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|In the press release of 29th May 2023, Impianti S.p.A. – a company founded in 1992 with over 30 years of experience as a System Integrator in the ICT & Audio Video sectors, with a particular focus on Video Communication & UCC (Unified Communication & Collaboration) solutions, listed on the Euronext Growth Milan (EGM) market – announces that, on 2 May 2023, the VAT model 2023, referring to the VAT credit for the tax period 2022, was submitted to the Revenue Agency and is indicated in the 2022 budget file. A compliance visa was affixed for € 1.16 million, of which € 0.56 million is to be offset or deducted against other taxes and of which € 0.6 million is to be refunded. The VAT Credit can be attributed to the increase in sales that occurred in reference to customers operating under the “split payment” scheme and to the increase in sales of the E-Commerce division to foreign countries that do not generate VAT payable. |
At the announcement date, the Company signed an agreement for non-recourse factoring, aimed at shortening the time required to dispose of the amount, with one of its main banking partners, for an amount equal to the total amount to be reimbursed.
In addition, Impianti SpA reports that it has received a tax credit from MIMIT (Ministry of Business and Made in Italy), pursuant to Art. 1 paragraph 89-92 of Law No. 205 of 27 December 2017 (so-called. IPO Tax Credit) in the amount of € 0.23 million, according to the terms set forth in Article 7 of the MISE (Ministry of Economic Development) Decree of 23 April 2018.
The Company expects that the benefits from the transaction will be reflected in its half-year results, the approval date for which has been set for 28 September 2023.
Considering the press release, we confirm our recommendation: target price € 2.35, BUY rating and risk MEDIUM.