{"id":33174,"date":"2025-10-22T08:51:51","date_gmt":"2025-10-22T06:51:51","guid":{"rendered":"https:\/\/integrae.it\/?p=33174"},"modified":"2025-10-22T08:51:52","modified_gmt":"2025-10-22T06:51:52","slug":"update-65","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-65\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H25A, revenues amounted to \u20ac 2.53 million, down from \u20ac 5.51 million in 1H24A, reflecting the expected contraction in the tax credit segment. This trend is part of a broader transformation of the business model, increasingly focused on scalable, high value-added technological solutions. The launch of the proprietary Finanza.tech platform and AI-Human Based services, such as IllimiTED CFO, marks a strategic turning point aimed at generating recurring revenues and higher margins. EBITDA stood at -\u20ac 0.78 million, with an EBITDA margin of -30.9%. EBIT amounted to -\u20ac 1.99 million, while Net Income was -\u20ac 1.69 million. The Net Financial Position (NFP) showed \u20ac 1.81 million of net debt, reflecting investments made in the platform and in human capital.<br><br>In light of the results published in the 1H25A interim report, we have revised our estimates for both the current fiscal year and the following periods.Specifically, we estimate FY25E revenues at \u20ac 3.80 million and EBITDA at \u20ac -0.05 million. The downward revision in FY25E revenues reflects a natural rebalancing following the structural slowdown of the tax credit business, driven by exogenous legislative factors that had previously supported growth. Looking ahead, we forecast revenues to increase to \u20ac 6.30 million by FY27E (representing a CAGR 2025E\u20132027E of 28.8%) and EBITDA to reach \u20ac 2.70 million, corresponding to an EBITDA margin of 42.9%, up from \u20ac 2.14 million in FY24A (EBITDA margin 29.7%). Due to the lack of comparable companies, we assessed Finanza.tech\u2019s equity value using the DCF methodology only. <strong>The DCF method (which includes a 2.5% specific risk premium in the WACC as a precaution) yields an equity value of \u20ac 12.6 million. The target price is \u20ac 0.95, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H25A, revenues amounted to \u20ac 2.53 million, down from \u20ac 5.51 million in 1H24A, reflecting the expected contraction in the tax credit segment. This trend is part of a broader transformation of the<\/p>\n","protected":false},"author":5,"featured_media":12032,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[170],"class_list":["post-33174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-finanza-tech-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-65\/\" \/>\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, revenues amounted to \u20ac 2.53 million, down from \u20ac 5.51 million in 1H24A, reflecting the expected contraction in the tax credit segment. This trend is part of a broader transformation of the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-65\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-22T06:51:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-22T06:51:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/12\/Logo-finanza-tech-per-canva.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"657\" \/>\n\t<meta property=\"og:image:height\" content=\"537\" \/>\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-65\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H25A, revenues amounted to \u20ac 2.53 million, down from \u20ac 5.51 million in 1H24A, reflecting the expected contraction in the tax credit segment. 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