Renergetica
On 7 August 2018, Renergetica S.p.A. obtained the admission of its shares to the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 09 August 2018.
Integrae SIM acted as Nomad, Global Coordinator of Private Placement.
The total equivalent of the resources raised through the operation amounts to Euro 2,026,500, through the issuance of 1,351,000 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 is equal to Euro 11,026,500.
The enterprise. Founded in 2008, Innovative SME has been operating in the renewable energy sector as a Developer and IPP since October 2016, covering all the value chain activities except the EPC. It has developed an important track record of development and expertise in all segments of renewable energy (in particular photovoltaic, wind, mini-hydro, and biomass). It is active in Italy, Chile, the United States, and Colombia.
Ultima Ricerca Renergetica
UPDATE| Convergenze (B-Corp since 2025) exceeded expectations, reaching a production value of € 26.61 million, up 16.61% compared to 2023. The Energy BU in particular showed a strong recovery, with volumes up 22.9% and a return to positive profitability, posting an adjusted EBITDA of € 1.42 million (9.5%). The TLC BU confirmed its solid growth, with a margin above 30.0% and a significant expansion of the installed FTTH fiber network. Consolidated adjusted EBITDA reached € 5.03 million (+57.8% YoY), with a record margin of 18.9%. Net Income more than doubled to € 1.25 million, supporting the renewed dividend distribution of € 0.02 per share, and the Net Financial Position improved to € 4.72 million. 2024 also saw the completion of the merger with Positivo Srl, the launch of the new Media & Content Delivery Network BU, entry into the mobile market as an MVNO, and the operational start of the Albanian subsidiary. Considering the results for the year just ended, we have updated our forecast for the 2025–2027 period, adjusting the sales mix in favor of the Energy BU while keeping the total production value unchanged. The TLC BU continues to implement its significant investment plan in proprietary infrastructure, estimated at approximately € 3.50 million per year. The return to profitability of the Energy BU, which was initially projected to remain near break-even through 2025, requires an upward revision of the EBITDA margin from 17.0% to the current 19.0%, with further growth expected to reach 20.0% by 2027. We have carried out the valuation of Convergenze’s equity value based on a Discounted Cash Flow (DCF) approach and market multiples derived from a panel of comparable companies. The DCF method—which, for prudential purposes, includes a company-specific risk premium of 2.5% in the WACC—yields an equity value of € 38.7 million. The market multiples approach returns an equity value of € 28.7 million. This results in an average equity value of approximately € 33.7 million. The target price is set at € 4.50 (previously € 4.25), with a BUY rating and MEDIUM risk profile. |
