{"id":35552,"date":"2026-06-17T08:40:29","date_gmt":"2026-06-17T06:40:29","guid":{"rendered":"https:\/\/integrae.it\/?p=35552"},"modified":"2026-06-17T08:44:00","modified_gmt":"2026-06-17T06:44:00","slug":"update-104","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-104\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>As of December 31st, 2025, Casta Diva Group reported a Value of Production of \u20ac 138.22 million, marking once again a double-digit increase (+12.3%) compared to \u20ac 123.13 million in 2024 and slightly exceeding our latest estimates of \u20ac 137.05 million.\u00a0In terms of profitability, EBITDA amounted to \u20ac 8.69 million, substantially in line with the figure recorded at the end of the previous fiscal year. Adjusted EBITDA reached \u20ac 12.00 million (+15.7% compared to the previous period), with an Adjusted EBITDA margin of 8.7%, up from 8.4% in 2024. EBIT stood at \u20ac 5.08 million, slightly down from \u20ac 5.16 million in 2024. Consequently, the EBIT margin declined to 3.7%, compared to 4.2% in the previous year. Conversely, Adjusted EBIT, amounting to \u20ac 8.39 million in FY25A, increased compared to \u20ac 6.76 million in 2024. Net profit came in at \u20ac 0.62 million, slightly lower than the \u20ac 0.98 million reported in FY24A.<br><br>Following the publication of the FY25A Annual Report, we have revised our estimates for both the current year and the following years. In particular, we forecast FY26E Value of Production at \u20ac 158.00 million and EBITDA at \u20ac 16.20 million, corresponding to an EBITDA margin of 10.3%. For the subsequent years, we expect Value of Production to increase to \u20ac 174.00 million by FY28E (FY25A\u2013FY28E CAGR: 8.0%), with EBITDA reaching \u20ac 19.90 million (corresponding to an EBITDA margin of 11.4%), compared to \u20ac 8.69 million in FY25A (corresponding to an EBITDA margin of 6.3%). Regarding the balance sheet, we forecast a cash-positive Net Financial Position of \u20ac 8.95 million by FY28E. We carried out the valuation of Casta Diva Group\u2019s equity value using both the DCF methodology and a multiples analysis based on a sample of comparable companies. The DCF method (which includes, for prudential purposes, a specific risk premium of 2.5% in the WACC calculation) yields an equity value of \u20ac 94.8 million. The equity value derived from the market multiples approach amounts to \u20ac 62.3 million. As a result, the average equity value stands at approximately \u20ac 78.6 million. <strong>We confirm our target price of \u20ac 3.80, BUY rating, and MEDIUM risk assessment.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>As of December 31st, 2025, Casta Diva Group reported a Value of Production of \u20ac 138.22 million, marking once again a double-digit increase (+12.3%) compared to \u20ac 123.13 million in 2024 and slightly exceeding<\/p>\n","protected":false},"author":5,"featured_media":32667,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[336],"class_list":["post-35552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-casta-diva-group"],"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-104\/\" \/>\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, Casta Diva Group reported a Value of Production of \u20ac 138.22 million, marking once again a double-digit increase (+12.3%) compared to \u20ac 123.13 million in 2024 and slightly exceeding\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-104\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-17T06:40:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-17T06:44:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2024\/06\/Logo-Castadiva.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-104\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"As of December 31st, 2025, Casta Diva Group reported a Value of Production of \u20ac 138.22 million, marking once again a double-digit increase (+12.3%) compared to \u20ac 123.13 million in 2024 and slightly exceeding","og_url":"https:\/\/integrae.it\/en\/research\/update-104\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-06-17T06:40:29+00:00","article_modified_time":"2026-06-17T06:44:00+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2024\/06\/Logo-Castadiva.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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