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|In the press release of 22 March 2023, Destination Italia SpA, the leading Italian Travel Tech company, leader in quality incoming tourism and experiential tourism for tour operators and international travel agencies, announced that the consolidated Gross Travel Value (GTV) on 31 December 2022, representative of the total value of tourism services sold to customers, amounted to € 27.60 million, up 268.0% compared to € 7.50 million for the same period of 2021.|
The Company also announced that, despite the Russian-Ukrainian conflict that simultaneously reduced bookings in that area, more than offset by the growth of all other geographical areas covered (including North America), it managed to reach a Gross Booking Value (GBV) of € 18.30 million on 20 March 2023, an increase of more than 200.0% compared to the same period in 2022 and more than 30.0% compared to the Pre-Covid results of 2019.
The result of the GTV on 31 December 2022 derives, in addition to the repositioning of the Company on market segments with the highest spending capacity, from the balancing strategies of the geographical portfolio and the great experience and execution skills of the team. During 2022, the Group was also able to record an increase in high-end tourist bookings from many European Union countries, including Spain and the United Kingdom, as well as from the United States, Canada and Australia. The Middle Eastern market, on the other hand, is stable; however, tourists from Latin America (Brazil and Argentina) are growing. The Russian market is decreasing due to the restrictions still in place.
Finally, taking up what was previously reported by Destination Italia SpA, and Portale Sardegna SpA, an online travel agency (OTA), specialized in the incoming tourism sector in Sardinia, Puglia and Sicily destinations, which promoted and developed the Local Expert model and owner of the HUBCORE technology, both listed on Euronext Growth Milan, through the joint press release of 20 March 2023, announced that the respective Shareholders’ Meetings approved the joint merger project by incorporation of Portale Sardegna into Destination Italia.
Considering what has been communicated, it should be noted that the Group is facing a strong path of growth and business development through the merger by incorporation. However, while waiting to assess the future evolution of the Group and quantify these important synergies and its growth prospects, we confirm our estimates: U/R recommendation, U/R Target Price and Medium risk.