{"id":33252,"date":"2025-10-27T08:46:34","date_gmt":"2025-10-27T07:46:34","guid":{"rendered":"https:\/\/integrae.it\/?p=33252"},"modified":"2025-10-27T08:46:36","modified_gmt":"2025-10-27T07:46:36","slug":"update-71","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-71\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the first half of 2025, revenues amounted to \u20ac4.03 million, up 2.1% compared to \u20ac3.95 million recorded in 1H24A. EBITDA, as of June 30, 2025, stood at \u20ac-0.02 million, showing an improvement over the \u20ac-0.09 million recorded in 1H24A. EBIT, after amortization and depreciation of \u20ac0.43 million, in line with the same period of the previous year, amounted to \u20ac-0.44 million, improving from \u20ac-0.50 million in 1H24A. The Net Income for the semester was \u20ac-0.39 million, marking a recovery compared to the \u20ac-0.43 million loss recorded in the same period of the prior year. From a balance sheet perspective, the Net Financial Position (NFP) as of June 30, 2025, was cash positive at \u20ac0.44 million, showing a significant improvement compared to \u20ac0.16 million in net debt 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 FY25E revenues of \u20ac9.10 million and an EBITDA of \u20ac0.50 million, corresponding to a margin of 5.5%. For the following years, we expect revenues to increase to \u20ac11.40 million by FY27E (CAGR 24A\u201327E: 10.4%), with EBITDA reaching \u20ac1.75 million, corresponding to a margin of 15.4%, showing a significant improvement compared to \u20ac-0.13 million in FY24A (EBITDA margin of -1.5%). From a balance sheet perspective, we expect the Net Financial Position (NFP) to remain substantially stable, at \u20ac0.17 million in net debt in FY25E. We conducted our valuation of the equity value of ICC based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of \u20ac 8.6 million. <strong>The target price is \u20ac 1.80, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the first half of 2025, revenues amounted to \u20ac4.03 million, up 2.1% compared to \u20ac3.95 million recorded in 1H24A. EBITDA, as of June 30, 2025, stood at \u20ac-0.02 million, showing an improvement over<\/p>\n","protected":false},"author":5,"featured_media":12109,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[173],"class_list":["post-33252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-icc-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-71\/\" \/>\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 the first half of 2025, revenues amounted to \u20ac4.03 million, up 2.1% compared to \u20ac3.95 million recorded in 1H24A. EBITDA, as of June 30, 2025, stood at \u20ac-0.02 million, showing an improvement over\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-71\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-27T07:46:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-27T07:46:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/03\/1532426516899.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"512\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\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-71\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In the first half of 2025, revenues amounted to \u20ac4.03 million, up 2.1% compared to \u20ac3.95 million recorded in 1H24A. 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