BREAKING NEWS – 06.02.2023

In a press release of the 1st February 2023, Convergenze SpA Benefit Company, an integrated technology operator active in the 100% green Telecommunications and Energy sectors, listed on the Euronext Growth Milan market, announced the operational data as of 31 December 2022 and the main business KPIs.The Company’s results showed total net revenues of € 28.20 million, 53.3% up compared to € 18.40 million at 2021 year-end. In particular, the overall growth in turnover was mainly driven by Energy BU, which generated revenues equal to € 18.80 million, +100.0% compared to € 9.40 million in FY21A and +37.2% approximately compared to our 2022 year-end estimate, equal to € 13.70 million. The revenues generated by the TLC BU, on the other hand, show a lower growth, reaching € 9.40 million (+5.6% compared to € 8.90 at FY21A), almost perfectly in line with the estimates of the previous report.Over 53,800 contracted services were also registered during the period, of which more than 44,000 were attributable to the TLC BU and 9,800 to the Energy BU. The percentage of users present on FTTH and Wi-Fi-owned networks is also growing, which stands at 51.5% compared to 49.6% at the end of 2021. Finally, the proprietary fiber optic network reached a total extension of over 7,500 km, for a total installation of about 2,000 km throughout 2021.The management data thus communicated confirms the positive trend of Convergenze’s growth path and strengthens our positive view of the Company. Waiting to meet management and evaluate the full economic results of the 2022 fiscal year, we confirm our estimates: target price € 6.00, BUY rating, and risk Medium.

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