ESPE S.p.A.
20/02/2024
On 20th February 2024 ESPE 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 22nd February 2024.
The total equivalent of the resources collected through the placement is equal to Euro 2,1 millions.
The enterprise ESPE S.p.A., società attiva in modo continuativo e strutturato nel settore delle energie rinnovabili come EPC contractor specializzato nella fornitura di impianti fotovoltaici e proprietaria della tecnologia a marchio “ESPE” per la realizzazione di turbine nel minieolico e cogeneratori a biomassa
Last research ESPE S.p.A.
UPDATE| In 2025, ESPE presents the first consolidated interim report in its history, confirming the path of growth and organizational strengthening initiated after its listing. The half-year marks a phase of industrial consolidation and external growth, driven by a strategy of vertical integration along the renewable energy value chain. The value of production for the period amounted to € 30.19 million, with EBITDA of € 5.38 million (17,8%) and Net Income of € 2.68 million, reflecting profitability significantly above industry standards. Net Financial Position improved to € 10.75 million, supported by strong cash generation and more efficient working capital management, while the order backlog reached € 95.00 million, providing solid visibility on future results. In the coming months, the Group will focus on the integration of the newly acquired subsidiaries Soland S.r.l. (EPC) and Secur Impianti S.r.l. (Energy Security), the launch of the new production facility in Carmignano di Brenta, and the execution of the projects currently in the pipeline, with the goal of further consolidating the Group’s competitive positioning in the renewable energy market. In light of the results published in the consolidated half-year report as of June 30, 2025, we have updated our estimates for the 2025–2027 period. In particular, we expect production value in 2025 to be € 70.10 million with EBITDA of € 11.95 million and a margin of 17.0%. For the following years, we expect an increase in volumes and production value to € 110.20 million in FY27E (CAGR 2024-2027: 18.6%) and EBITDA of € 19.80 million, corresponding to a margin of 18.0%. We conducted the valuation of ESPE’s equity value based on the DCF methodology 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) returns an equity value of € 92.3 million. ESPE’s equity value using market multiples is € 89.9 million. This results in an average equity value of € 91.1 million. The target price is € 7.50, with a BUY rating and MEDIUM risk. |
