BREAKING NEWS – 17.11.2023

In the press release of November 15, 2023, Spindox, a leading company in the market of ICT (Information & Communication Technology) services and products for digital innovation in enterprise business, reported the unaudited consolidated financial highlights for the first 9 months of the fiscal year 2023. As of September 30, 2023, the Group achieved a consolidated value of production of € 73.20 million, showing a growth of 27.1 % compared to the first 9 months of 2022. This excellent performance is mainly attributable to the higher volumes realized within the Manufacturing & Retail, Automotive, Diversified Industries and Fashion product sectors, as well as to the successes achieved in the area of cybersecurity. In this regard, it should be noted that the subsidiary Oplium Italia Srl, established at the beginning of 2022, and active in the cybersecurity field, recorded a value of production at the end of 3Q23A of € 2.10 million showing a significant growth compared to € 0.40 million of the previous period. Regarding the contribution of Deep Consulting Srl, the latest company to join the Group, it should be noted that the company accounts for a value of production of € 6.80 million. EBITDA, at the end of the first 9 months of 2023 amounted to € 5.40 million, registering a growth of 20.6% compared to the previous period. EBITDA margin, was 7.4% remaining in line with what was observed at the end of the first half of 2023. Finally, looking at the balance sheet, NFP as of September 30, 2023, stood at € 7.20 million of debt, compared to a value of € 3.90 million of debt at the end of 2022. This negative variation of € 3.30 million is attributable to: Investments that caused a cash absorption of approximately € 1.70 million, of which approximately € 0.40 million related to the Ublique© decision intelligence platform; Cash absorption from operations of approximately € 1.60 million. It should be noted, however, that the cash absorption from operations relates to a working capital dynamic typycal of the third quarter of the year, that is attributable to a seasonal and recurring phenomenon, resulting in a different cash flow development than in other quarters of the year. The Company, in fact, expects that during the 4th quarter, operating activities will return to generating cash, as happened in previous years. Taking into consideration the above statement, we confirm our estimates: target price € 16.00, rating BUY and risk MEDIUM.

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