Fabilia Group
On 7 August 2020, Fabilia Group 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 11 August 2020.
Integrae SIM acted as Nomad, Global Coordinator, and Issuer Specialist.
The admission to the listing took place following the placement of 1,080,000 newly issued ordinary shares. The unit price of the shares resulting from the placement was set at Euro 1.60; based on this price, a market capitalization equal to Euro 9.7 million is expected.
The total equivalent of the resources raised through the transaction, entirely in the capital increase, amounts to Euro 1.7 million
The enterprise. Fabilia, founded in Milano Marittima in 2013, is the Italian leader of holidays dedicated to families with children from 0 to 16 years. The Company, which has a total of 10 hotels and resorts, including 8 at sea and 2 in the mountains, bases its business model on the “Only family with kids” format, which includes a “Free Drink & Food H24” All Inclusive Experience Format designed and registered by Fabilia®. The Group has progressively standardized and industrialized its offer: to date, all the structures are made up of 3 and 4-star hotels with several rooms ranging from 50 to 150 and indoor and outdoor spaces that include play areas (at least over 200 square meters), swimming pool, private beach, park area, outdoor sports equipment, and recreational activities.
Ultima Ricerca Fabilia Group
UPDATE| In 1H25A, the Group recorded revenues of € 11.04 mln, broadly stable compared to € 11.09 mln in 1H24A (-0.5%). Productive revenues with margin contribution grew by +1.8% to € 10.40 mln, with a recurring component of 46.0%. By business area, Digital, Social and Media Marketing reported growth of +4.8% to € 5.40 mln, and Platform & Technology Services rose by +9.9% to € 4.30 mln, while Consulting (€ 0.20 mln, -63.0%) and Digital Academy (€ 0.50 mln, -24.4%) declined. EBITDA stood at € 1.22 mln (vs € 2.02 mln in 1H24A), with the EBITDA margin decreasing from 17.2% to 10.4%; adjusted EBITDA was € 1.61 mln (vs € 1.87 mln in 1H24A). EBIT amounted to € 0.17 mln (vs € 0.91 mln), while Net Income was € – 0.12 mln (vs € 0.41 mln). From a balance sheet perspective, NFP improved from € 5.71 mln to € 4.84 mln of net debt. In light of the results published in the 1H25A half-year report, we revise our estimates for both the current year and the following years. Specifically, we estimate FY25E revenues of € 22.80 mln and adjusted EBITDA of € 3.78 mln, corresponding to a margin of 16.6%. For the following years, we expect revenues to grow to € 28.50 mln (CAGR 24A-27E: 7.9%) in FY27E, with adjusted EBITDA of € 6.60 mln (margin of 23.2%), compared to € 4.04 mln in FY24A (adjusted EBITDA margin of 17.8%). At the balance sheet level, we forecast a cash positive NFP of € 0.89 mln by FY27E. The equity value of Websolute has been assessed using both the DCF methodology and market multiples of a selected peer group. The DCF method, incorporating a prudential specific risk of 2.5% in the WACC calculation, yields an equity value of € 45.7 million. The market multiples approach results in an equity value of € 30.0 million. Consequently, the average equity value stands at approximately € 37.9 million. The target price is set at € 3.70, with a BUY rating and a MEDIUM risk level. |
