BREAKING NEWS – 16.04.2024

In the press release of April 11, 2024, Longino & Cardenal SpA, a company active in the research, selection and distribution of rare and valuable foods and a reference point for national and international haute cuisine, announced the successful establishment of Longino Digital Factory Srl, with the strategic objective of promoting new activities in the digital-food sector by leveraging its know-how gained from more than 30 years of experience with the collaboration of more than 5,000 stakeholders in the industry, including star chefs. Specifically, Longino Digital Factory Srl is the first result of the new strategy line undertaken by the Group, following the digitization process initiated in the pandemic period (2020), which enabled operational and organizational efficiency, together with the creation of three e-commerce platforms dedicated to the end consumer (B2C) in Italy, Hong Kong and Dubai, along with a specific e-commerce for customers in the restaurant sector (B2B). At the same time, new digital marketing strategies were introduced, with many activities internalized through the creation of a dedicated team. The new Company, with a 51.0% shareholding of Longino & Cardenal SpA, 30.0% of Vincenzo Cannata (former Digital & eCommerce Director of L&C ) and 19.0% of Lorenzo Errico (former Digital Marketing Manager of L&C), will focus on spreading gastronomic know-how by promoting the digital transformation for Food & Beverage companies, offering consulting, training and assistance in implementing digital marketing and communication strategies, market analysis, website and e-commerce management, content creation, social media campaigns, and SEO and SEM optimization. At the same time, the Group communicated the managerial reorganization of the Administration and Finance function, which saw the departure of Dr. Paolo Barbieri, with immediate delegation to the executive councilors Riccardo Uleri, former Chairman of the Company, and Cristina Sambuchi, former CFO of the Company from 2003 to 2019 and current Investor Relations Manager. This reorganization is part of the continuous cost optimization plan enabled by the investments made in digitization in recent years to streamline business processes. In light of the press release, we confirm our estimates: target price € 4.00 BUY rating and risk MEDIUM.

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