{"id":33144,"date":"2025-10-21T09:14:26","date_gmt":"2025-10-21T07:14:26","guid":{"rendered":"https:\/\/integrae.it\/?p=33144"},"modified":"2025-10-21T09:14:27","modified_gmt":"2025-10-21T07:14:27","slug":"update-60","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-60\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>At the end of the first half of 2025, sales revenues amounted to \u20ac 27.73 mln, down from \u20ac 32.46 mln recorded in 1H24A (-14.6%). This decline is attributable to the decrease in revenues from the B2B channel, whose profitability, already structurally limited, led the Group, in line with the long-announced rationalization strategy, to gradually scale it down in favor of higher-margin segments. The Group\u2019s EBITDA was negative at \u20ac 0.80 mln, worsening compared to the positive result of \u20ac 0.34 mln in the previous period, due to the drop in revenues from the B2B channel (-63.8%). Net of extraordinary expenses and investments related to the development phase of the startup ContactU, the adjusted EBITDA for the half year stood at -\u20ac 0.18 mln. EBIT, after depreciation and amortization of \u20ac 1.30 mln, came to -\u20ac 2.10 mln compared to -\u20ac 0.94 mln in 1H24A. Net Income for the period was -\u20ac 2.91 mln, versus a result of -\u20ac 1.22 mln in 1H24A.\u00a0<br><br>In light of the results published in the half-year report for 1H25A, we have slightly revised our estimates for both the current year and the following years. Specifically, we estimate a FY25E value of production of \u20ac 56.35 mln and an EBITDA of \u20ac 0.50 mln, corresponding to a margin of 0.9%. For the following years, we expect the value of production to increase to \u20ac 66.00 mln in FY27E (CAGR 25E\u201327E: 8.2%), with an EBITDA of \u20ac 2.10 mln (corresponding to a margin of 3.2%), up from \u20ac 0.42 mln in FY24A (corresponding to an EBITDA margin of 0.7%). At the balance sheet level, we estimate for FY27E a net financial position of debt amounting to \u20ac 0.76 mln. We conducted the equity value assessment of Farmacosmo based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which, for prudential purposes, includes a specific risk of 2.5% in the WACC calculation) yields an equity value of \u20ac 45.9 mln. The equity value of Farmacosmo using market multiples is \u20ac 43.7 mln, resulting in an average equity value of approximately \u20ac 44.8 mln. <strong>The target price is \u20ac 1.15, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>At the end of the first half of 2025, sales revenues amounted to \u20ac 27.73 mln, down from \u20ac 32.46 mln recorded in 1H24A (-14.6%). This decline is attributable to the decrease in revenues<\/p>\n","protected":false},"author":5,"featured_media":30221,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[362],"class_list":["post-33144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-farmacosmo-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-60\/\" \/>\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=\"At the end of the first half of 2025, sales revenues amounted to \u20ac 27.73 mln, down from \u20ac 32.46 mln recorded in 1H24A (-14.6%). This decline is attributable to the decrease in revenues\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-60\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-21T07:14:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-21T07:14:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2025\/04\/Logo-FARMACOSMO.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-60\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"At the end of the first half of 2025, sales revenues amounted to \u20ac 27.73 mln, down from \u20ac 32.46 mln recorded in 1H24A (-14.6%). 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