{"id":37054,"date":"2026-10-21T10:59:13","date_gmt":"2026-10-21T08:59:13","guid":{"rendered":"https:\/\/integrae.it\/?p=37054"},"modified":"2026-10-21T10:59:45","modified_gmt":"2026-10-21T08:59:45","slug":"update-126","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-126\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
As of 30 June 2026, Convergenze recorded a value of production of \u20ac 13.21 mln, up 3.5% compared to \u20ac 12.75 mln in 1H25A, thanks to the positive contribution of both Business Units, TLC and Energy. Adj. EBITDA stood at \u20ac 1.97 mln, slightly down from \u20ac 2.18 mln in 1H25A, with an Adj. EBITDA margin of 14.9% (17.1% as of 30 June 2025), reflecting the higher incidence of procurement costs in the Energy BU. Reported EBITDA came in at \u20ac 1.94 mln (\u20ac 2.11 mln in 1H25A), with a margin of 14.7%. Consequently, EBIT, after depreciation and amortization of approximately \u20ac 1.03 mln, amounted to \u20ac 0.91 mln (\u20ac 1.03 mln in 1H25A), while net income remained positive at approximately \u20ac 0.41 mln, compared to \u20ac 0.49 mln in the comparative period.

In light of the results published in the 1H26A half-year report, we have slightly revised our estimates for both the current year and the coming years. We estimate a value of production for FY26E of \u20ac 27.20 mln and EBITDA of \u20ac 4.47 mln, corresponding to a margin of 16.4%. For the following years, we expect the value of production to increase to \u20ac 31.20 mln (CAGR 25A-28E: 6.4%) in FY28E, with EBITDA of \u20ac 5.95 mln (corresponding to a margin of 19.1%), up from \u20ac 3.73 mln in FY25A (corresponding to an EBITDA margin of 14.4%). On the balance sheet side, we estimate a net debt position of \u20ac 0.18 mln for FY28E. We conducted the valuation of Convergenze\u2019s equity value based on the DCF methodology and on the multiples of a sample of comparable companies. The DCF method (which, for prudential purposes, also includes a specific risk premium of 2.5% in the WACC calculation) returns an equity value of \u20ac 32.00 mln. Convergenze\u2019s equity value based on market multiples is \u20ac 29.47 mln. This results in an average equity value of \u20ac 30.73 mln. The target price is \u20ac 4.10, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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

As of 30 June 2026, Convergenze recorded a value of production of \u20ac 13.21 mln, up 3.5% compared to \u20ac 12.75 mln in 1H25A, thanks to the positive contribution of both Business Units, TLC<\/p>\n","protected":false},"author":5,"featured_media":11760,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[180],"class_list":["post-37054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-convergenze-en"],"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-126\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 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