Pasquarelli Auto S.p.A.
25/05/2023
On 25th May 2023 Pasquarelli Auto S.p.A. announces that it has received from Borsa Italiana the order for the admission of the Company’s Ordinary Shares and Warrants on “Euronext Growth Milan”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 26th May 2023.
The total equivalent of the resources collected through the placement is equal to Euro 5,6 millions.
The enterprise Pasquarelli Auto S.p.A. – provider di mobilità attivo nel commercio di vetture e veicoli commerciali nuovi e usati (attraverso il marchio proprio SecondLife), nel noleggio a breve, medio e lungo termine, nonché nell’assistenza e vendita di ricambi
Last research Pasquarelli Auto S.p.A.
UPDATE| Operating revenues for FY24A reached €361.43 million, up 45.6% from €248.23 million in FY23A, and exceeding previous estimates of €321.10 million. In 2024, EBITDA came in at €9.43 million, in line with the €9.51 million of the previous year, and below our estimates The Value of Production amounted to €199.65 million in 1H25A, marking an increase of 12.2% compared to €178.02 million recorded in the first half of 2024. EBITDA reached €6.19 million, up 24.8% from €4.96 million in the previous year, while EBIT, after amortization of €1.18 million, stood at €5.01 million, representing a 27.1% increase compared to €3.94 million in 1H24A. Net Income totaled €2.54 million, an improvement of 25.8% over the €2.02 million reported in the same period of 2024. From a balance sheet perspective, the Net Financial Position (NFP) moved from €45.94 million in net debt as of December 31, 2024, to €64.02 million in net debt as of June 30, 2025. In light of the results published in the 1H25A interim report and the acquisition of Sesto Autoveicoli, we have revised our forecasts for the current year and the following periods to reflect the expanded scope and the synergies expected from the transaction. Specifically, we estimate a production value of €600.00 million for FY25E, with EBITDA of €12.65 million, corresponding to an EBITDA margin of 2.1%. For the subsequent years, we expect production value to increase to €756.00 million by FY27E, representing a CAGR of 27.9% from FY24A to FY27E, with EBITDA reaching €27.50 million and a margin of 3.6%, up from €9.43 million in FY24A (EBITDA margin: 2.6%). Net Income for FY25E is projected at €1.90 million, factoring in the anticipated loss from the newly acquired Sesto Autoveicoli. From a balance sheet perspective, we anticipate a deterioration in the Net Financial Position (NFP), which is expected to move from €45.94 million in debt at FY24A to €83.93 million in debt by FY25E, reflecting increased financial requirements linked to growth investments and working capital absorption. We conducted our valuation of the equity value of Pasquarelli Auto based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 1.5% in the calculation of the WACC) returned an equity value of € 52.0 million. Using market multiples, the equity value was calculated to be € 62.5 million (including a 25.0% discount). The results give an average equity value of approximately € 57.2 million. The target price is € 2.30, with a BUY rating and MEDIUM risk. |
