{"id":34602,"date":"2026-03-30T09:13:30","date_gmt":"2026-03-30T07:13:30","guid":{"rendered":"https:\/\/integrae.it\/?p=34602"},"modified":"2026-03-30T09:13:31","modified_gmt":"2026-03-30T07:13:31","slug":"update-80","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-80\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 2025, Siav reported a Value of Production of \u20ac 36.41 million, up 7.4% from \u20ac 33.92 million in FY24A, supported by an improved revenue mix increasingly oriented towards higher value-added and more recurring solutions. Growth was primarily driven by the Group\u2019s core software platforms and the solid performance of the Outsourcing and Professional Services lines, the latter also benefiting from the launch of new projects in the Public Administration sector. EBITDA rose to \u20ac 9.27 million (+48.0%), with a margin of 25.4%, reflecting the positive effects of the corporate reorganization initiated in 2024 and the resulting optimization of the cost structure. EBIT reached \u20ac 3.81 million, a significant improvement compared to \u20ac 1.35 million in FY24A. Net Income returned to positive territory at \u20ac 1.38 million, compared to a loss of \u20ac &#8211; 1.49 million in the previous year, while net financial position improved to \u20ac 18.24 million.<br><br>Following the publication of the FY25A annual report, we revise our estimates for both the current year and the medium term. Specifically, we forecast FY26E Value of Production at \u20ac 39.10 million and EBITDA at \u20ac 10.30 million, corresponding to a margin of 26.3%. Looking ahead, we expect Value of Production to increase to \u20ac 49.25 million by FY28E (CAGR 25A\u201328E: 10.6%), with EBITDA reaching \u20ac 13.25 million (26.9% margin), up from \u20ac 9.27 million in FY25A (25.4% margin). From a financial standpoint, we estimate net debt to decrease to \u20ac 6.53 million by FY28E. We conducted Siav\u2019s equity value assessment using both the DCF method and a multiples-based comparison with a sample of comparable companies. The DCF valuation (which prudently includes a 2.5% specific risk premium in the WACC calculation) results in an equity value of \u20ac 61.5 mln. The market multiples approach yields an equity value of \u20ac 43.0 mln. <strong>The resulting average equity value is approximately \u20ac 52.3 mln. Our target price is \u20ac 5.70, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 2025, Siav reported a Value of Production of \u20ac 36.41 million, up 7.4% from \u20ac 33.92 million in FY24A, supported by an improved revenue mix increasingly oriented towards higher value-added and more recurring<\/p>\n","protected":false},"author":5,"featured_media":12295,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[164],"class_list":["post-34602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-siav-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-80\/\" \/>\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 2025, Siav reported a Value of Production of \u20ac 36.41 million, up 7.4% from \u20ac 33.92 million in FY24A, supported by an improved revenue mix increasingly oriented towards higher value-added and more recurring\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-80\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-30T07:13:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-30T07:13:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/08\/logo-sito-Siav.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-80\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 2025, Siav reported a Value of Production of \u20ac 36.41 million, up 7.4% from \u20ac 33.92 million in FY24A, supported by an improved revenue mix increasingly oriented towards higher value-added and more recurring","og_url":"https:\/\/integrae.it\/en\/research\/update-80\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-03-30T07:13:30+00:00","article_modified_time":"2026-03-30T07:13:31+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/08\/logo-sito-Siav.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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