{"id":33108,"date":"2025-10-20T08:56:05","date_gmt":"2025-10-20T06:56:05","guid":{"rendered":"https:\/\/integrae.it\/?p=33108"},"modified":"2025-10-20T08:56:06","modified_gmt":"2025-10-20T06:56:06","slug":"update-58","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-58\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H25A, the Group recorded a value of production of \u20ac11.78 million, up 62.1% compared to \u20ac7.27 million in 1H24A. EBITDA amounted to \u20ac2.66 million, increasing from \u20ac1.75 million in 1H24A, with an EBITDA margin of 22.6% (24.1% in 1H24A). EBIT stood at \u20ac1.25 million, slightly down from \u20ac1.29 million in the prior-year period, with an EBIT margin of 10.6%, compared to 17.8% in 1H24A. The contraction in margin is attributable to higher depreciation and amortisation expenses, which amounted to \u20ac1.42 million. Net Income totalled \u20ac1.05 million, broadly in line with the \u20ac1.03 million reported in 1H24A. From a balance sheet perspective, the adjusted Net Financial Position was cash positive by \u20ac2.20 million, slightly down from the cash positive position of \u20ac4.30 million reported at year-end 2024.<br><br>In light of the results published in the half-year report for 1H25A, we have revised our estimates for both the current year and the coming years. In particular, we estimate FY25E production value at \u20ac25.00 million and EBITDA at \u20ac5.40 million, corresponding to a margin of 21.6%. For the following years, we expect the production value to increase to \u20ac34.50 million in FY28E (CAGR 24A\u201328E: 24.0%), with EBITDA reaching \u20ac8.70 million (corresponding to a margin of 25.2%), up from \u20ac3.01 million in FY24A (EBITDA margin of 20.7%). With regard to estimated investments, we forecast Capex for 2025E\u20132028E at approximately \u20ac9.12 million; finally, we estimate an adjusted Net Financial Position for FY25E at \u20ac4.24 million cash positive. We conducted our valuation of the equity value of Circle based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of \u20ac 48.2 million. Using market multiples, the equity value of Circle was calculated as \u20ac 52.2 million (including a 25.0% discount). <strong>The results give an average equity value of approximately \u20ac 50.2 million. The target price is \u20ac 10.50, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H25A, the Group recorded a value of production of \u20ac11.78 million, up 62.1% compared to \u20ac7.27 million in 1H24A. EBITDA amounted to \u20ac2.66 million, increasing from \u20ac1.75 million in 1H24A, with an EBITDA<\/p>\n","protected":false},"author":5,"featured_media":11436,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[197],"class_list":["post-33108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-circle-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-58\/\" \/>\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 recorded a value of production of \u20ac11.78 million, up 62.1% compared to \u20ac7.27 million in 1H24A. 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