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Breaking News, Research 3 Jan 2023

BREAKING NEWS – 03.01.2022

In the press release of 02 January 2023, Borgosesia SpA, an industrial holding company active in the sector of investments in non-performing and alternative assets, aimed at revitalizing real estate projects, listed on Euronext Milan, announced the annual results in terms of revenues, showing a growth of 32.0%.

In particular, thanks also to the contribution offered by Green Soluzioni Immobiliari Srl, the Group has managed to conclude the year with real estate sales for a total of € 28.8 million, a strong growth compared to € 21.8 million in 2021.

In addition, on 30 December 2023, Borgosesia, communicated a report on the activities of the second half of 2022 which ended with new investments for a total of € 14.90 million. Considering also the first year-half, the Group recorded investments in 2022 for a total of € 32.40 million, showing growth compared to € 22.20 million in 2021.

To achieve this result, Borgosesia has continued to concentrate its resources towards two types of investments: brownfield investments, that consist in interventions that require limited additional investment for completion, and real estate developments to be carried out in partnership with manufacturers and suppliers able to guarantee their realization at predetermined costs.

Investing € 5.50 million Borgosesia took over loans, mainly secured by first-degree collaterals on a residential/accommodation complex on Lake Garda for a total of € 18.00 million. For this portfolio, the Group expects to complete the repossession activities and start the discharge process for residential units in 2023.

The Group continued its investments for the repossession of Tenuta Petriolo, located in Chianti Senese, investing € 1.30 million through the purchase of the residual debt exposure and by extending the operation also to the farm, which will be destined to lease the land of 29 hectares of which 15 of vineyards, for the production of Chianti DOCG.

Investing € 1.80 million, Borgosesia took over the remaining 40.0% of the share capital of Tinvest Srl in the hands of minority shareholders, thus acquiring a total shareholding. Tinvest Srl is a corporate vehicle established for a residential tourism intervention in Tremosine, located in the Lake Garda area, which will start the works of valorization and commercialization of the area in 2023.

By investing € 1.00 million, Borgosesia has managed to take over 51.0% of 4F Srl, a company that, after being awarded a building plot of about 150,000 square meters in Carimate (CO), presents a residential project that involves the construction of 70 villas characterized by a modern style.

Finally, as already announced on 7 November, Borgosesia has subscribed an increase in the share capital in Green Soluzioni Immobiliari Srl for a total of € 4.00 million, a company of which it has also taken over the shares of minority shareholders for a total of € 1.25 million.

Considering the new investments and the trend of the activities, waiting to evaluate the economic results of the second half of the 2022 fiscal year, we confirm our estimates: target price € 1.50 rating BUY and risk medium.

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