Digital Magics
On 29 July 2013, Digital Magics was admitted to listing on the AIM Italia market by Borsa Italiana. Collection of 4.56 million Euros through placement exclusively in capital increase and the issue, in pre-IPO of convertible loan capital for a further 4 million Euros.
Digital Magics was the first venture incubator in the history of the Italian market to proceed with a listing. The issue of the convertible loan capital and the capital increase was fully subscribed for a total value exceeding 8 million. The operation demonstrated a strong interest in the sector and involved leading institutional investors, including specialized operators, Italian and foreign investment funds, business angels, and high-potential professional investors.
The placement price is equal to € 7.50.
The enterprise. Digital Magics is a venture incubator focused on providing capital and operational assistance to selected innovative startups in the digital media, advertising, and social sectors. The company operates through a synergistic approach between the typical venture capital activity by providing initial seed capital and the incubator activity by providing strategic, logistical, technical, and commercial support. The joint approach of the venture activity and the incubator activity has allowed the company to achieve a significant track record by developing over 35 strat-ups, creating 6 exits (compared to only 4 write-offs) with an overall IRR on the track record that exceeds 30%.
Ultima Ricerca Digital Magics
UPDATE| In the first half of 2026, the Group reported sales revenues of € 10.63 million, up 4.6% compared to € 10.16 million in 1H25A, while Value of Production stood at € 10.71 million (€ 10.21 million in 1H25A). EBITDA amounted to € 1.13 million, down 16.1% compared to € 1.34 million in 1H25A, with an EBITDA margin of 10.6% (13.2% in 1H25A). After depreciation, amortization and impairment charges of € 0.23 million, EBIT stood at € 0.89 million, down 20.5% compared to € 1.13 million in 1H25A, with an EBIT margin of 8.4% (11.1% in 1H25A). Net Income amounted to € 0.57 million, declining from € 0.75 million in 1H25A. At the balance sheet level, Net Financial Position (NFP) stood at € 3.50 million of net debt, increasing from € 2.39 million of net debt at year-end 2025. In light of the results published in the 1H26A interim financial report and the acquisition of Plastilux Srl, we revise our estimates for both the current year and the following years. In particular, we estimate FY26E revenues of € 20.00 million and EBITDA of € 2.25 million, corresponding to an EBITDA margin of 11.3%. Looking ahead, we expect revenues to increase to € 27.00 million (CAGR 25A-28E: 11.4%) in FY28E, with EBITDA reaching € 3.55 million (corresponding to an EBITDA margin of 13.1%), compared to € 2.17 million in FY25A (corresponding to an EBITDA margin of 11.1%). At the balance sheet level, finally, we expect Net Financial Position (NFP) to improve from € 2.39 million of net debt in FY25A to € 1.50 million of net debt in FY26E. We conducted our valuation of the equity value of Saccheria F.lli Franceschetti 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 € 20.5 million. Using market multiples, the equity value of Saccheria F.lli Franceschetti was calculated as € 22.0 million (including a 25.0% discount). The results give an average equity value of approximately € 21.2 million. The target price is € 2.40, with a BUY rating and MEDIUM risk. |
