On 13 February 2019 Ilpra 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 15 February 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 5.3 million, through the issuance of 2,538,600 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 2.10; based on this price, the market capitalization at the beginning of the negotiations was equal to Euro 25.3 million.
The enterprise. Ilpra S.p.A., founded in 1955, is active in the production and sale of machinery for the packaging of food, cosmetics, and medical products. It is one of the main players in the packaging sector thanks to the wide range of machines (heat sealing, filling, thermoforming) and cutting-edge technological solutions. Innovative SMEs stand out for the continuous investments in R&D that have allowed them to develop in-house innovative packaging technologies and techniques able to promptly meet the needs of clients. With more than 16,000 machines sold, 190 employees, an extensive network of sellers, and a presence in 4 countries (Italy, the UK, Hong Kong, and the United Arab Emirates), the Group produces approximately 75% of 2018 turnover abroad and directly oversees markets worldwide.
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UPDATE – 29.09.2022
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Revenues for the first year half amounted to € 21.53 million, 6.1% up compared to € 20.30 million in 1H21A. The value of the production recorded an increase of 20.6% (€ 26.30 million in 1H22A vs € 21.80 million in 1H21A), mainly due to the increase in the warehouse on which the new acquisition MACS Srl affects for € 1.00 million. EBITDA amounted to € 4.65 million (€ 4.38 million in 1H21A) with EBITDA margin equal to 21.6% unchanged compared to the first half of last year. EBIT, after amortization and depreciation of € 1.03 million, amounted to € 3.43 million, slightly higher than the result of 1H21A of € 3.28 million. The NFP amounted to € 0.09 million, worsening compared to the cash positive value of € 3.39 million for FY21A.
In light of the results published in the half-yearly report for 1H22A, we maintain our estimates substantially unchanged for both the current year and the coming years. In particular, we estimate FY22E value of production equal to € 47.50 million and EBITDA of € 9.95 million, corresponding to a marginality of 21.9%. For subsequent years, we expect the value of production to increase up to € 54.50 million (CAGR FY21A – FY24E: 7.4%) in FY24E, with EBITDA of € 11.80 million (corresponding to an EBITDA margin of 22.7%), up from € 9.01 million in FY21A (corresponding to an EBITDA margin of 21.3%).
We have conducted the valuation of Ilpra equity value based on the DCF methodology and market multiples of a comparable companies sample. The DCF method (which in the calculation of the WACC includes for prudential purposes a specific risk of 2.5%) provides an equity value of € 81.7 million. The equity value of Ilpra using market multiples is equal to € 86.9 million (with a 25% discount). The result is an average equity value of € 84.3 million. The target price is € 7.00 (prev. € 7.50), BUY rating and MEDIUM risk.
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UPDATE – 29.09.2022
Revenues for the first year half amounted to € 21.53 milli...