{"id":37175,"date":"2026-10-29T09:11:09","date_gmt":"2026-10-29T08:11:09","guid":{"rendered":"https:\/\/integrae.it\/?p=37175"},"modified":"2026-10-29T09:11:10","modified_gmt":"2026-10-29T08:11:10","slug":"update-135","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-135\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Emma Villas closed the first half of 2026 with sales revenues of \u20ac 10.12 million, up 13.2% compared to \u20ac 8.94 million in 1H25A, and a Value of Production of \u20ac 10.42 million, increasing by 15.7% compared to \u20ac 9.00 million in 1H25A. In terms of profitability, EBITDA stood at \u20ac -2.54 million, representing a 36.4% improvement compared to \u20ac -4.00 million in 1H25A. After depreciation, amortization and impairment charges of \u20ac 0.63 million (\u20ac 0.62 million in 1H25A), EBIT amounted to \u20ac -3.18 million, improving by 31.3% compared to \u20ac -4.62 million in 1H25A, while Net Income stood at \u20ac -2.50 million, with the net loss narrowing by 30.4% compared to \u20ac -3.60 million in 1H25A. From a balance sheet perspective, the NFP was cash positive at \u20ac 10.01 million, compared to a net debt position of \u20ac 1.64 million at the end of 2025.<br><br>In light of the results published in the half-year financial report for 1H26A, we revise our estimates for both the current year and the following years. In particular, we estimate a Value of Production of \u20ac 41.40 million for FY26E and EBITDA of \u20ac 2.55 million, corresponding to an EBITDA margin of 6.2%. For the following years, we expect the Value of Production to increase to \u20ac 48.00 million (CAGR 25A-28E: 4.6%) in FY28E, with EBITDA reaching \u20ac 3.85 million (corresponding to an EBITDA margin of 8.0%), up from \u20ac 1.55 million in FY25A (corresponding to an EBITDA margin of 3.7%). Finally, from a balance sheet perspective, we expect an improvement in the NFP, which, according to our estimates, will decrease from a net debt position of \u20ac 1.64 million in FY25A to a net debt position of \u20ac 0.90 million in FY26E. We have assessed the equity value of Emma Villas using the DCF method and the multiples of a sample of comparable companies. The DCF method (which, for prudential purposes, also includes a specific risk of 2.5% in the WACC calculation) yields an equity value of \u20ac17.8 million. Emma Villas\u2019 equity value, calculated using market multiples, amounts to \u20ac15.7 million (including a discount of 25%). This results in an average equity value of approximately \u20ac16.8 million. <strong>The target price is \u20ac 2.40, with a BUY rating and MEDIUM risk<\/strong>.<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Emma Villas closed the first half of 2026 with sales revenues of \u20ac 10.12 million, up 13.2% compared to \u20ac 8.94 million in 1H25A, and a Value of Production of \u20ac 10.42 million, increasing<\/p>\n","protected":false},"author":5,"featured_media":19699,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[305],"class_list":["post-37175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-emma-villas-2"],"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-135\/\" \/>\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=\"Emma Villas closed the first half of 2026 with sales revenues of \u20ac 10.12 million, up 13.2% compared to \u20ac 8.94 million in 1H25A, and a Value of Production of \u20ac 10.42 million, increasing\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-135\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-29T08:11:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-29T08:11:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/09\/5c6410858c16d10001c45c40-198x149-1x.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"198\" \/>\n\t<meta property=\"og:image:height\" content=\"198\" \/>\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-135\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"Emma Villas closed the first half of 2026 with sales revenues of \u20ac 10.12 million, up 13.2% compared to \u20ac 8.94 million in 1H25A, and a Value of Production of \u20ac 10.42 million, increasing","og_url":"https:\/\/integrae.it\/en\/research\/update-135\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-10-29T08:11:09+00:00","article_modified_time":"2026-10-29T08:11:10+00:00","og_image":[{"width":198,"height":198,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/09\/5c6410858c16d10001c45c40-198x149-1x.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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