{"id":34927,"date":"2026-04-27T08:48:01","date_gmt":"2026-04-27T06:48:01","guid":{"rendered":"https:\/\/integrae.it\/?p=34927"},"modified":"2026-04-27T08:48:02","modified_gmt":"2026-04-27T06:48:02","slug":"update-96","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-96\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>During 2025, the Group recorded a significant expansion in its core business, with a value of production equal to \u20ac 13.09 million, up by 45.7% compared to \u20ac 8.99 million as of December 31st, 2024, mainly supported by the increase in work in progress. EBITDA amounted to \u20ac 3.68 million, marking a +8.2% increase compared to \u20ac 3.40 million in the previous year. However, profitability shows a physiological normalization, with an EBITDA margin of 28.1% (vs. 37.8% in 2024), reflecting higher operating costs in a context of expansion in both the Group\u2019s scope and activity volumes. Due to the higher weight of depreciation and amortization, amounting to approximately \u20ac 1.49 million, EBIT stood at \u20ac 2.19 million, slightly decreasing compared to \u20ac 2.27 million in 2024. Net Income amounted to \u20ac 0.86 million, down from \u20ac 1.51 million recorded at the end of the previous financial year.<br><br>In light of the FY25A annual results, we confirm our estimates for the 2026\u20132028 period. In particular, for FY26E we forecast a value of production of \u20ac 27.00 million and an EBITDA of \u20ac 7.60 million, corresponding to a margin of 28.1%. For the following years, we expect a positive evolution of the main economic and financial indicators, with value of production projected to grow up to \u20ac 35.60 million in FY28E (CAGR 2026E\u20132028E: 14.8%) and EBITDA reaching \u20ac 10.20 million, corresponding to a margin of 28.7%, improving compared to \u20ac 3.68 million recorded in FY25A. From a balance sheet perspective, we estimate a net financial position of \u20ac 3.92 million in debt for FY28E. We carried out the valuation of Franchetti\u2019s equity value based on the DCF methodology. The DCF method (which, in the WACC calculation, prudently includes a specific risk premium of 2.5%) yields an equity value of approximately \u20ac 127.4 million. <strong>The target price is \u20ac 13.50, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>During 2025, the Group recorded a significant expansion in its core business, with a value of production equal to \u20ac 13.09 million, up by 45.7% compared to \u20ac 8.99 million as of December 31st,<\/p>\n","protected":false},"author":5,"featured_media":17433,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[163],"class_list":["post-34927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-franchetti-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-96\/\" \/>\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=\"During 2025, the Group recorded a significant expansion in its core business, with a value of production equal to \u20ac 13.09 million, up by 45.7% compared to \u20ac 8.99 million as of December 31st,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-96\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-27T06:48:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-27T06:48:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/09\/Franchetti-Logo.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-96\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"During 2025, the Group recorded a significant expansion in its core business, with a value of production equal to \u20ac 13.09 million, up by 45.7% compared to \u20ac 8.99 million as of December 31st,","og_url":"https:\/\/integrae.it\/en\/research\/update-96\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-04-27T06:48:01+00:00","article_modified_time":"2026-04-27T06:48:02+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/09\/Franchetti-Logo.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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