{"id":33035,"date":"2025-10-14T09:18:41","date_gmt":"2025-10-14T07:18:41","guid":{"rendered":"https:\/\/integrae.it\/?p=33035"},"modified":"2025-10-14T09:19:35","modified_gmt":"2025-10-14T07:19:35","slug":"update-54","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-54\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In 2025, ESPE presents the first consolidated interim report in its history, confirming the path of growth and organizational strengthening initiated after its listing. The half-year marks a phase of industrial consolidation and external growth, driven by a strategy of vertical integration along the renewable energy value chain. The value of production for the period amounted to \u20ac 30.19 million, with EBITDA of \u20ac 5.38 million (17,8%) and Net Income of \u20ac 2.68 million, reflecting profitability significantly above industry standards. Net Financial Position improved to \u20ac 10.75 million, supported by strong cash generation and more efficient working capital management, while the order backlog reached \u20ac 95.00 million, providing solid visibility on future results.\u00a0
In the coming months, the Group will focus on the integration of the newly acquired subsidiaries Soland S.r.l. (EPC) and Secur Impianti S.r.l. (Energy Security), the launch of the new production facility in Carmignano di Brenta, and the execution of the projects currently in the pipeline, with the goal of further consolidating the Group\u2019s competitive positioning in the renewable energy market.

In light of the results published in the consolidated half-year report as of June 30, 2025, we have updated our estimates for the 2025\u20132027 period. \u00a0In particular, we expect production value in 2025 to be \u20ac 70.10 million with EBITDA of \u20ac 11.95 million and a margin of 17.0%. For the following years, we expect an increase in volumes and production value to \u20ac 110.20 million in FY27E (CAGR 2024-2027: 18.6%) and EBITDA of \u20ac 19.80 million, corresponding to a margin of 18.0%. We conducted the valuation of ESPE\u2019s equity value based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which, for prudential purposes, also includes a specific risk of 2.5% in the WACC calculation) returns an equity value of \u20ac 92.3 million. ESPE\u2019s equity value using market multiples is \u20ac 89.9 million. This results in an average equity value of \u20ac 91.1 million. The target price is \u20ac 7.50, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

In 2025, ESPE presents the first consolidated interim report in its history, confirming the path of growth and organizational strengthening initiated after its listing. The half-year marks a phase of industrial consolidation and external<\/p>\n","protected":false},"author":5,"featured_media":22655,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[322],"class_list":["post-33035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-espe-2"],"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-54\/\" \/>\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 2025, ESPE presents the first consolidated interim report in its history, confirming the path of growth and organizational strengthening initiated after its listing. 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