Confinvest
On 30 July 2019 Confinvest F.L. 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 01 August 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 2,000,000 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 10.5 million.
The enterprise. Confinvest F.L. S.p.A. (“Confinvest”), one of the most important Italian operators in the market for the intermediation of investment gold (bullion and coins), offers investment gold as an alternative asset to liquidity on current accounts, to protect savings. Since 1983, the Company has been managing purchases and sales, with immediate availability, of gold coins (such as, for example, pounds sterling, sea bream, krugerrand, US dollars, crowns, etc.) and gold bars certified by the LBMA (London Bullion Market Association). Confinvest also provides its clients, throughout the investment, with the service of keeping gold in maximum security vaults (so-called Vaulting), the service dedicated to the accumulation plans in physical gold (gradual establishment of a capital in gold, through periodic payments, even of a modest amount, within a certain period, so-called Gold Plan) and listing services daily, valuation of the gold portfolio held by the same, and other supplementary services designed for those who decide to invest in gold. Finally, the Company is a “national market maker”, guaranteeing the certainty and transparency of gold prices; the listings (supply/demand) of the gold price processed daily by Confinvest are taken up by the main Italian newspapers and by the Press Agencies and used for autonomous practice by the sector operators. Finally, Confinvest deals with the processing of the statistical service to support the internal monitoring of price fluctuation (the so-called M.O.M. index). Confinvest has an ongoing project to develop a new digital solution, the LINGOTTO ® ACCOUNT, able to offer a wide target audience the opportunity to access investment in physical gold with extreme ease and speed, thanks to a digital and innovative user experience.
Ultima Ricerca Confinvest
UPDATE| RIn 1H25A, Confinvest’s revenues amounted to €47.82 million, showing a strong increase compared to €16.07 million recorded in the same period of the previous year. First Margin, a true proxy for the turnover of a gold market dealer as it includes the net balance of transactions and the effect of changes in inventory, amounted to €2.00 million, up 52.8% compared to €1.31 million recorded in 1H24A. EBITDA increased by 68.3%, amounting to €1.07 million at June 30, 2025, compared to €0.63 million in 1H24A. As a result, the EBITDA margin was 53.5%, up from 48.5% in the first half of 2024. EBIT also grew (+91.9%), reaching €1.03 million compared to €0.53 million in 1H24A. Net income was also positive, standing at €0.69 million, up 103.3% compared to €0.34 million at June 30, 2024. In light of the results published in the half-yearly report for 1H25A, we are revising our estimates for both the current year and the coming years. In particular, we estimate revenues for FY25E of €65.00 million with a First Margin of €3.00 million (First Margin % of 4.6%) and EBITDA of €1.10 million. For subsequent years, we expect sales to reach €45.00 million in FY27E with a First Margin of €3.90 million and EBITDA of €2.05 million, up from €1.00 million in FY24A. In terms of assets, we expect an improvement in NFP, which according to our estimates will go from €0.59 million in debt in FY24A to €2.18 million in cash positive in FY27E. We have assessed Confinvest’s equity value using the DCF methodology. Based on our estimates and assumptions, the equity value is €17.6 million. We therefore confirm the target price of €2.50, BUY rating, and MEDIUM risk. |
