{"id":36840,"date":"2026-10-08T09:08:39","date_gmt":"2026-10-08T07:08:39","guid":{"rendered":"https:\/\/integrae.it\/?p=36840"},"modified":"2026-10-08T09:09:11","modified_gmt":"2026-10-08T07:09:11","slug":"update-113","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-113\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H26A, Siav Group recorded a Value of Production of \u20ac 18.41 million, up 7.3% compared to \u20ac 17.15 million in 1H25A, while revenues increased by 8.5% to \u20ac 18.23 million, supported by the progress of PNRR-related projects within the Public Administration segment and the progressive migration of the customer base to Archiflow Nova. Professional Services confirmed their position as the Group\u2019s largest business area, with revenues of \u20ac 8.25 million, while Software reached \u20ac 7.78 million, benefiting from the growth in recurring fees. EBITDA stood at \u20ac 4.01 million, up 6.9%, with the EBITDA margin substantially stable at 21.8%. EBIT increased by 18.4% to \u20ac 1.27 million, with the EBIT margin improving to 6.9%, while Net Income declined to \u20ac 0.24 million, penalized by net extraordinary charges. From a balance sheet perspective, NFP improved to \u20ac 15.63 million of debt, compared to \u20ac 18.24 million at year-end 2025.<br><br>In light of the results reported in the 1H26A interim financial report, we substantially confirm our previous estimates for both the current year and the following years. In particular, we estimate FY26E Value of Production at \u20ac 38.50 million and EBITDA at\u00a0\u20ac 10.15 million, corresponding to a margin of 26.4%. For the following years, we expect Value of Production to reach \u20ac 49.25 million in FY28E (FY25A-FY28E CAGR: 10.6%), with EBITDA of \u20ac 13.25 million and an EBITDA margin of 26.9%. From a balance sheet perspective, we estimate FY28E NFP at \u20ac 6.78 million of debt, compared to \u20ac 15.58 million expected for FY26E. We conducted Siav\u2019s equity value assessment using both the DCF method and a multiples-based comparison with a sample of comparable companies. The DCF valuation (which prudently includes a 2.5% specific risk premium in the WACC calculation) results in an equity value of \u20ac 64.8 mln. The market multiples approach yields an equity value of \u20ac 58.0 mln. <strong>The resulting average equity value is approximately \u20ac 61.4 mln. Our target price is \u20ac 5.70, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H26A, Siav Group recorded a Value of Production of \u20ac 18.41 million, up 7.3% compared to \u20ac 17.15 million in 1H25A, while revenues increased by 8.5% to \u20ac 18.23 million, supported by the<\/p>\n","protected":false},"author":5,"featured_media":12295,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[164],"class_list":["post-36840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-siav-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-113\/\" \/>\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 1H26A, Siav Group recorded a Value of Production of \u20ac 18.41 million, up 7.3% compared to \u20ac 17.15 million in 1H25A, while revenues increased by 8.5% to \u20ac 18.23 million, supported by the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-113\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-08T07:08:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-08T07:09:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/08\/logo-sito-Siav.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\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-113\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H26A, Siav Group recorded a Value of Production of \u20ac 18.41 million, up 7.3% compared to \u20ac 17.15 million in 1H25A, while revenues increased by 8.5% to \u20ac 18.23 million, supported by the","og_url":"https:\/\/integrae.it\/en\/research\/update-113\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-10-08T07:08:39+00:00","article_modified_time":"2026-10-08T07:09:11+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/08\/logo-sito-Siav.jpg","type":"image\/jpeg"}],"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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