BREAKING NEWS 06.06.2024

In the press release of June 4, 2024, Siav SpA – a leading Italian Benefit Company in the field of Enterprise Content Management, listed on the Euronext Growth Milan (EGM) market – announced that it has obtained the first tranche of executive orders, amounting to € 5.70 million, related to the tender for the contracting of application services in the cloud for central public administrations, which was announced by Consip and awarded in RTI led by CapGemini SpA in September 2022. The project covers four public entities, two of which are active in the social security-welfare field, and two dedicated to activities in the economic-financial field. According to the press release of September 19, 2022, the total amount provided for by the terms of the tender amounts to approximately € 144.00 million, of which € 20.20 million is attributable to the Group, to be used in a 48-month time frame, corresponding to the maximum binding threshold for the execution of the projects. The current organizational and procedural situation has caused a postponement of the start of the aforementioned projects, leading to a shortening of the available timeframe, providing for a maximum of 36 months.  The Group will oversee software implementation and evolutionary maintenance, support in the migration phase to cloud services, as well as ICT technical support and customization of third-party, open source or reused software, starting in June this year. Taking the press release into consideration, we confirm our recommendation: target price is € 6.80, rating BUY and risk MEDIUM.

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