International Care Company
On 6 December 2021 I.C.C. S.p.A. obtained the order for admission to negotiate its ordinary shares and warrants called “Warrant International Care Company 2021-2024”, on the Euronext Growth Milan market, a multilateral negotiations system organized and managed by Borsa Italiana. The start of negotiations took place on 8 December 2021.
The total equivalent of the resources raised is approximately Euro 2.5 million, at an offer price of Euro 2.10 per share.
The enterprise International Care Company SpA operates as a care services company and was established in 2018 through the conferral of the business unit relating to personal care activities, management of satellite alarms and claims on behalf of third parties and call centers by FD Service SpA and the business unit relating to the development of telemedicine projects by FD W.OR.L.D. Care S.r.l., both founded by Eng. Ventura, current Chairman and Chief Executive Officer of the Issuer.
Ultima Ricerca International Care Company
UPDATE| In the first half of 2025, revenues amounted to €4.03 million, up 2.1% compared to €3.95 million recorded in 1H24A. EBITDA, as of June 30, 2025, stood at €-0.02 million, showing an improvement over the €-0.09 million recorded in 1H24A. EBIT, after amortization and depreciation of €0.43 million, in line with the same period of the previous year, amounted to €-0.44 million, improving from €-0.50 million in 1H24A. The Net Income for the semester was €-0.39 million, marking a recovery compared to the €-0.43 million loss recorded in the same period of the prior year. From a balance sheet perspective, the Net Financial Position (NFP) as of June 30, 2025, was cash positive at €0.44 million, showing a significant improvement compared to €0.16 million in net debt as of December 31, 2024. In light of the results published in the 1H25A Half-Year Report, we have revised our estimates for both the current year and the coming years. Specifically, we now estimate FY25E revenues of €9.10 million and an EBITDA of €0.50 million, corresponding to a margin of 5.5%. For the following years, we expect revenues to increase to €11.40 million by FY27E (CAGR 24A–27E: 10.4%), with EBITDA reaching €1.75 million, corresponding to a margin of 15.4%, showing a significant improvement compared to €-0.13 million in FY24A (EBITDA margin of -1.5%). From a balance sheet perspective, we expect the Net Financial Position (NFP) to remain substantially stable, at €0.17 million in net debt in FY25E. We conducted our valuation of the equity value of ICC based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 8.6 million. The target price is € 1.80, with a BUY rating and MEDIUM risk. |
