{"id":34719,"date":"2026-04-09T09:57:05","date_gmt":"2026-04-09T07:57:05","guid":{"rendered":"https:\/\/integrae.it\/?p=34719"},"modified":"2026-04-09T09:57:07","modified_gmt":"2026-04-09T07:57:07","slug":"update-86","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-86\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>At the end of the financial year, the Group recorded significant growth across its main economic and financial indicators. Specifically, the value of production for FY25A* reached \u20ac 11.41 million, representing an increase of 100.2% compared to \u20ac 5.70 million in the same period of 2024 (pro-forma), and broadly in line with our latest forecasts (\u20ac 10.90 million). FY25A* EBITDA amounted to \u20ac 2.35 million, with a margin of 20.6%, marking an increase of 130.8% compared to \u20ac 1.02 million in FY24A*, which corresponded to a margin of 17.9%. Pro-forma Adjusted EBITDA for 2025 stood at approximately \u20ac 2.55 million, with an Adjusted EBITDA margin of 22.3%. FY25A* EBIT came in at \u20ac 1.30 million, up 102.2% compared to \u20ac 0.64 million recorded at the end of 2024 (FY24A*), while net profit amounted to \u20ac 0.70 million, increasing from \u20ac 0.28 million in the previous financial year.<br><br>In light of results that are broadly in line with previous expectations and the ongoing progress in the integration process of the acquired companies, we substantially confirm our estimates for 2026 and the following years. Specifically, we estimate a value of production for FY26E of \u20ac 13.80 million and EBITDA of \u20ac 3.45 million, corresponding to a margin of 25.0%. For the following years, we expect the value of production to increase up to \u20ac 20.60 million (CAGR 26E\u201328E: 22.2%) in FY28E, with EBITDA reaching \u20ac 6.45 million (corresponding to a margin of 31.3%), up from \u20ac 2.35 million in FY25A* (corresponding to an EBITDA margin of 20.6%). At a balance sheet level, we estimate for FY28E a NFP of \u20ac 11.98 million cash positive. We carried out the valuation of Metriks AI\u2019s equity value based on both the DCF methodology and the market multiples of a sample of comparable companies. The DCF method (which prudently includes a specific risk premium of 2.5% in the WACC calculation) yields an equity value of \u20ac 59.1 million. The equity value of Metriks AI based on market multiples amounts to \u20ac 50.8 million, resulting in an average equity value of approximately \u20ac 54.9 million. <strong>The target price is \u20ac 6.20, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>At the end of the financial year, the Group recorded significant growth across its main economic and financial indicators. Specifically, the value of production for FY25A* reached \u20ac 11.41 million, representing an increase of<\/p>\n","protected":false},"author":5,"featured_media":33213,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[366],"class_list":["post-34719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-metriks-ai-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-86\/\" \/>\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=\"At the end of the financial year, the Group recorded significant growth across its main economic and financial indicators. Specifically, the value of production for FY25A* reached \u20ac 11.41 million, representing an increase of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-86\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-09T07:57:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-09T07:57:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2025\/10\/Logo-Castadiva-1.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-86\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"At the end of the financial year, the Group recorded significant growth across its main economic and financial indicators. 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