{"id":33250,"date":"2025-10-27T08:45:05","date_gmt":"2025-10-27T07:45:05","guid":{"rendered":"https:\/\/integrae.it\/?p=33250"},"modified":"2025-10-27T08:45:06","modified_gmt":"2025-10-27T07:45:06","slug":"update-70","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-70\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H25A, the Group recorded a value of production of \u20ac 11.60 million, up 18.2% compared to \u20ac 9.81 million in 1H24A. EBITDA stood at \u20ac 1.06 million, an increase from \u20ac 0.90 million in 1H24A, with an EBITDA margin of 9.2% (9.1% in 1H24A), reflecting the positive effect of higher volumes and the synergies derived from the integration of Mascagni Casa and Venditio SAS. EBIT reached \u20ac 0.84 million, up from \u20ac 0.71 million in the comparative period, with an EBIT margin of 7.3%. Net Income amounted to \u20ac 0.39 million, compared to \u20ac 0.32 million in 1H24A. From a financial standpoint, the Net Financial Position showed \u20ac 2.28 million of debt, compared to a cash positive position of \u20ac 0.33 million at the end of 2024.<br><br>In light of the results published in the Half-Year Report for 1H25A, we have revised our estimates for both the current year and the coming periods. Specifically, we forecast a FY25E production value of \u20ac 25.20 million and an EBITDA of \u20ac 2.40 million, corresponding to a margin of 10.0%. For the following years, we expect the value of production to increase to \u20ac 32.40 million in FY27E (CAGR 24A\u201327E: 14.3%), with EBITDA of \u20ac 3.60 million, corresponding to a margin of 11.6%, up from \u20ac 2.35 million in FY24A (EBITDA margin 11.8%). From a financial perspective, we estimate for FY27E a cash positive Net Financial Position of \u20ac 2.48 million. We carried out the equity value assessment of Pozzi Milano based on the DCF methodology (which, for prudential purposes, includes a specific risk premium of 1.0% in the WACC calculation), resulting in an <strong>equity value of \u20ac 43.4 million. The target price is therefore \u20ac 1.25, with a BUY rating and MEDIUM risk<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H25A, the Group recorded a value of production of \u20ac 11.60 million, up 18.2% compared to \u20ac 9.81 million in 1H24A. EBITDA stood at \u20ac 1.06 million, an increase from \u20ac 0.90 million<\/p>\n","protected":false},"author":5,"featured_media":17446,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[165],"class_list":["post-33250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-pozzi-milano-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-70\/\" \/>\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, the Group recorded a value of production of \u20ac 11.60 million, up 18.2% compared to \u20ac 9.81 million in 1H24A. EBITDA stood at \u20ac 1.06 million, an increase from \u20ac 0.90 million\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-70\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-27T07:45:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-27T07:45:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/Pozzi-logo.png\" \/>\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\/png\" \/>\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-70\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H25A, the Group recorded a value of production of \u20ac 11.60 million, up 18.2% compared to \u20ac 9.81 million in 1H24A. EBITDA stood at \u20ac 1.06 million, an increase from \u20ac 0.90 million","og_url":"https:\/\/integrae.it\/en\/research\/update-70\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-10-27T07:45:05+00:00","article_modified_time":"2025-10-27T07:45:06+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/Pozzi-logo.png","type":"image\/png"}],"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; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-70\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/Pozzi-logo.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/07\/Pozzi-logo.png","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-70\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-70\/","name":"UPDATE - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-70\/#primaryimage"},"datePublished":"2025-10-27T07:45:05+00:00","dateModified":"2025-10-27T07:45:06+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-70\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-70\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-70\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/33250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=33250"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/33250\/revisions"}],"predecessor-version":[{"id":33251,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/33250\/revisions\/33251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/17446"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=33250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=33250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=33250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}