{"id":34811,"date":"2026-04-16T08:58:34","date_gmt":"2026-04-16T06:58:34","guid":{"rendered":"https:\/\/integrae.it\/?p=34811"},"modified":"2026-04-16T08:58:35","modified_gmt":"2026-04-16T06:58:35","slug":"update-89","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-89\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>As of December 31st, 2025, Convergenze reported a value of production of \u20ac 25.90 million, slightly down compared to \u20ac 26.61 million in FY24A. This trend is attributable to a cyclical contraction affecting both Business Units, TLC and Energy, within a context influenced by exogenous factors. Adjusted EBITDA stood at \u20ac 4.15 million, slightly decreasing from \u20ac 5.03 million recorded in FY24A, with an Adjusted EBITDA Margin of 16.0% (18.9% as at December 31st, 2024). Reported EBITDA amounted to \u20ac 3.73 million, down from \u20ac 5.19 million in FY24A, with a margin of 14.4% (19.5% in FY24A), incorporating negative non-recurring items totaling approximately \u20ac 0.43 million. As a result, EBIT, after depreciation and amortisation of approximately \u20ac 2.29 million, amounted to \u20ac 1.43 million, compared to \u20ac 2.46 million in 2024, while Net Income remained positive at approximately \u20ac 0.49 million, albeit decreasing from \u20ac 1.25 million in the previous period.<br><br>In light of the results published in the FY25A annual report, we have slightly revised our estimates for both the current year and the coming years. We forecast a value of production for FY26E of \u20ac 27.20 million and an EBITDA of \u20ac 4.65 million, corresponding to a margin of 17.1%. For the following years, we expect the value of production to increase to \u20ac 32.20 million (CAGR 25A\u201328E: 7.5%) by FY28E, with EBITDA reaching \u20ac 6.05 million (corresponding to a margin of 18.8%), up from \u20ac 3.73 million in FY25A (corresponding to an EBITDA margin of 14.4%). At the balance sheet level, we estimate a Net Financial Position of \u20ac 1.30 million in debt for FY28E. We have conducted the valuation of Convergenze\u2019s equity value based on both the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which, in the WACC calculation, prudently includes a specific risk premium of 2.5%) yields an equity value of \u20ac 32.1 million. The equity value of Convergenze based on market multiples amounts to \u20ac 29.3 million. This results in an average equity value of approximately \u20ac 30.7 million. <strong>The target price is \u20ac 4.10 (previously \u20ac 4.50), with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>As of December 31st, 2025, Convergenze reported a value of production of \u20ac 25.90 million, slightly down compared to \u20ac 26.61 million in FY24A. This trend is attributable to a cyclical contraction affecting both<\/p>\n","protected":false},"author":5,"featured_media":11760,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[180],"class_list":["post-34811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-convergenze-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-89\/\" \/>\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=\"As of December 31st, 2025, Convergenze reported a value of production of \u20ac 25.90 million, slightly down compared to \u20ac 26.61 million in FY24A. 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