{"id":35206,"date":"2026-05-22T09:27:57","date_gmt":"2026-05-22T07:27:57","guid":{"rendered":"https:\/\/integrae.it\/?p=35206"},"modified":"2026-05-22T09:27:58","modified_gmt":"2026-05-22T07:27:58","slug":"update-98","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-98\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In FY25A, Simone reported Revenues of \u20ac17.05 million, up 6.7% compared to \u20ac15.98 million in FY24A. EBITDA amounted to \u20ac2.54 million in FY25A, increasing by 21.9% compared to \u20ac2.08 million in FY24A. The EBITDA margin stood at 14.0%, up from 11.8% recorded in FY24A. EBIT, after depreciation, amortization, and write-downs totaling \u20ac2.14 million, amounted to \u20ac0.40 million, below the previous year\u2019s figure of \u20ac0.75 million. Net Income in FY25A amounted to \u20ac -0.06 million, compared to a profit of \u20ac0.90 million recorded in FY24A. From a balance sheet perspective, Net Financial Position (NFP) in FY25A amounted to \u20ac5.08 million, compared to a positive cash position of \u20ac0.27 million at the end of FY24A.<br><br>In light of the results published in the FY25A annual report, we have revised our estimates for both the current year and the coming years. In particular, we estimate FY26E Value of Production at \u20ac20.50 million and EBITDA at \u20ac2.90 million, corresponding to a margin of 14.1%. For the following years, we expect the Value of Production to increase up to \u20ac22.00 million (25A\u201328E CAGR: 6.7%) in FY28E, with EBITDA reaching \u20ac3.20 million (corresponding to a margin of 14.5%), up compared to \u20ac2.54 million recorded in FY25A (corresponding to an EBITDA margin of 14.0%). From a balance sheet perspective, according to our expectations, Net Financial Position (NFP) could reach net debt of \u20ac2.71 million in FY26E. We conducted our valuation of the equity value of Simone based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of \u20ac 23.0 million. Using market multiples, the equity value of Simone was calculated as \u20ac 10.0 million (including a 25.0% discount). The result is an average equity value of approximately \u20ac 16.5 million. <strong>The target price is \u20ac 2.20, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In FY25A, Simone reported Revenues of \u20ac17.05 million, up 6.7% compared to \u20ac15.98 million in FY24A. EBITDA amounted to \u20ac2.54 million in FY25A, increasing by 21.9% compared to \u20ac2.08 million in FY24A. The EBITDA<\/p>\n","protected":false},"author":5,"featured_media":21603,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[316],"class_list":["post-35206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-simone-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-98\/\" \/>\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, Simone reported Revenues of \u20ac17.05 million, up 6.7% compared to \u20ac15.98 million in FY24A. EBITDA amounted to \u20ac2.54 million in FY25A, increasing by 21.9% compared to \u20ac2.08 million in FY24A. The EBITDA\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-98\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-22T07:27:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-22T07:27:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/12\/Simone-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-98\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In FY25A, Simone reported Revenues of \u20ac17.05 million, up 6.7% compared to \u20ac15.98 million in FY24A. 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