BREAKING NEWS – 10.05.2024

In a press release of May 07, 2024, Intred SpA, a telecommunications operator listed on the Euronext Growth Milan market, reported that its revenues as of March 31, 2024, unaudited and including revenues generated by its subsidiary Connecting Italia Srl, amounted to € 13.80 million, up 13.4 % compared to the same period last year. Revenues from Intred alone amounted to € 13.00 million, up 6.4% from the previous year, while revenues from Connecting Italia Srl alone, which is scheduled to be merged into Intred during 2024, amounted to € 0.85 million. The increase in cumulative revenues is mainly attributable to fiber-optic connection sales, which amounted to € 8.40 million, an increase of 14.9 % compared to the same period last year. Services with recurring fees, the company’s core business, accounting for about 85.3 % of revenues, amounted to € 11.80 million, registering a growth of 14.1 %. Geographically, the provinces of Mantua, Sondrio, Pavia and Lecco show the greatest growth in percentage terms. In fact, thanks to the School Tenders, Intred is actively promoting the expansion of sales in all provinces of Lombardy, with particular focus on the Local Public Administration and Professional sectors. In terms of customer type, there was a significant increase in sales in the PA sector (+11.9%, standing at € 2.80 million); in addition, the Professional sector, growing by 19.0% to € 7.70 million, and the Wholesale sector, which increased by 4.6% to € 1.00 million, also performed well. Also reassuring was the level of the churn rate, which remained below the market benchmark, standing at 4.5%, thus confirming a high degree of customer loyalty to the Company. In the context of the School Tenders, more than 3,700 schools were activated during the first quarter of 2024, with a total turnover of € 2.30 million. The proprietary fiber optic network also grew, by 4.0 %, extending from 11,700 km as of December 31, 2023 to over 12,300 km at the end of March 2024. The result confirms the positive trend for the Company and outlines an important growth path in the medium to long term. Considering what has been communicated, we confirm our positive view: Target Price € 20.50, Rating BUY and Risk MEDIUM.

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