Deodato Gallery S.p.A.

25/01/2023

In data 23 gennaio 2023 Deodato Gallery S.p.A. comunica di aver ricevuto da parte di Borsa Italiana il provvedimento di ammissione delle Azioni ordinarie e dei Warrant della Società su “Euronext Growth Milan”, sistema multilaterale di negoziazione organizzato e gestito da Borsa Italiana. L’inizio delle negoziazioni è avvenuto in data 25 gennaio 2023.

Il controvalore complessivo delle risorse raccolte attraverso il collocamento è pari a 2.200,00 euro.

L’attività Deodato S.p.A. è una PMI innovativa che opera nel mercato dell’arte contemporanea, con focus principale nel segmento della street art e della pop art. La struttura commerciale della Deodato.Gallery S.p.A. e delle sue controllate è inbound e conta 14 gallerie distribuite tra Italia, Belgio e Svizzera; l’inbound risulta fortemente basato sui siti web che sviluppano leads per arrivare a circa 187 vendite al mese.

Last research Deodato Gallery S.p.A.

UPDATE

The interim management report of Deodato shows sales revenues of € 3.03 million in 1H25A, marking a significant contraction (-34.2%) compared to the € 4.61 million recorded as of June 30th, 2024. EBITDA for the period ended June 30th, 2025 was negative at € 0.62 million, worsening from € 0.40 million in the first half of 2024, corresponding to a -256.5% change. The EBITDA margin for the first half of 2025 stood at -17.1%, sharply down from 7.7% in the same period of 2024. As of June 30th, 2025, EBIT—after amortization and depreciation of € 0.18 million—was negative at € 0.80 million (€ 0.21 million in 1H24A), with an EBIT margin of -22.0% compared to 4.0% in 1H24A. Net income amounted to -€ 0.55 million, deteriorating from € 0.17 million achieved in the first half of 2024.

In light of the results published in the annual report for FY24A, we have revised our estimates for both the current year and the upcoming years. Specifically, we estimate FY25E revenues of € 8.20 million and EBITDA of € 0.55 million, corresponding to a 6.2% margin. For the following years, we expect revenues to rise to € 10.50 million in FY27E (CAGR 24A–27E: 5.8%), with EBITDA reaching € 1.05 million (corresponding to a 9.4% margin), up from € 0.61 million in FY24A (corresponding to an EBITDA margin of 6.4%). At the balance sheet level, we estimate a net financial position of € 0.61 million in debt for FY27E. We conducted the equity valuation of Deodato.Gallery using the DCF methodology (which, for prudential purposes, includes a specific risk of 2.5% in the WACC calculation). The resulting average equity value is approximately € 12.6 million. The target price is € 0.40, with a BUY rating and MEDIUM risk.