Initiation of Coverage – 22.12.2022

Impianti SpA is an Italian company based in Carate Brianza (MB) operating as a System Integrator in the ICT (Information Communication Technology) and Audio/Video sectors, which deals with offering complex tailor-made solutions and massive installations in the field of hardware and software infrastructures. Founded in 1992 by Simone Lo Russo and Simona Castelli, the Company has evolved over time to become a reference point in the offer of innovative technical solutions, through its commercial and technical structure that allows it to serve a large number of high-level customers in Public Administration and Corporate companies, mainly in the telecommunications, health and industry sectors.

Impianti SpA, through its four Business Units, operates in the ICT (Information and Communication Technologies) and Digital market sectors, with particular focus on the audio/video, telemedicine and e-commerce segments of technology products. After a 2020 strongly impacted by the healthcare emergency, 2021 represented a year of strong economic recovery for Italy. According to Istat data, GDP growth of 6.6% was recorded at the end of 2021, thanks to increased consumption and higher investment. Similarly, the digital market showed a turnaround, registering a growth of 5.3%, and realizing a total value of €75.30 billion.

We have conducted the valuation of Impianti 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 pecific risk of 2.5%) provides an equity value of € 35.1 million. The value of Impianti using market multiples is € 29.1 mllion (with a 25% discount). This results in an average equity value equal to € 32.1 million; the target price is € 4,30, BUY rating and MEDIUM RISK.

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