{"id":34681,"date":"2026-04-07T08:53:30","date_gmt":"2026-04-07T06:53:30","guid":{"rendered":"https:\/\/integrae.it\/?p=34681"},"modified":"2026-04-07T09:01:44","modified_gmt":"2026-04-07T07:01:44","slug":"update-82","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-82\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In FY25A, Haiki+ reported a Value of Production of \u20ac 281,12 mln, up 52.7% compared to \u20ac 184.13 mln in FY24A, reflecting the contribution of the new consolidation perimeter following growth transactions, in particular the inclusion of Haiki Metals from the second half and the consolidation of activities resulting from the demerger, as well as the progressive development and ramp-up of Haiki+\u2019s various BUs. EBITDA amounted to \u20ac 45.96 mln, up 80.6% compared to \u20ac 25.45 mln in FY24A, with an EBITDA margin of 16.3%, improving from 13.8% in the previous year. EBIT also showed a significant increase, reaching \u20ac 10.51 mln compared to \u20ac 2.72 mln in FY24A, with an EBIT margin of 3,7%, while Net Income stood at \u20ac 0.38 mln, compared to a loss of \u20ac 2.29 mln in FY24A. From a balance sheet perspective, the Net Financial Position worsened, moving from \u20ac 53.33 mln of debt to \u20ac 108.70 mln of debt.<br><br>In light of the results published in the FY25A annual report, we update our estimates for both the current year and the following years. In particular, we estimate a Value of Production of \u20ac 343.00 mln in FY26E and an EBITDA of \u20ac 55.00 mln, corresponding to a margin of 16,0%. For the following years, we expect the Value of Production to grow to \u20ac 380.00 mln by FY28E (CAGR FY25A\u2013FY28E: 10.6%), with EBITDA reaching \u20ac 68.30 mln (EBITDA margin of 18.0%), up from \u20ac 45.96 mln in FY25A (margin of 16.3%). From a balance sheet perspective, we estimate a Net Financial Position of \u20ac 37.13 mln (debt) in FY28E, improving from \u20ac 108.70 mln in FY25A. We carried out the valuation of the Group\u2019s equity value based on the DCF methodology and on multiples of a sample of comparable companies. The DCF method (which prudently incorporates a specific risk in the WACC calculation) results in an equity value of \u20ac 220,5 mln, while the valuation based on market multiples is \u20ac 114.7 mln. <strong>This leads to an average equity value of approximately \u20ac 167.6 mln, corresponding to an unchanged target price of \u20ac 1.30, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In FY25A, Haiki+ reported a Value of Production of \u20ac 281,12 mln, up 52.7% compared to \u20ac 184.13 mln in FY24A, reflecting the contribution of the new consolidation perimeter following growth transactions, in particular<\/p>\n","protected":false},"author":5,"featured_media":30225,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[371],"class_list":["post-34681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-haiki-2"],"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-82\/\" \/>\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, Haiki+ reported a Value of Production of \u20ac 281,12 mln, up 52.7% compared to \u20ac 184.13 mln in FY24A, reflecting the contribution of the new consolidation perimeter following growth transactions, in particular\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-82\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-07T06:53:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-07T07:01:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2025\/04\/Logo-HAIKI.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-82\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In FY25A, Haiki+ reported a Value of Production of \u20ac 281,12 mln, up 52.7% compared to \u20ac 184.13 mln in FY24A, reflecting the contribution of the new consolidation perimeter following growth transactions, in particular","og_url":"https:\/\/integrae.it\/en\/research\/update-82\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-04-07T06:53:30+00:00","article_modified_time":"2026-04-07T07:01:44+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2025\/04\/Logo-HAIKI.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; 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