{"id":33149,"date":"2025-10-21T09:15:46","date_gmt":"2025-10-21T07:15:46","guid":{"rendered":"https:\/\/integrae.it\/?p=33149"},"modified":"2025-10-21T09:19:05","modified_gmt":"2025-10-21T07:19:05","slug":"update-62","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-62\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In 1H25A, Promotica recorded consolidated production value of \u20ac 67.84 mln, up 9.9% compared to \u20ac 61.72 mln in 1H24A. EBITDA amounted to \u20ac 5.47 mln, with an EBITDA margin of 8.0%, improving from 7.5% in the same period last year. EBIT reached \u20ac 4.89 mln, up from \u20ac 3.86 mln in 1H24A, while Net Income stood at \u20ac 2.71 mln, a sharp increase from \u20ac 1.98 mln recorded in the first half of 2024. On the balance sheet side, NFP was negative at \u20ac 20.97 mln, compared to \u20ac 19.28 mln at the end of 2024.

In light of the results published in the 1H25A interim report, we have revised our estimates for the current and following years. Specifically, we now forecast FY25E production value of \u20ac 142.00 mln and EBITDA of \u20ac 13.30 mln, corresponding to a margin of 9.5%. For the following years, we expect value of production to increase to \u20ac 174.00 mln by FY27E (CAGR 24A\u201327E: 21.1%), with EBITDA reaching \u20ac 18.90 mln (corresponding to a margin of 11.0%), up from \u20ac 6.03 mln in FY24A (EBITDA margin of 6.3%). At the balance sheet level, we estimate a cash-positive NFP of \u20ac 0.06 mln by FY27E. We conducted Promotica\u2019s equity valuation using a DCF methodology (which prudently includes a specific risk premium of 2.5% in the WACC calculation), resulting in an equity value of \u20ac 128.03 mln. We confirm our target price of \u20ac 7.50, BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In 1H25A, Promotica recorded consolidated production value of \u20ac 67.84 mln, up 9.9% compared to \u20ac 61.72 mln in 1H24A. EBITDA amounted to \u20ac 5.47 mln, with an EBITDA margin of 8.0%, improving from<\/p>\n","protected":false},"author":5,"featured_media":11539,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[181],"class_list":["post-33149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-promotica-en"],"acf":[],"yoast_head":"\nUPDATE - 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-62\/\" \/>\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, Promotica recorded consolidated production value of \u20ac 67.84 mln, up 9.9% compared to \u20ac 61.72 mln in 1H24A. EBITDA amounted to \u20ac 5.47 mln, with an EBITDA margin of 8.0%, improving from\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-62\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-21T07:15:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-21T07:19:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/promotica.jpg\" \/>\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\/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=\"3 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-62\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H25A, Promotica recorded consolidated production value of \u20ac 67.84 mln, up 9.9% compared to \u20ac 61.72 mln in 1H24A. 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