{"id":36680,"date":"2026-09-29T09:14:05","date_gmt":"2026-09-29T07:14:05","guid":{"rendered":"https:\/\/integrae.it\/?p=36680"},"modified":"2026-09-29T09:14:06","modified_gmt":"2026-09-29T07:14:06","slug":"update-107","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-107\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>The first half of 2026 recorded significant growth in business volumes: Value of Production reached \u20ac6.08 million, up 57.0% compared to \u20ac3.87 million in 1H25A, while Revenue from Sales and Services amounted to \u20ac5.63 million, representing 53.0% YoY growth. EBITDA reached \u20ac1.63 million, up 66.0% from \u20ac0.98 million in 1H25, with the EBITDA margin improving from 25.3% to 26.8%. After depreciation and amortisation of \u20ac0.59 million (\u20ac0.29 million in 1H25), EBIT stood at \u20ac1.03 million, up 50.1% YoY, with an EBIT margin of 17.0% (17.8% in 1H25). The period closed with a consolidated net profit of \u20ac0.57 million, up from \u20ac0.37 million in 1H25.<br><br>In light of the favourable dynamics in the reference market, the results achieved in 1H26 and the expansion of the Group\u2019s perimeter, we have therefore revised our estimates for FY26E and the following two-year period. The new forecasts incorporate the contribution from the broader consolidation perimeter, the continuation of the organic growth path and the initial benefits arising from the progressive integration of the acquired companies, as well as ongoing investments in the development of the proprietary offering. Specifically, we estimate Value of Production of \u20ac13.80 million for FY26E and EBITDA of \u20ac3.55 million, corresponding to an EBITDA margin of 25.7%. For the following years, we expect Value of Production to increase to \u20ac21.10 million by FY28E (26E-28E CAGR: 23.7%), with EBITDA reaching \u20ac6.70 million (corresponding to an EBITDA margin of 31.8%), compared to \u20ac2.35 million in FY25A* (corresponding to an EBITDA margin of 20.6%). From a balance sheet perspective, we estimate a cash-positive NFP of \u20ac11.33 million in FY28E. We valued Metriks AI\u2019s equity value using the DCF methodology and the trading multiples of two peer groups of comparable companies. The DCF method, which prudently includes a 2.5% company-specific risk premium in the WACC calculation, yields an equity value of \u20ac59.8 million. Metriks AI\u2019s equity value based on market multiples amounts to \u20ac50.8 million. This results in an average equity value of approximately \u20ac55.3 million. <strong>The target price is \u20ac6.20, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The first half of 2026 recorded significant growth in business volumes: Value of Production reached \u20ac6.08 million, up 57.0% compared to \u20ac3.87 million in 1H25A, while Revenue from Sales and Services amounted to \u20ac5.63<\/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-36680","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-107\/\" \/>\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=\"The first half of 2026 recorded significant growth in business volumes: Value of Production reached \u20ac6.08 million, up 57.0% compared to \u20ac3.87 million in 1H25A, while Revenue from Sales and Services amounted to \u20ac5.63\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-107\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-29T07:14:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-29T07:14:06+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-107\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"The first half of 2026 recorded significant growth in business volumes: Value of Production reached \u20ac6.08 million, up 57.0% compared to \u20ac3.87 million in 1H25A, while Revenue from Sales and Services amounted to \u20ac5.63","og_url":"https:\/\/integrae.it\/en\/research\/update-107\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-09-29T07:14:05+00:00","article_modified_time":"2026-09-29T07:14:06+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2025\/10\/Logo-Castadiva-1.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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