Friulchem
On 23 July 2019, Friulchem 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 25 July 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 4.5 million, through the issuance of 2,499,750 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 1.80; based on this price, the market capitalization at the beginning of the negotiations was equal to Euro 14.4 million.
The enterprise. Friulchem (AIM: FCM), active for over 20 years on the market, is today one of the main Italian CDMOs (Contract Development Manufacturing Organizations) active internationally in healthcare through the research and development and production on behalf of third parties of semi-finished and finished products containing both pharmaceutical active ingredients and food supplements, with particular specialization in so-called drug delivery systems for the veterinary sector that represents Friulchem’s excellence, and in the development of dossiers for generic drugs for the human sector. Friulchem is an innovative SME and B2B company with an appreciable propensity for the end client to have solid Italian roots thanks to the production plant in Vivaro (Pordenone) and the administrative headquarters in Milan. The Company, strongly oriented to R&D, boasts consolidated relationships with the main multinationals in the pharmaceutical sector.
Ultima Ricerca Friulchem
UPDATE| During 2025, the Group recorded a significant expansion in its core business, with a value of production equal to € 13.09 million, up by 45.7% compared to € 8.99 million as of December 31st, 2024, mainly supported by the increase in work in progress. EBITDA amounted to € 3.68 million, marking a +8.2% increase compared to € 3.40 million in the previous year. However, profitability shows a physiological normalization, with an EBITDA margin of 28.1% (vs. 37.8% in 2024), reflecting higher operating costs in a context of expansion in both the Group’s scope and activity volumes. Due to the higher weight of depreciation and amortization, amounting to approximately € 1.49 million, EBIT stood at € 2.19 million, slightly decreasing compared to € 2.27 million in 2024. Net Income amounted to € 0.86 million, down from € 1.51 million recorded at the end of the previous financial year. In light of the FY25A annual results, we confirm our estimates for the 2026–2028 period. In particular, for FY26E we forecast a value of production of € 27.00 million and an EBITDA of € 7.60 million, corresponding to a margin of 28.1%. For the following years, we expect a positive evolution of the main economic and financial indicators, with value of production projected to grow up to € 35.60 million in FY28E (CAGR 2026E–2028E: 14.8%) and EBITDA reaching € 10.20 million, corresponding to a margin of 28.7%, improving compared to € 3.68 million recorded in FY25A. From a balance sheet perspective, we estimate a net financial position of € 3.92 million in debt for FY28E. We carried out the valuation of Franchetti’s equity value based on the DCF methodology. The DCF method (which, in the WACC calculation, prudently includes a specific risk premium of 2.5%) yields an equity value of approximately € 127.4 million. The target price is € 13.50, with a BUY rating and MEDIUM risk. |
