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|In a press release dated August 1st, NVP SpA – an Innovative SME listed on Euronext Growth Milan, active in the end-to-end creation of content for television networks and broadcasting services – published its consolidated results for the first half of the 2023, which expect revenues of approximately € 12.40 million (of which approximately € 0.60 million related to its subsidiary E.G. Audiovisivi Srl), derived as follows: |
approximately € 9.50 million from activities related to sports events, characterized by a growth of approximately 73.0% (€ 5.50 million in 1H22A);
approximately € 2.90 million related to entertainment and fashion activities, which registered a growth of 12.0% compared to the corresponding half-year figure reported in 2022 (€ 2.60 million in 1H22A).
Consolidated revenues as of June 30th, 2023 show an increase of approximately 50.0% compared to what was observed in 1H22A, which recorded total revenues of € 8.20 million. In fact, the Company experienced two consecutive quarters of full growth. Specifically, in 1Q23A revenues of € 6.00 million were generated, up 67.0% from the € 3.60 million produced in 1Q22A, while in 2Q23A revenues of approximately € 6.40 million were recorded, attesting to an increase of 39.0% over the € 4.60 million in 2Q22A.
It should also be noted that revenues generated abroad amounted to approximately € 1.30 million, up 117.0% from € 0.60 million in 1H22A. Finally, there was a significant increase in the value of production, which amounted to approximately € 13.70 million, up from € 9.50 million recorded in 1H22A.
In order to provide a more descriptive overview of the Company’s capital situation, we report the obtaining of a medium-long term KPI ESG Linked loan from Crédit Agricole Italia (and guaranteed by SACE), in the amount of € 1.00 million, aimed at supporting investments for the production of WTA Media and Dazn Group Limited UK. We also point out that the operation is linked to a pricing reduction mechanism conditional on NVP’s achievement of certain environmental objectives.
Finally, it should be noted that on September 14th, NVP announced the closing of the acquisition of the business unit previously held by Euroscena Srl. We report, below, the items making up the business unit being acquired:
the entire technological infrastructure and assets currently used by Euroscena to properly conduct the business unit;
the lease agreement covering the equipment and technology of the OB Van No. 33 mobile studio, signed between Eumovil and Euroscena;
the lease agreement referring to a warehouse located in Tor Cervara (Rome), obtained through the acquisition of a 100.0% partecipation, at a purchase price of € 0.08 million, in Produzioni Italia Srl, a newco set up by Euroscena for the purpose of transferring the business unit to it;
employment contracts with 25 Euroscena resources.
While we are waiting to meet with management and evaluate the first-half financial results, we confirm our recommendation: target price € 7.50, rating BUY and risk MEDIUM.