{"id":33112,"date":"2025-10-20T08:57:54","date_gmt":"2025-10-20T06:57:54","guid":{"rendered":"https:\/\/integrae.it\/?p=33112"},"modified":"2025-10-20T08:57:56","modified_gmt":"2025-10-20T06:57:56","slug":"update-59","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-59\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H25A, Simone recorded a production value of \u20ac8.34 million, down 13.4% compared to \u20ac9.63 million in 1H24A, primarily due to the postponement of several major public competitions. EBITDA amounted to \u20ac0.39 million, compared to \u20ac1.10 million in 1H24A, with a margin of 4.7%. EBIT, after total depreciation and amortisation of \u20ac0.85 million, was negative at \u20ac\u20130.46 million, versus a positive \u20ac0.58 million in 1H24A. Consolidated Net Income stood at \u20ac\u20130.52 million, compared to a positive result of \u20ac0.32 million in 1H24A. From a balance sheet perspective, the Net Financial Position (NFP) as at 30 June 2025 was \u20ac1.15 million in net debt, versus a cash-positive position of \u20ac0.27 million as at 31 December 2024, mainly reflecting investments made during the half-year period.<br><br>In light of the results published in the Half-Year Report for 1H25A and the recent M&amp;A transactions previously mentioned, we are revising our estimates for the current year and the following years. Specifically, we estimate FY25E value of production at \u20ac18.70 million and EBITDA at \u20ac2.20 million, corresponding to a margin of 11.8%. For the subsequent years, we expect the value of production to increase to \u20ac21.70m in FY27E (CAGR 24A\u201327E: 7.3%), with EBITDA reaching \u20ac4.10 million (corresponding to a margin of 18.9%), up from \u20ac2.08 million in FY24A (equivalent to an EBITDA margin of 11.8%). From a balance sheet perspective, according to our estimates, the net financial position (NFP) could reach a debt level of \u20ac4.02 million in FY25E. We conducted our valuation of the equity value of Simone 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 21.7 million. Using market multiples, the equity value of Simone was calculated as \u20ac 12.7 million (including a 25.0% discount). The result is an average equity value of approximately \u20ac 17.2 million.<strong> The target price is \u20ac 2.30, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H25A, Simone recorded a production value of \u20ac8.34 million, down 13.4% compared to \u20ac9.63 million in 1H24A, primarily due to the postponement of several major public competitions. EBITDA amounted to \u20ac0.39 million, compared<\/p>\n","protected":false},"author":5,"featured_media":21603,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[316],"class_list":["post-33112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-simone-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-59\/\" \/>\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, Simone recorded a production value of \u20ac8.34 million, down 13.4% compared to \u20ac9.63 million in 1H24A, primarily due to the postponement of several major public competitions. EBITDA amounted to \u20ac0.39 million, compared\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-59\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-20T06:57:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-20T06:57:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/12\/Simone-Logo.png\" \/>\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\/png\" \/>\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-59\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H25A, Simone recorded a production value of \u20ac8.34 million, down 13.4% compared to \u20ac9.63 million in 1H24A, primarily due to the postponement of several major public competitions. 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