{"id":33068,"date":"2025-10-16T08:43:09","date_gmt":"2025-10-16T06:43:09","guid":{"rendered":"https:\/\/integrae.it\/?p=33068"},"modified":"2025-10-16T08:43:10","modified_gmt":"2025-10-16T06:43:10","slug":"update-55","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-55\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H25A, the Company reported revenues of \u20ac 2.40 million, up 90.0% vs \u20ac 1.26 million in 1H24A, driven by the traditional SBUs Imaging and People Support. Imaging remained the main growth driver with \u20ac 1.79 million (+113.1%), while People Support reached \u20ac 0.50 million (+42.9%); the Mistral and Digital Healthcare SBUs contributed \u20ac 0.01 million and \u20ac 0.09 million, respectively, both increasing year-on-year. EBITDA was negative at \u20ac -0.27 million (vs \u20ac -0.16 million), affected by investments in the innovative SBUs and higher service costs (+54.0%) and personnel costs (+53.0%). EBIT stood at \u20ac -0.43 million (vs \u20ac -0.29 million), and Net Income at \u20ac -0.44 million (vs \u20ac -0.31 million). NFP was cash positive at \u20ac 1.23 million (vs \u20ac 2.20 million at FY24A), while the Adjusted NFP was cash positive at \u20ac 1.47 million (vs \u20ac 3.25 million).<br><br>In light of the results published in the 1H25A half-year report, we almost fully confirm our estimates for both the current and future years. Specifically, we forecast FY25E Value of Production of \u20ac 8.50 million and EBITDA of \u20ac 1.00 million, corresponding to a margin of 12.5%. For the following years, we expect the Value of Production to reach \u20ac 10.60 million in FY27E (CAGR 24A\u201327E: 13.0%), with EBITDA of \u20ac 1.55 million (margin of 15.3%), up from \u20ac 0.81 million in FY24A (margin of 12.2%). At the balance sheet level, we estimate a cash-positive NFP of \u20ac 4.76 million for FY27E. We have conducted the equity value assessment of Predict using both the DCF methodology and multiples from a sample of comparable companies. The DCF method (which prudently includes a specific risk factor of 2.5% in the WACC calculation) returns an equity value of \u20ac 11.3 mln. The equity value using market multiples stands at \u20ac 10.1 mln. <strong>The resulting average equity value is approximately \u20ac 10.7 mln. The target price is \u20ac 1.45, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H25A, the Company reported revenues of \u20ac 2.40 million, up 90.0% vs \u20ac 1.26 million in 1H24A, driven by the traditional SBUs Imaging and People Support. Imaging remained the main growth driver with<\/p>\n","protected":false},"author":5,"featured_media":26770,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[335],"class_list":["post-33068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-predict-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-55\/\" \/>\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 Company reported revenues of \u20ac 2.40 million, up 90.0% vs \u20ac 1.26 million in 1H24A, driven by the traditional SBUs Imaging and People Support. 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