{"id":33258,"date":"2025-10-28T08:52:18","date_gmt":"2025-10-28T07:52:18","guid":{"rendered":"https:\/\/integrae.it\/?p=33258"},"modified":"2025-10-28T08:52:19","modified_gmt":"2025-10-28T07:52:19","slug":"update-73","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-73\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>RIn 1H25A, Confinvest\u2019s revenues amounted to \u20ac47.82 million, showing a strong increase compared to \u20ac16.07 million recorded in the same period of the previous year. First Margin, a true proxy for the turnover of a gold market dealer as it includes the net balance of transactions and the effect of changes in inventory, amounted to \u20ac2.00 million, up 52.8% compared to \u20ac1.31 million recorded in 1H24A. EBITDA increased by 68.3%, amounting to \u20ac1.07 million at June 30, 2025, compared to \u20ac0.63 million in 1H24A. As a result, the EBITDA margin was 53.5%, up from 48.5% in the first half of 2024. EBIT also grew (+91.9%), reaching \u20ac1.03 million compared to \u20ac0.53 million in 1H24A. Net income was also positive, standing at \u20ac0.69 million, up 103.3% compared to \u20ac0.34 million at June 30, 2024.<br><br>In light of the results published in the half-yearly report for 1H25A, we are revising our estimates for both the current year and the coming years. In particular, we estimate revenues for FY25E of \u20ac65.00 million with a First Margin of \u20ac3.00 million (First Margin % of 4.6%) and EBITDA of \u20ac1.10 million. For subsequent years, we expect sales to reach \u20ac45.00 million in FY27E with a First Margin of \u20ac3.90 million and EBITDA of \u20ac2.05 million, up from \u20ac1.00 million in FY24A. In terms of assets, we expect an improvement in NFP, which according to our estimates will go from \u20ac0.59 million in debt in FY24A to \u20ac2.18 million in cash positive in FY27E. We have assessed Confinvest\u2019s equity value using the DCF methodology. Based on our estimates and assumptions, <strong>the equity value is \u20ac17.6 million. We therefore confirm the target price of \u20ac2.50, BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>RIn 1H25A, Confinvest\u2019s revenues amounted to \u20ac47.82 million, showing a strong increase compared to \u20ac16.07 million recorded in the same period of the previous year. First Margin, a true proxy for the turnover of<\/p>\n","protected":false},"author":5,"featured_media":11443,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[194],"class_list":["post-33258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-confinvest-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-73\/\" \/>\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=\"RIn 1H25A, Confinvest\u2019s revenues amounted to \u20ac47.82 million, showing a strong increase compared to \u20ac16.07 million recorded in the same period of the previous year. 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