{"id":33248,"date":"2025-10-27T08:43:11","date_gmt":"2025-10-27T07:43:11","guid":{"rendered":"https:\/\/integrae.it\/?p=33248"},"modified":"2025-10-27T08:43:12","modified_gmt":"2025-10-27T07:43:12","slug":"update-69","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-69\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>The Value of Production amounted to \u20ac 10.90 million, down from \u20ac12.55 million recorded in the first half of 2024. EBITDA, equal to \u20ac 1.70 million, decreased by 9.7% compared to \u20ac 1.89 million in 1H24A; however, the EBITDA margin improved to 15.6% (vs. 15.0% in 1H24A), confirming the effectiveness of efficiency measures and the Group\u2019s ability to maintain a flexible cost structure. EBIT stood at \u20ac 1.03 million, up 22.2% compared to 1H24A, driven by the rationalization of operating expenses. The consolidated Net Income amounted to \u20ac0.61 million (vs. \u20ac0.56 million in 1H24A), marking a 9.1% increase. From a balance sheet perspective, the Net Financial Position (NFP) moved from a cash-positive position of \u20ac1.36 million at the end of 2024 to a net debt position of \u20ac1.04 million as of June 30, 2025, mainly due to the investment in the property located at Via Ripamonti 549 in Milan.<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 \u20ac25.00 million and an EBITDA of \u20ac3.70 million, corresponding to a margin of 15.0%. For the following years, we expect the Value of Production to increase to \u20ac32.00 million by FY27E (CAGR 24A\u201327E: 11.8%), with EBITDA reaching \u20ac6.30 million, corresponding to a margin of 19.9%, compared to \u20ac2.64 million in FY24A (EBITDA margin: 11.6%). From a balance sheet perspective, we expect a deterioration in the Net Financial Position (NFP), which according to our estimates will shift from a cash-positive position of \u20ac1.36 million in FY24A to a net debt position of \u20ac0.71 million in FY25E. We conducted our valuation of the equity value of ABTG based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.50% in the calculation of the WACC) returned an equity value of \u20ac 33.7 million. <strong>The target price is \u20ac 6.25, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Value of Production amounted to \u20ac 10.90 million, down from \u20ac12.55 million recorded in the first half of 2024. EBITDA, equal to \u20ac 1.70 million, decreased by 9.7% compared to \u20ac 1.89 million<\/p>\n","protected":false},"author":5,"featured_media":11935,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[306],"class_list":["post-33248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-alfio-bardolla-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-69\/\" \/>\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 amounted to \u20ac 10.90 million, down from \u20ac12.55 million recorded in the first half of 2024. EBITDA, equal to \u20ac 1.70 million, decreased by 9.7% compared to \u20ac 1.89 million\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-69\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-27T07:43:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-27T07:43:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/ABTG.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"225\" \/>\n\t<meta property=\"og:image:height\" content=\"225\" \/>\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-69\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"The Value of Production amounted to \u20ac 10.90 million, down from \u20ac12.55 million recorded in the first half of 2024. 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