{"id":33153,"date":"2025-10-21T09:19:55","date_gmt":"2025-10-21T07:19:55","guid":{"rendered":"https:\/\/integrae.it\/?p=33153"},"modified":"2025-10-21T09:19:56","modified_gmt":"2025-10-21T07:19:56","slug":"update-63","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-63\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Value of Production in 1H25A amounted to \u20ac9.00 million, up 11.2% compared to \u20ac8.10 million in 1H24A. In 1H25A, Adjusted EBITDA stood at \u20ac-3.30 million (compared to \u20ac-4.17 million in 1H24A), while the EBITDA Margin improved to -36.7% from -51.5% in the previous period. EBIT, after amortization and depreciation of \u20ac0.62 million, amounted to \u20ac-4.63 million in 1H25A, slightly improving from \u20ac-4.67 million in 1H24A. Net Income was \u20ac-3.60 million, compared to \u20ac-3.59 million recorded in the first half of 2024. From a balance sheet perspective, the Net Financial Position (NFP) was cash positive at \u20ac11.90 million, improving from a net debt position of \u20ac1.01 million as of December 31, 2024.<br><br>In light of the results published in the 1H25A Half-Year Report, we have revised our estimates for both the current year and the coming years. Specifically, we now estimate a FY25E Value of Production of \u20ac39.70 million and an EBITDA of \u20ac1.70 million, corresponding to a margin of 4.3%. For the following years, we expect the Value of Production to increase to \u20ac45.50 million by FY27E (CAGR 24A\u201327E: 9.5%), with EBITDA reaching \u20ac4.35 million (corresponding to a margin of 9.6%), showing strong growth compared to \u20ac-0.74 million in FY24A (EBITDA margin: -2.1%). From a balance sheet perspective, we expect an improvement in the Net Financial Position (NFP), which according to our estimates will move from a net debt of \u20ac1.01 million in FY24A to a net debt of \u20ac0.24 million in FY25E. We conducted our valuation of the equity value of Emma Villas based on the DCF method and on 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 \u20ac23.0 million. Using market multiples, the equity value of Emma Villas was calculated as \u20ac17.4 million (including a 25.0% discount). <strong>The average equity value is approximately \u20ac20.9 million. The target price is \u20ac 2.90, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Value of Production in 1H25A amounted to \u20ac9.00 million, up 11.2% compared to \u20ac8.10 million in 1H24A. In 1H25A, Adjusted EBITDA stood at \u20ac-3.30 million (compared to \u20ac-4.17 million in 1H24A), while the<\/p>\n","protected":false},"author":5,"featured_media":19699,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[305],"class_list":["post-33153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-emma-villas-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-63\/\" \/>\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=\"The Value of Production in 1H25A amounted to \u20ac9.00 million, up 11.2% compared to \u20ac8.10 million in 1H24A. In 1H25A, Adjusted EBITDA stood at \u20ac-3.30 million (compared to \u20ac-4.17 million in 1H24A), while the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-63\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-21T07:19:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-21T07:19:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/09\/5c6410858c16d10001c45c40-198x149-1x.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"198\" \/>\n\t<meta property=\"og:image:height\" content=\"198\" \/>\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-63\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"The Value of Production in 1H25A amounted to \u20ac9.00 million, up 11.2% compared to \u20ac8.10 million in 1H24A. 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