BREAKING NEWS – 31.01.2024

In a press release issued on January 29, 2024, Intred SpA, a telecommunications operator listed on the Euronext Growth Milan market, announced that it has signed a binding agreement with Aliedo SpA, as the seller, to acquire 100% of the share capital of Connecting Italia Srl. The target company Connecting Italia Srl is a TLC operator active in Lombardy since 2012, specializing in the provision of broadband and ultra-wideband connectivity, fixed telephony and various digital services to about 2,000 business customers. During 2022, the company reported revenues of € 2.50 million, EBITDA of € 0.28 million (corresponding to a marginality of 11.0%) and NFP of € 0.50 million (debt). By 2023, revenues of more than € 3.00 million are expected with an EBITDA margin of more than 20.0%. The operation, fully funded by Intred from its own resources, will provide for the payment of: a fixed component, amounting to € 3.60 million, subject to adjustment based on the NFP of the target company on the date of execution; a variable component, amounting to a maximum of € 0.40 million, in favor of the seller Aliedo SpA upon achievement of certain EBITDA and sales objectives by the target company during 2024.  We consider the press release to be positive, as we expect the operation to generate excellent synergies as well as solid growth opportunities for the Group in the future. While waiting for the closing of the operation, expected at the end of April, and to assess the fiscal year 2023 results, we confirm our estimates: Target Price € 19.50, Rating BUY and risk MEDIUM.

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