{"id":36933,"date":"2026-10-14T08:42:37","date_gmt":"2026-10-14T06:42:37","guid":{"rendered":"https:\/\/integrae.it\/?p=36933"},"modified":"2026-10-14T08:42:38","modified_gmt":"2026-10-14T06:42:38","slug":"update-120","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-120\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>In 1H26A, Vimi Fasteners recorded revenues of \u20ac 29.75 million, up 5.1% compared to \u20ac 28.30 million in 1H25A, supported by a gradual strengthening of demand and a recovery in orders that became particularly evident in the second quarter. The order backlog as of June 30, 2026 stood at \u20ac 25.31 million, substantially stable YoY, with the positive trend continuing during the summer months. EBITDA stood at \u20ac 4.10 million, down 5.6% compared to \u20ac 4.34 million in 1H25A, with an EBITDA margin of 13.6% compared to 15.1%, mainly reflecting different trends in cost of goods sold and inventory management. EBIT reached \u20ac 1.83 million (-11.0%), while Net Income stood at \u20ac 0.99 million, down 8.7%. From a balance sheet perspective, NFP remained substantially stable at \u20ac 20.11 million of debt compared to \u20ac 19.64 million at year-end 2025, despite investments of approximately \u20ac 4.00 million and dividend distributions.&nbsp;<br><br>In light of the results published in the 1H26A interim financial report, we substantially confirm our estimates for both the current year and the following years. In particular, we estimate FY26E Value of Production at \u20ac 59.00 million and EBITDA at \u20ac 7.90 million, corresponding to a margin of 13.4%. For the following years, we expect Value of Production to increase to \u20ac 67.60 million in FY28E (25A-28E CAGR: 5.9%), with EBITDA reaching \u20ac 9.65 million, corresponding to a margin of 14.3%, compared to \u20ac 7.53 million in FY25A, equal to an EBITDA margin of 13.2%. From a balance sheet perspective, we estimate FY28E NFP at \u20ac 11.93 million of debt. We carried out the equity value assessment of Vimi Fasteners using the DCF methodology and the trading multiples of a sample of comparable companies. The DCF method (which, for prudential purposes, includes a specific risk premium of 2.5% in the WACC calculation) yields an equity value of \u20ac 29.8 million. The equity value of Vimi Fasteners based on market multiples amounts to \u20ac 35.4 million. <strong>This results in an average equity value of approximately \u20ac 32.6 million. We confirm the target price of \u20ac 2.40, the BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H26A, Vimi Fasteners recorded revenues of \u20ac 29.75 million, up 5.1% compared to \u20ac 28.30 million in 1H25A, supported by a gradual strengthening of demand and a recovery in orders that became particularly<\/p>\n","protected":false},"author":5,"featured_media":12069,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[251],"class_list":["post-36933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-vimi-fasteners"],"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-120\/\" \/>\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, Vimi Fasteners recorded revenues of \u20ac 29.75 million, up 5.1% compared to \u20ac 28.30 million in 1H25A, supported by a gradual strengthening of demand and a recovery in orders that became particularly\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-120\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-14T06:42:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-14T06:42:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/vimi.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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-120\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H26A, Vimi Fasteners recorded revenues of \u20ac 29.75 million, up 5.1% compared to \u20ac 28.30 million in 1H25A, supported by a gradual strengthening of demand and a recovery in orders that became particularly","og_url":"https:\/\/integrae.it\/en\/research\/update-120\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-10-14T06:42:37+00:00","article_modified_time":"2026-10-14T06:42:38+00:00","og_image":[{"width":500,"height":500,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/vimi.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; 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-120\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/vimi.png","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/01\/vimi.png","width":500,"height":500},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-120\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-120\/","name":"UPDATE - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-120\/#primaryimage"},"datePublished":"2026-10-14T06:42:37+00:00","dateModified":"2026-10-14T06:42:38+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-120\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-120\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-120\/#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\/36933","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=36933"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/36933\/revisions"}],"predecessor-version":[{"id":36934,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/36933\/revisions\/36934"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/12069"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=36933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=36933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=36933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}