Emma Villas S.p.A.
27/09/2023
On 27th September 2023 Emma Villas 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 Pro”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 29th September 2023.
The total equivalent of the resources collected through the placement is equal to Euro 3,5 millions.
The enterprise Emma Villas è un’azienda leader in Italia nel settore del vacation rental (affitti brevi di ville e tenute di pregio).
Last research Emma Villas S.p.A.
UPDATE| Emma Villas closed the first half of 2026 with sales revenues of € 10.12 million, up 13.2% compared to € 8.94 million in 1H25A, and a Value of Production of € 10.42 million, increasing by 15.7% compared to € 9.00 million in 1H25A. In terms of profitability, EBITDA stood at € -2.54 million, representing a 36.4% improvement compared to € -4.00 million in 1H25A. After depreciation, amortization and impairment charges of € 0.63 million (€ 0.62 million in 1H25A), EBIT amounted to € -3.18 million, improving by 31.3% compared to € -4.62 million in 1H25A, while Net Income stood at € -2.50 million, with the net loss narrowing by 30.4% compared to € -3.60 million in 1H25A. From a balance sheet perspective, the NFP was cash positive at € 10.01 million, compared to a net debt position of € 1.64 million at the end of 2025. In light of the results published in the half-year financial report for 1H26A, we revise our estimates for both the current year and the following years. In particular, we estimate a Value of Production of € 41.40 million for FY26E and EBITDA of € 2.55 million, corresponding to an EBITDA margin of 6.2%. For the following years, we expect the Value of Production to increase to € 48.00 million (CAGR 25A-28E: 4.6%) in FY28E, with EBITDA reaching € 3.85 million (corresponding to an EBITDA margin of 8.0%), up from € 1.55 million in FY25A (corresponding to an EBITDA margin of 3.7%). Finally, from a balance sheet perspective, we expect an improvement in the NFP, which, according to our estimates, will decrease from a net debt position of € 1.64 million in FY25A to a net debt position of € 0.90 million in FY26E. We have assessed the equity value of Emma Villas using the DCF method and the multiples of a sample of comparable companies. The DCF method (which, for prudential purposes, also includes a specific risk of 2.5% in the WACC calculation) yields an equity value of €17.8 million. Emma Villas’ equity value, calculated using market multiples, amounts to €15.7 million (including a discount of 25%). This results in an average equity value of approximately €16.8 million. The target price is € 2.40, with a BUY rating and MEDIUM risk. |
