 2024 (-3.7% YoY), with an Adjusted EBITDA Margin of 17.1% (18.7% in 1H2024). EBIT stood at \u20ac 1.03 million, down 19.1% compared to \u20ac 1.27 million in the first half of 2024. Net income as of June 30th, 2025 was positive at approximately \u20ac 0.49 million, compared to \u20ac 0.61 million achieved in the same period of the previous year.<br><br>In light of the results published in the 1H25A interim report, we have slightly revised our estimates for both the current year and the following years. The value of production for FY25E is estimated at \u20ac 27.20 million, with EBITDA of \u20ac 5.20 million, corresponding to a margin of 19.1%. For the following years, we expect the value of production to grow to \u20ac 34.15 million in FY27E (CAGR 25E\u201327E: 12.0%), with EBITDA reaching \u20ac 6.85 million (corresponding to a margin of 20.1%), up from \u20ac 5.03 million in FY24A (EBITDA margin of 18.9%). We conducted the equity value assessment of Convergenze using both the DCF method and the multiples of a peer group of comparable companies. The DCF method (which, for prudential purposes, includes a specific risk factor of 2.5% in the WACC calculation) yields an equity value of \u20ac 37.3 million. The equity value of Convergenze based on market multiples amounts to \u20ac 30.2 million. As a result, the average equity value is approximately \u20ac 33.8 million. <strong>The target price remains unchanged at \u20ac 4.50, with a BUY rating and a MEDIUM risk profile.<\/strong><br>\u00a0<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The results for the first half of 2025 confirm that Convergenze continues to progress steadily along its growth trajectory: the company reported a 5.4% increase in value of production, rising from \u20ac 12.10 million<\/p>\n","protected":false},"author":5,"featured_media":11760,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[180],"class_list":["post-33033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-convergenze-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-52\/\" \/>\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=\"The results for the first half of 2025 confirm that Convergenze continues to progress steadily along its growth trajectory: the company reported a 5.4% increase in value of production, rising from \u20ac 12.10 million\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-52\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-14T07:17:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-14T07:17:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2020\/12\/convergenze.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-52\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"The results for the first half of 2025 confirm that Convergenze continues to progress steadily along its growth trajectory: the company reported a 5.4% increase in value of production, rising from \u20ac 12.10 million","og_url":"https:\/\/integrae.it\/en\/research\/update-52\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-10-14T07:17:05+00:00","article_modified_time":"2025-10-14T07:17:06+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2020\/12\/convergenze.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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