Promotica
On 25 November 2020, Promotica S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 27 November 2020.
Integrae SIM acted as Nomad, Global Coordinator, and Issuer Specialist.
The total equivalent of the resources raised is equal to € 4,796,750, through the placement, at the price of € 1.75 each, of a total of 2,741,000 shares, of which, at the start date of the negotiations, 2,400,000 newly issued shares and 341,000 shares placed as part of the fiscal year of the over-allotment option.
The enterprise. Promotica S.p.A. is one of the leading companies in Italy in the loyalty sector. Founded in 2003 by Diego Toscani, the company has gained over the years a great experience that qualifies it today as an ideal partner to design, organize and manage all kinds of marketing operations aimed at retaining clients. The Company acts as a Full-Service Loyalty Provider, managing every phase of campaigns and promotional operations: design of operations, implementation of the communication campaign, procurement of prizes, logistics services, legal and bureaucratic practices of prize events, monitoring of data, and finally measurement of results. The final goal of all marketing operations is to increase sales, loyalty, and brand advocacy of clients. Promotica realizes a “loyalty program tailor-made”, aimed at obtaining concrete and measurable results in terms of turnover and market shares.
Ultima Ricerca Promotica
UPDATE| At the end of FY25, the Promotica Group announced consolidated sales revenues of € 137.44 million, up 43.1% compared to € 96.04 million recorded at the end of FY24. EBITDA amounted to € 10.25 million, marking a significant increase compared to € 6.03 million in the previous financial year. EBITDA margin reached 7.5%, improving from 6.3% as of December 31st, 2024, benefiting from greater operating leverage driven by higher volumes and improved operating profitability. EBIT, amounted to € 7.00 million, compared to € 4.32 million in the previous year, with an EBIT margin of 5.1%, up from 4.5% in 2024. Net profit amounted to € 3.85 million, representing an increase of 147.1% compared to € 1.56 million as of December 31st, 2024. This performance reflects the improvement in the Group’s operating results and its enhanced ability to translate business growth into net profitability. In light of the strategic investments carried out, the progressive expansion of the customer base both in the domestic market and internationally, and the continuous strengthening of the Group’s competitive positioning, we expect a further increase in business volumes over the 2026–2028 period. Specifically, we forecast total value of production of € 142.80 million, growing to € 175.80 million by 2028 (FY25A–FY28E CAGR: 8.6%). At the same time, we estimate improving profitability, with the EBITDA margin increasing from 7.5% in the year just ended, up to 11.0% in 2028, corresponding to EBITDA of € 19.20 million in 2028. We carried out the valuation of Promotica’s equity value using the DCF methodology, including a specific risk premium of 2.5%. This resulted in an equity value of € 122.8 million. Accordingly, our target price is € 7.20 per share (previously € 7.50). We confirm our BUY rating and MEDIUM risk assessment. |
