Tabella1

FMR ART'E

Free risk rate 3.70% Patrimonio netto - E - 50,479 100.00%

Coeff. Rischio specifico 2.50%
Coef. Rischio settoriale 2.50% Posiz. Finanz. netta – D - 0 0.00%
Beta 1.10
Costo del capitale proprio 9.20% Capitale investito - CE - 50,479 100.00%

Costo capitale di terzi 0.00% 0.00% N° azioni / 000 3,580

Tax rate 43.50 0.44

Wacc 0.00% 9.20% 9.20% 0.0920 1.0920

% di crescita perpetua “g” 1.20% 0.0120 1.0120 0.0800

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 t.value
Ricavi 43,200 48,800 54,900 61,300 62,200 63,100 64,100 65,000 66,000 67,000 0

Ebit 3,630 4,670 5,910 7,160 7,090 7,240 7,390 7,540 7,700 7,860 0

Tax rate 28.00% 38.50% 39.10% 39.20% 43.65% 44.20% 43.50% 44.00% 43.00% 43.20% 0.00%

Imposte 1,016 1,798 2,311 2,807 3,095 3,200 3,215 3,318 3,311 3,396 0

Ammortamenti 3,100 3,000 2,900 2,800 2,800 2,800 2,800 2,800 2,800 2,800 0

Accantonamenti 0 0 0 0 0 0 0 0 0 0 0

Variaz. CCN -1,400 -1,700 -2,000 -1,700 -600 -600 -600 -700 -700 -700 0

Investimenti -400 -500 -500 -600 -600 -600 -600 -700 -700 -700 0

Free Cash Flow 3,914 3,672 3,999 4,853 5,595 5,640 5,775 5,622 5,789 5,864 74,186

Anno 1 2 3 4 5 6 7 8 9 10

Discount 1.0920 1.1925 1.3022 1.4220 1.5528 1.6956 1.8516 2.0220 2.2080 2.4112 2.4112

D. F. cash Flow 3,584 3,079 3,071 3,413 3,603 3,326 3,119 2,781 2,622 2,432 30,768

Somma dfcf 3,584 6,663 9,734 13,148 16,751 20,077 23,196 25,977 28,598 31,031 61,798

Multipli
Valore finale 61,798 2007 2008 2009

Capitalizz. 40,812,000 40,812,000 40,812,000 Indici 2007 2008 2009

PFN -1,300 az. ord. 3,580,000 3,580,000 3,580,000 Ev 40,812,000 40,812,000 40,812,000

Minority 0.00 az. risp. 0 0 0 ev/ebitda 6.06 5.32 4.63

Surplus asset 0.00 PFN neg. 0 0 0 ev/sales 0.94 0.84 0.74

Valore equity 63,098 PFN pos. 0 0 0 BVPS 14.10 14.25 14.53

Ricavi 43,200,000 48,800,000 54,900,000 ROE 4.06% 4.14% 5.38%

Valore per azione 17.625 EBITDA 6,730,000 7,670,000 8,810,000 ROI 7.19% 9.16% 11.37%

Sconto 25.00% EBIT 3,630,000 4,670,000 5,910,000 ROS 8.40% 9.57% 10.77%

Valore per azione 13.219 Utile netto 2,051,000 2,112,000 2,795,000 EPS 0.573 0.590 0.781

Patrimonio 50,479,000 51,000,000 52,000,000 PE – PU 19.90 19.32 14.60

QUOT. ATTUALE 11.400 Cap. inv. 50,479,000 51,000,000 52,000,000 PBV 0.81 0.80 0.78

UPSIDE 15.96% Ord. 11.400 11.400 11.400 debt/equity 0.00 0.00 0.00

Gain x share 1.819 Risp. 0.000 .000 .000 Profit marg 4.75% 4.33% 5.09%

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