{"id":37114,"date":"2026-10-26T09:07:22","date_gmt":"2026-10-26T08:07:22","guid":{"rendered":"https:\/\/integrae.it\/?p=37114"},"modified":"2026-10-26T09:07:23","modified_gmt":"2026-10-26T08:07:23","slug":"update-130","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-130\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The first half of 2026 marked a period of significant growth for ISCC Fintech, with the Group reporting a Value of Production of \u20ac 4.88 million, a sharp increase (+75.1%) compared to \u20ac 2.79 million in 1H25A. In terms of profitability, EBITDA reached \u20ac 1.30 million, returning firmly to positive territory from \u20ac -0.37 million in 1H25A. After depreciation and amortization of \u20ac 0.33 million, including capitalized costs related to the ISCC WEB management system, and a prudential provision of \u20ac 0.12 million for the impairment of receivables in the portfolio, EBIT stood at \u20ac 0.85 million (\u20ac -0.86 million in 1H25A). Net Income was positive at \u20ac 0.60 million, compared to a loss of \u20ac 0.87 million in 1H25A. The Group\u2019s financial position strengthened significantly, with NFP turning cash positive at \u20ac 1.06 million, compared to net debt of \u20ac 0.67 million at year-end 2025, representing an improvement of \u20ac 1.73 million, primarily driven by cash flows generated from operating activities.<br><br>In light of the results published in the 1H26A interim financial report, we confirm our estimates for both the current year and the following years. In particular, we expect FY26E revenues to reach \u20ac 7.65 million, with EBITDA of \u20ac 1.00 million, corresponding to an EBITDA margin of 11.3%. Looking ahead, we expect revenues to increase to \u20ac 12.55 million (CAGR 25A-28E: 32.5%) in FY28E, with EBITDA reaching \u20ac 4.80 million (corresponding to an EBITDA margin of 38.7%), compared to \u20ac -0.93 million in FY25A. Finally, in terms of financial position, we expect NFP to remain broadly stable, moving from net debt of \u20ac 0.67 million in FY25A to net debt of \u20ac 0.66 million in FY26E.<br>We carried out the valuation based on the DCF methodology, including in the calculation of the WACC a specific risk premium of 2.5%. This results in an equity value of \u20ac 36.1 million. <strong>The target price is \u20ac 2.80, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The first half of 2026 marked a period of significant growth for ISCC Fintech, with the Group reporting a Value of Production of \u20ac 4.88 million, a sharp increase (+75.1%) compared to \u20ac 2.79<\/p>\n","protected":false},"author":5,"featured_media":12122,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[171],"class_list":["post-37114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-iscc-fintech-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-130\/\" \/>\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=\"The first half of 2026 marked a period of significant growth for ISCC Fintech, with the Group reporting a Value of Production of \u20ac 4.88 million, a sharp increase (+75.1%) compared to \u20ac 2.79\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-130\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-26T08:07:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-26T08:07:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/03\/logo-sito.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-130\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"The first half of 2026 marked a period of significant growth for ISCC Fintech, with the Group reporting a Value of Production of \u20ac 4.88 million, a sharp increase (+75.1%) compared to \u20ac 2.79","og_url":"https:\/\/integrae.it\/en\/research\/update-130\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-10-26T08:07:22+00:00","article_modified_time":"2026-10-26T08:07:23+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/03\/logo-sito.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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