BREAKING NEWS – 30.05.2024

In the press release of May 27, 2024, iVision Tech, an Innovative SME and a company of excellence in “Made in Italy” manufacturing active in the design and production of acetate eyeglass frames and sunglasses, as well as combination eyewear, and owner of the historic high-end French eyewear brands “Henry Jullien” and “Henry Jullien Manufacture,” announced that it has acquired a majority stake of 51.0 % in the share capital of Teknoema Srl (“Teknoema” or “Target”). The Target, based in Emilia Romagna in Rubiera (RE), has been active for more than 40 years in the engineering and manufacturing of components and systems with a specific focus on the EMS (Electronics Manufacturing Services) market by developing customizable electronic boards and equipment. The operation will enable the Group to enhance further and strengthen the development of the iSee project so as to be able to implement, as stated already at the IPO stage, the prototype of an innovative product designed for vision-impaired people. The consideration of the operation, provided through its own resources, amounted to € 1.02 million and enabled the Group to acquire 51.0% of Teknoema. The remaining 49.0% of the share capital of the Target will remain held by the two historical partners who will continue to manage the company. Specifically, Pietro Nesci, founder of Teknoema who holds 39.2 % of the share capital, will continue to carry out the role of CEO, while Barbara Montanari, who holds 9.8 % of the share capital, will hold the role of Operations Managing Director. Stefano Fulchir will hold the position of Chairman of the Board of Directors. Teknoema was founded in 1981 and since its origins distinguished itslf thanks to its strong commitment to R&D activities in the electronics sector, useful to constantly offer to the market innovative and high-quality solutions. The Target, which currently has 35 employees, closed the 2023 fiscal year with a revenue volume of € 5.50 million, an EBITDA of € 0.80 million, an EBITDA margin of 14.4 %, and a Net Income of approximately € 0.30 million. At the balance sheet level, the Target reports NFP amounting to € 2.00 million. In light of the press release, we confirm our estimates: target price € 3.30, rating BUY and risk MEDIUM.

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