{"id":33225,"date":"2025-10-24T08:35:21","date_gmt":"2025-10-24T06:35:21","guid":{"rendered":"https:\/\/integrae.it\/?p=33225"},"modified":"2025-10-24T08:35:22","modified_gmt":"2025-10-24T06:35:22","slug":"update-67","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-67\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H25A, ISCC Fintech reported a more moderate performance compared to 1H24A, reflecting a decline in volumes across its core activities, mainly due to the postponement of several major sale transactions to the second half of the year. As a result, revenues for 1H25A amounted to \u20ac 2.73 million, down from \u20ac 4.68 million in 1H24A. EBITDA stood at \u20ac -0.37 million, compared to \u20ac 1.39 million in 1H24A, with an EBITDA margin of -13.4%. EBIT, after depreciation and amortization of \u20ac 0.49 million, amounted to \u20ac -0.86 million, versus \u20ac 0.90 million in the previous year, while Net Income was \u20ac -0.87 million. From a financial standpoint, as of 30 June 2025, the Net Financial Position was \u20ac 0.09 million cash positive, compared to \u20ac 0.59 million cash positive at 31 December 2024.<br><br>In light of the results published in the Half-Year Report for 1H25A, we have updated our estimates for the coming years, adopting a more prudent approach aimed at a limited and non-structural downsizing of growth, consistent with a possible recovery in the second half of the year. The new forecasts indicate an expected production value of \u20ac 9.15 million in 2025 and \u20ac 12.55 million in 2027 (CAGR FY24A\u2013FY27E: 12.7%). The estimated EBITDA is \u20ac 2.00 million in 2025 and \u20ac 4.80 million in 2027, with a progressive increase in profitability from 27.8% in 2024 to 38.7% in 2027. From a financial perspective, we estimate for FY27E a cash positive Net Financial Position of \u20ac 2.97 million. We carried out the equity value assessment of ISCC Fintech using the DCF methodology and the Excess Return method: the DCF, which includes a specific risk of 2.5%, leads to an equity value of \u20ac 49.4 million, while the Excess Return method produces a value of \u20ac 43.4 million. The resulting average equity value is approximately \u20ac 46.4 million. <strong>The target price is \u20ac 3,60 (prev. \u20ac 4.50), with BUY rating and MEDIUM risk profile.\u00a0<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H25A, ISCC Fintech reported a more moderate performance compared to 1H24A, reflecting a decline in volumes across its core activities, mainly due to the postponement of several major sale transactions to the second<\/p>\n","protected":false},"author":5,"featured_media":12122,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[171],"class_list":["post-33225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-iscc-fintech-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-67\/\" \/>\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, ISCC Fintech reported a more moderate performance compared to 1H24A, reflecting a decline in volumes across its core activities, mainly due to the postponement of several major sale transactions to the second\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-67\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-24T06:35:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-24T06:35:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/03\/logo-sito.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-67\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H25A, ISCC Fintech reported a more moderate performance compared to 1H24A, reflecting a decline in volumes across its core activities, mainly due to the postponement of several major sale transactions to the second","og_url":"https:\/\/integrae.it\/en\/research\/update-67\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-10-24T06:35:21+00:00","article_modified_time":"2025-10-24T06:35:22+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/03\/logo-sito.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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