I.S.C.C. Fintech S.p.A.

22/12/2021

On 20 December 2021 I.S.C.C. Fintech S.p.A. announces that it has received today from Borsa Italiana the order for the admission of the Company’s Ordinary Shares and Warrants on “Euronext Growth Milan”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 22 December 2021.

The total equivalent of the resources collected through the IPO is approximately equal to Euro 14.5 million.

The enterprise established in December 2019, specialized in the analysis, of the purchase of granular non-performing loans portfolios, (otherwise called NPL loans) by financial institutions, regulated companies providing goods or services (telephony, gas, electricity), special purpose vehicles and financial companies under Article 106 of the Consolidated Law on Banking. It also operates in the management and collection of the same (so-called “Credit Management”) or the complete management of the extrajudicial debt collection (through telephone collection and home collection actions) and judicial debt collection (through the subsidiary Lawyers S.t.A.).

Ultima Ricerca I.S.C.C. Fintech S.p.A.

UPDATE

In 1H25A, ISCC Fintech reported a more moderate performance compared to 1H24A, reflecting a decline in volumes across its core activities, mainly due to the postponement of several major sale transactions to the second half of the year. As a result, revenues for 1H25A amounted to € 2.73 million, down from € 4.68 million in 1H24A. EBITDA stood at € -0.37 million, compared to € 1.39 million in 1H24A, with an EBITDA margin of -13.4%. EBIT, after depreciation and amortization of € 0.49 million, amounted to € -0.86 million, versus € 0.90 million in the previous year, while Net Income was € -0.87 million. From a financial standpoint, as of 30 June 2025, the Net Financial Position was € 0.09 million cash positive, compared to € 0.59 million cash positive at 31 December 2024.

In light of the results published in the Half-Year Report for 1H25A, we have updated our estimates for the coming years, adopting a more prudent approach aimed at a limited and non-structural downsizing of growth, consistent with a possible recovery in the second half of the year. The new forecasts indicate an expected production value of € 9.15 million in 2025 and € 12.55 million in 2027 (CAGR FY24A–FY27E: 12.7%). The estimated EBITDA is € 2.00 million in 2025 and € 4.80 million in 2027, with a progressive increase in profitability from 27.8% in 2024 to 38.7% in 2027. From a financial perspective, we estimate for FY27E a cash positive Net Financial Position of € 2.97 million. We carried out the equity value assessment of ISCC Fintech using the DCF methodology and the Excess Return method: the DCF, which includes a specific risk of 2.5%, leads to an equity value of € 49.4 million, while the Excess Return method produces a value of € 43.4 million. The resulting average equity value is approximately € 46.4 million. The target price is € 3,60 (prev. € 4.50), with BUY rating and MEDIUM risk profile.