BREAKING NEWS – 08.08.2023

In a press release of August 3, 2023, Nusco SpA, a company operating in the production and marketing of interior wooden, PVC, aluminum, and iron doors and windows under the NUSCO brand, listed on the Euronext Growth Milan market of Borsa Italiana, announced that in the first half of 2023 consolidated pre-consolidated revenues amounted to approximately € 24.60 million, including also the contribution, amounting to € 8.90 million from Pinum Doors & Windows Srl. These results are the outcome of a substantial increase in sales volumes that occurred during the period under consideration. In addition, greater industrial efficiency, achieved through the increased automation of eco-friendly equipment and machinery, allows for a significant reduction in waste, higher productivity, and a consequent reduction in production costs. These improvements are a major factor in the achievement of 1H23A results for the Group, considering, in addition, the significant slowdown in construction bonuses that affected the first half of 2023.  The Company pursued, during the period under review, the development of a number of commercial initiatives in foreign markets of particular interest. Thus, Nusco SpA, following market penetration in Azerbaijan and Kuwait, was able to further strengthen its international commercial presence through the opening of the two commercial branches in Dubai and Tripoli announced in June. It should be noted that, as of June 30, 2023, Nusco held an order backlog of € 13.70 million, of which € 5.70 million came from Pinum Doors & Windows Srl.  Keeping the press release in mind, we confirm our recommendation: target price € 3.15, rating BUY and risk MEDIUM

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