{"id":34633,"date":"2026-03-31T09:03:58","date_gmt":"2026-03-31T07:03:58","guid":{"rendered":"https:\/\/integrae.it\/?p=34633"},"modified":"2026-03-31T09:04:00","modified_gmt":"2026-03-31T07:04:00","slug":"update-81","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-81\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In FY25A, the Group reported revenues of \u20ac 93.58 million, up 27.4% from \u20ac 73.43 million in FY24A and above our estimate of \u20ac 87.90 million. EBITDA amounted to \u20ac 20.52 million, increasing by 38.6% compared to \u20ac 14.80 million in FY24A and exceeding expectations of \u20ac 19.40 million, with an EBITDA margin of 21.9%, improving from 20.2% in the previous year. EBIT also showed a positive trend, reaching \u20ac 17.47 million (+44.2% YoY), with an EBIT margin of 18.7%, while Net Income stood at \u20ac 11.45 million, up 36.6% compared to \u20ac 8.38 million in FY24A and broadly in line with our forecasts. From a balance sheet perspective, net financial position improved significantly, moving from a cash-positive position of \u20ac 3.26 million to \u20ac 10.04 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 revenues at \u20ac 110.00 million and EBITDA at \u20ac 24.10 million, corresponding to a margin of 21.9%. Looking ahead, we expect revenues to increase to \u20ac 144.20 million by FY28E (CAGR 25A\u201328E: 15.5%), with EBITDA reaching \u20ac 32.75 million in FY28E (22.7% margin), up from \u20ac 20.52 million in FY25A (21.9% margin). From a financial standpoint, we estimate a cash-positive net financial position of \u20ac 13.89 million by FY28E. We conducted the valuation of FOPE\u2019s equity value based on the DCF method and the multiples of a sample of comparable companies. The DCF method (which prudentially includes a specific risk of 1.0% in the WACC calculation) results in an equity value of \u20ac 279.6 million. The equity value of FOPE based on market multiples is \u20ac 263.9 million. <strong>The average equity value therefore amounts to approximately \u20ac 271.7 million. We set a target price of \u20ac 50.00, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In FY25A, the Group reported revenues of \u20ac 93.58 million, up 27.4% from \u20ac 73.43 million in FY24A and above our estimate of \u20ac 87.90 million. EBITDA amounted to \u20ac 20.52 million, increasing by<\/p>\n","protected":false},"author":5,"featured_media":11504,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[206],"class_list":["post-34633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-fope-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-81\/\" \/>\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 FY25A, the Group reported revenues of \u20ac 93.58 million, up 27.4% from \u20ac 73.43 million in FY24A and above our estimate of \u20ac 87.90 million. EBITDA amounted to \u20ac 20.52 million, increasing by\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-81\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-31T07:03:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-31T07:04:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/fope-400x400-2-p1cw3iln8j2n6dapxdf3jhal8j1s5xaxqz9c31jp9c.jpg\" \/>\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\/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-81\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In FY25A, the Group reported revenues of \u20ac 93.58 million, up 27.4% from \u20ac 73.43 million in FY24A and above our estimate of \u20ac 87.90 million. 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