Circle
On 24 October 2018 Circle S.p.A. obtained the admission of its shares on the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 26 October 2018.
Integrae SIM has acted as Nomad, Global Coordinator of Private Placement and is currently a Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 1.5 million, through the issuance of 638,400 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 2.40; based on this price, the market capitalization at the beginning of the negotiations is equal to Euro 7.57 million.
The enterprise. Founded in Genoa in June 2012, Circle S.p.A. is a management consulting company with distinctive vertical skills in the port and intermodal logistics sector specializing in the development of automation solutions and the digitization of the Supply Chain
Ultima Ricerca Circle
UPDATE| In 1H25A, the Group recorded a value of production of €11.78 million, up 62.1% compared to €7.27 million in 1H24A. EBITDA amounted to €2.66 million, increasing from €1.75 million in 1H24A, with an EBITDA margin of 22.6% (24.1% in 1H24A). EBIT stood at €1.25 million, slightly down from €1.29 million in the prior-year period, with an EBIT margin of 10.6%, compared to 17.8% in 1H24A. The contraction in margin is attributable to higher depreciation and amortisation expenses, which amounted to €1.42 million. Net Income totalled €1.05 million, broadly in line with the €1.03 million reported in 1H24A. From a balance sheet perspective, the adjusted Net Financial Position was cash positive by €2.20 million, slightly down from the cash positive position of €4.30 million reported at year-end 2024. In light of the results published in the half-year report for 1H25A, we have revised our estimates for both the current year and the coming years. In particular, we estimate FY25E production value at €25.00 million and EBITDA at €5.40 million, corresponding to a margin of 21.6%. For the following years, we expect the production value to increase to €34.50 million in FY28E (CAGR 24A–28E: 24.0%), with EBITDA reaching €8.70 million (corresponding to a margin of 25.2%), up from €3.01 million in FY24A (EBITDA margin of 20.7%). With regard to estimated investments, we forecast Capex for 2025E–2028E at approximately €9.12 million; finally, we estimate an adjusted Net Financial Position for FY25E at €4.24 million cash positive. We conducted our valuation of the equity value of Circle 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 € 48.2 million. Using market multiples, the equity value of Circle was calculated as € 52.2 million (including a 25.0% discount). The results give an average equity value of approximately € 50.2 million. The target price is € 10.50, with a BUY rating and MEDIUM risk. |
