| Dipietro Group is an independent system integrator specialized in process analysis for the Oil & Gas, chemical, petrochemical and energy sectors, with over thirty years of experience and a well-established international presence. Founded in Sicily in 1990, the Group has progressively evolved from a local distributor into a technology partner capable of designing and delivering integrated turnkey solutions tailored to customers’ technical and operational requirements. The offering is structured across five complementary business lines: Turnkey Laboratories & Workshop (T&W), dedicated to laboratories and workshops; Online Analytical Systems (OAS), focused on online analytical systems; Service & Maintenance (S&M), covering assistance and maintenance activities; Sales, dedicated to the commercialization of components and spare parts; and Consulting, focused on technology consulting. This configuration enables the Group to cover the entire project lifecycle, from design and engineering to commissioning and after-sales support. Dipietro Group’s competitive positioning is based on full independence in the selection of the technologies to be integrated and on its ability to combine in-house engineering expertise with a broad network of global suppliers. Unlike competitors more focused on the production of individual components, the Group can select the most suitable solutions for each project, optimizing them in terms of performance, costs and operating requirements. Its lean organizational structure and rapid decision-making process also allow it to operate flexibly on projects of different sizes and complexity. The Group has a strong international profile: in FY25A, 80.7% of Value of Production was generated in non-EU countries, with a significant presence in the Middle East, Africa and Asia. Following its admission to trading on Euronext Growth Milan and the full exercise of the greenshoe option, Dipietro Group raised a total of € 2.10 million through the issuance of 1,400,000 new ordinary shares. The share capital consists of 9,400,000 ordinary shares, in addition to 2,000,000 multiple-voting shares, not admitted to trading and carrying four voting rights each. Dipietro Holding Srl retains 85.11% of the ordinary share capital and 91.95% of the voting rights, while Stability SIM holds 6.76% of the ordinary share capital. The free float stands at 8.14%, corresponding to 765,000 ordinary shares. The listing therefore broadened the shareholder base and provided new financial resources to support development, without materially altering the existing governance structure. For the FY25A-FY28E period, we estimate progressive growth, with Value of Production expected to increase from € 34.75 million in FY25A to € 48.55 million in FY28E. Visibility on growth is supported by an hard backlog of approximately € 50.00 million at year-end 2025, with coverage through 2027, to which approximately € 100.00 million of soft backlog is added. The main growth drivers include development in international markets, particularly India, Kazakhstan and the United States, opportunities related to the conversion of Italian refineries into bio-refineries, and the increasing contribution of the Sales and Service divisions. In terms of profitability, we expect the EBITDA margin to improve from 7.8% in FY25A to 8.9% in FY28E, supported by greater absorption of the cost base, stabilization of personnel costs and a business mix progressively shifting toward higher value-added services. The normalization of working capital and the conversion of work in progress into revenues should also allow NFP to return to a cash-positive position of € 0.61 million as early as FY26E. The valuation was carried out using both DCF methodology and market multiples. The DCF, based on a WACC of 10.69%, yields an equity value of € 28.4 million, while the market multiples method, applying a 25.0% discount to reflect the lower expected liquidity of the stock compared to peers, results in an equity value of € 26.3 million. The average of the two approaches leads to an equity value of approximately € 27.4 million, corresponding to a Target Price of € 2.40 per share, with a BUY rating and MEDIUM risk. |
