{"id":36856,"date":"2026-10-08T12:01:23","date_gmt":"2026-10-08T10:01:23","guid":{"rendered":"https:\/\/integrae.it\/?p=36856"},"modified":"2026-10-08T12:03:03","modified_gmt":"2026-10-08T10:03:03","slug":"update-115","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-115\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In 1H26A, First Point recorded revenues of \u20ac 3.84 million, up 11.7% compared to \u20ac 3.44 million in 1H25A, benefiting from the positive contribution of all service lines. Telco Solutions confirmed its position as the Company\u2019s main business area, with revenues of \u20ac 2.04 million (+10.5%), while Outsourcing, IT Services and Cloud showed positive trends, supported by commercial development and the expansion of the offering. EBITDA stood at \u20ac 0.39 million, up 60.6%, with the EBITDA margin improving to 10.1% from 7.0%, reflecting greater operating efficiency. EBIT reached \u20ac 0.20 million compared to \u20ac 0.06 million in 1H25A, with an EBIT margin of 5.1%, while Net Income increased to \u20ac 0.14 million from \u20ac 0.03 million. From a balance sheet perspective, NFP remained substantially stable at \u20ac 0.86 million of debt, compared to \u20ac 0.81 million at year-end 2025.\u00a0

Following the publication of the 1H26A results in the half-year report, we maintain our estimates for the current year and subsequent financial years. Specifically, we forecast FY26E value of production of \u20ac8.35 million and EBITDA of \u20ac1.05 million, implying an EBITDA margin of 12.6%. Looking ahead, we expect value of production to rise to \u20ac9.70 million in FY28E (25A\u201328E CAGR: 9.4%), with EBITDA of \u20ac1.40 million and an EBITDA margin of 14.4%. On the balance sheet, we forecast net debt of \u20ac0.23 million in FY26E, followed by a net cash position of \u20ac1.57 million in FY28E. We conducted First Point\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 15.4 million. The market multiples approach yields an equity value of \u20ac 7.5 million. The resulting average equity value is approximately \u20ac 11.5 million. Our target price is \u20ac 2.35, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In 1H26A, First Point recorded revenues of \u20ac 3.84 million, up 11.7% compared to \u20ac 3.44 million in 1H25A, benefiting from the positive contribution of all service lines. Telco Solutions confirmed its position as<\/p>\n","protected":false},"author":5,"featured_media":36188,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[381],"class_list":["post-36856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-first-point-3"],"acf":[],"yoast_head":"\nUPDATE - 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-115\/\" \/>\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, First Point recorded revenues of \u20ac 3.84 million, up 11.7% compared to \u20ac 3.44 million in 1H25A, benefiting from the positive contribution of all service lines. Telco Solutions confirmed its position as\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-115\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-08T10:01:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-08T10:03:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2026\/07\/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-115\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H26A, First Point recorded revenues of \u20ac 3.84 million, up 11.7% compared to \u20ac 3.44 million in 1H25A, benefiting from the positive contribution of all service lines. Telco Solutions confirmed its position as","og_url":"https:\/\/integrae.it\/en\/research\/update-115\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-10-08T10:01:23+00:00","article_modified_time":"2026-10-08T10:03:03+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2026\/07\/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 & TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-115\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2026\/07\/1.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2026\/07\/1.png","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-115\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-115\/","name":"UPDATE - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-115\/#primaryimage"},"datePublished":"2026-10-08T10:01:23+00:00","dateModified":"2026-10-08T10:03:03+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-115\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-115\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-115\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/36856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=36856"}],"version-history":[{"count":2,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/36856\/revisions"}],"predecessor-version":[{"id":36858,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/36856\/revisions\/36858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/36188"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=36856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=36856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=36856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}