{"id":33142,"date":"2025-10-21T09:13:20","date_gmt":"2025-10-21T07:13:20","guid":{"rendered":"https:\/\/integrae.it\/?p=33142"},"modified":"2025-10-21T09:14:40","modified_gmt":"2025-10-21T07:14:40","slug":"update-14-10-2024-11","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-11\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>During the first half of 2025, Solid World Group experienced a phase of profound transformation, marked by steady revenues and a temporary decline in profitability due to the transition of its business model and continued investments in the biomedical and defense sectors. Production value amounted to \u20ac 31.69 million, slightly down from \u20ac 36.94 million in 1H24A, which, however, included a non-recurring item of \u20ac 5.30 million related to the valorisation of the Electrospider project; net of this effect, the figure was essentially stable. EBITDA decreased to \u20ac 0.51 million (1.6%) from \u20ac 6.40 million (15.6%, including the aforementioned non-recurring item) in the previous year. Consolidated Net Income closed with a loss of \u20ac -1.87 million, compared with a profit of \u20ac 2.60 million recorded in the first half of 2024. Net Financial Position moved from \u20ac 14.59 million of debt as of 31 December 2024 to \u20ac 16.64 million of debt at the end of 1H25, reflecting the impact of industrial investments and the increase in net working capital.<br><br>In light of the results published in the half-yearly report, we are updating our estimates for the three-year period 2025\u20132027. Specifically, we estimate that FY25E production value will grow to \u20ac 63.50 million and EBITDA will be \u20ac 2.00 million. For the following years, we expect production value to increase to \u20ac 78.90 million (CAGR FY24A-FY27E: 6.0%) in FY27E, with EBITDA of \u20ac5.15 million and a margin of 6.8%. From a financial standpoint, we estimate an NFP of \u20ac 12.26 million for FY27E, an improvement on the \u20ac 14.59 million recorded in FY24A.<br>We have assessed the equity value of Solid World Group using the DCF method. The DCF method (which, for prudential purposes, also includes a specific risk of 2.5% in the WACC calculation) returns an <strong>equity value of \u20ac 28.98 million. The target price is therefore \u20ac 1.55 (previously \u20ac 3.00). We confirm our BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>During the first half of 2025, Solid World Group experienced a phase of profound transformation, marked by steady revenues and a temporary decline in profitability due to the transition of its business model and<\/p>\n","protected":false},"author":5,"featured_media":12144,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[167],"class_list":["post-33142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-solidworld-group-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-14-10-2024-11\/\" \/>\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=\"During the first half of 2025, Solid World Group experienced a phase of profound transformation, marked by steady revenues and a temporary decline in profitability due to the transition of its business model and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-14-10-2024-11\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-21T07:13:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-21T07:14:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/05\/Copia-di-logo-invest.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\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-14-10-2024-11\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"During the first half of 2025, Solid World Group experienced a phase of profound transformation, marked by steady revenues and a temporary decline in profitability due to the transition of its business model and","og_url":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-11\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-10-21T07:13:20+00:00","article_modified_time":"2025-10-21T07:14:40+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/05\/Copia-di-logo-invest.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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