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 2026, Value of Production amounted to € 4.40 mln, up 2.7% compared to € 4.28 mln in 1H25A, while Sales Revenues reached € 4.09 mln, increasing by 1.5% from € 4.03 mln in 1H25A. EBITDA returned to positive territory, reaching € 0.03 mln, an improvement of € 0.05 mln compared to the negative € 0.02 mln recorded in 1H25A. EBIT stood at € -0.41 mln, improving from € -0.44 mln in 1H25A, after depreciation, amortization and impairment charges of € 0.44 mln, reflecting the ongoing investments in product development. Net Income amounted to € -0.38 mln, broadly in line with the € -0.39 mln recorded in 1H25A. From a balance sheet perspective, NFP shifted from a net cash position of € 0.07 mln as of December 31, 2025, to a net debt position of € 0.07 mln as of June 30, 2026. In light of the results published in the interim financial report for 1H26A, we revise our estimates for both the current year and the following years. In particular, we estimate FY26E Sales Revenues of € 9.50 mln and EBITDA of € 0.35 mln, corresponding to an EBITDA margin of 3.7%. For the following years, we expect Sales Revenues to increase to € 12.00 mln (CAGR 25A-28E: 9.1%) in FY28E, with EBITDA reaching € 2.50 mln (corresponding to an EBITDA margin of 20.8%), up from € 0.33 mln in FY25A (corresponding to an EBITDA margin of 3.6%). Finally, from a balance sheet perspective, we expect an improvement in NFP, which, according to our estimates, will move from a net cash position of € 0.07 mln in FY25A to a net cash position of € 0.11 mln in FY26E. 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 € 7.4 million. The target price is € 1.55, with a BUY rating and MEDIUM risk. |
