{"id":37083,"date":"2026-10-23T09:18:55","date_gmt":"2026-10-23T07:18:55","guid":{"rendered":"https:\/\/integrae.it\/?p=37083"},"modified":"2026-10-23T09:18:56","modified_gmt":"2026-10-23T07:18:56","slug":"update-128","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-128\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In the first half of 2026, the Group reported sales revenues of \u20ac 10.63 million, up 4.6% compared to \u20ac 10.16 million in 1H25A, while Value of Production stood at \u20ac 10.71 million (\u20ac 10.21 million in 1H25A). EBITDA amounted to \u20ac 1.13 million, down 16.1% compared to \u20ac 1.34 million in 1H25A, with an EBITDA margin of 10.6% (13.2% in 1H25A). After depreciation, amortization and impairment charges of \u20ac 0.23 million, EBIT stood at \u20ac 0.89 million, down 20.5% compared to \u20ac 1.13 million in 1H25A, with an EBIT margin of 8.4% (11.1% in 1H25A). Net Income amounted to \u20ac 0.57 million, declining from \u20ac 0.75 million in 1H25A. At the balance sheet level, Net Financial Position (NFP) stood at \u20ac 3.50 million of net debt, increasing from \u20ac 2.39 million of net debt at year-end 2025.

In light of the results published in the 1H26A interim financial report and the acquisition of Plastilux Srl, we revise our estimates for both the current year and the following years. In particular, we estimate FY26E revenues of \u20ac 20.00 million and EBITDA of \u20ac 2.25 million, corresponding to an EBITDA margin of 11.3%. Looking ahead, we expect revenues to increase to \u20ac 27.00 million (CAGR 25A-28E: 11.4%) in FY28E, with EBITDA reaching \u20ac 3.55 million (corresponding to an EBITDA margin of 13.1%), compared to \u20ac 2.17 million in FY25A (corresponding to an EBITDA margin of 11.1%). At the balance sheet level, finally, we expect Net Financial Position (NFP) to improve from \u20ac 2.39 million of net debt in FY25A to \u20ac 1.50 million of net debt in FY26E. We conducted our valuation of the equity value of Saccheria F.lli Franceschetti based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of \u20ac 20.5 million. Using market multiples, the equity value of Saccheria F.lli Franceschetti was calculated as \u20ac 22.0 million (including a 25.0% discount). The results give an average equity value of approximately \u20ac 21.2 million. The target price is \u20ac 2.40, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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In the first half of 2026, the Group reported sales revenues of \u20ac 10.63 million, up 4.6% compared to \u20ac 10.16 million in 1H25A, while Value of Production stood at \u20ac 10.71 million (\u20ac<\/p>\n","protected":false},"author":5,"featured_media":17425,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[268],"class_list":["post-37083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-saccheria-franceschetti-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-128\/\" \/>\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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