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| In 1H25A, Promotica recorded consolidated production value of € 67.84 mln, up 9.9% compared to € 61.72 mln in 1H24A. EBITDA amounted to € 5.47 mln, with an EBITDA margin of 8.0%, improving from 7.5% in the same period last year. EBIT reached € 4.89 mln, up from € 3.86 mln in 1H24A, while Net Income stood at € 2.71 mln, a sharp increase from € 1.98 mln recorded in the first half of 2024. On the balance sheet side, NFP was negative at € 20.97 mln, compared to € 19.28 mln at the end of 2024. In light of the results published in the 1H25A interim report, we have revised our estimates for the current and following years. Specifically, we now forecast FY25E production value of € 142.00 mln and EBITDA of € 13.30 mln, corresponding to a margin of 9.5%. For the following years, we expect value of production to increase to € 174.00 mln by FY27E (CAGR 24A–27E: 21.1%), with EBITDA reaching € 18.90 mln (corresponding to a margin of 11.0%), up from € 6.03 mln in FY24A (EBITDA margin of 6.3%). At the balance sheet level, we estimate a cash-positive NFP of € 0.06 mln by FY27E. We conducted Promotica’s equity valuation using a DCF methodology (which prudently includes a specific risk premium of 2.5% in the WACC calculation), resulting in an equity value of € 128.03 mln. We confirm our target price of € 7.50, BUY rating, and MEDIUM risk. |
