On 26 September 2019 Websolute 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 30 September 2019.
Integrae SIM acted as Nomad, Global Coordinator, Private Placement Bookrunner, and Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 3 million, through the issuance of 2,300,000 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 1.50; based on this price, the market capitalization at the beginning of the negotiations was equal to Euro 12.9 million.
The enterprise. Websolute is one of the leading Italian digital companies active in the fields of communication and digital technology and digital marketing and commerce. Innovative SME was established in 2001 and participated since May 2018 by Innovative RFK S.p.A. investment company with a focus on investment in start-ups Innovative SMEs, has an average of over 130 employees and a widespread presence throughout Italy, thanks to the Group’s 9 operating offices and a sales network consisting of 18 sales. The Company, also thanks to its subsidiaries, is aimed at medium-large Italian companies with a strong export orientation, offering a wide range of closely integrated services designed specifically for every need: Digital Platforms, Digital Marketing, UX-CX & Customer Journey Brand, Social & Influencer Marketing.
Ultima Ricerca Websolute S.p.A.
-
UPDATE – 16.04.2024
Leggi il pdf
At the end of the FY23A financial year, the Group had achieved revenues of € 19.78 million, marking an 8.2% decline from the € 21.54 million recorded for the previous period. EBITDA, at € 2.48 million, recorded an increase of 18.7% compared to € 2.08 million in 2022, but was down on our estimate of € 3.90 million. Likewise, the EBITDA margin went from 9.7% in the previous year to 12.5% in 2023. The EBIT for the period, after depreciation and amortization of € 2.30 million, amounted to € 0.18 million, marking a clear improvement on the result of € -0.21 million in FY22A. The Net Income came in at € -0.46 million, in line with the previous year’s figure of € -0.52 million.
In light of the results published in the FY23A annual report, we have adjusted our estimates for both the current and the following years. In particular, we now estimate FY24E revenues of € 23.00 million, and an EBITDA of € 4.80 million, corresponding to a margin of 20.9%. In the following years, we expect revenues to reach € 28.90 million (CAGR 23A-26E: 13.5%) in FY26E, with EBITDA equal to € 6.40 million (corresponding to a margin of 20.8%), up from € 2.48 million in FY23A (corresponding to an EBITDA margin of 12.5%).
We conducted our valuation of the equity value of Websolute based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 45.5 million. Using market multiples, the equity value of Websolute was calculated to be € 40.5 million. The result gives an average equity value of approximately € 43.0 million. The target price is € 4.20, with a BUY rating and MEDIUM risk.
Latest Research Websolute S.p.A.
-
UPDATE – 16.04.2024
At the end of the FY23A financial year, the Group had achiev...
-
UPDATE – 02.10.2023
At the end of the first half-year of 2023, Websolute Group r...
-
UPDATE – 02.10.2023
At the end of the first half-year of 2023, Websolute Group r...
-
UPDATE – 06.10.2022
At the end of the first half of 2022, the Group recorded rev...