INITIATION OF COVERAGE – 10.07.2023

AATECH SpA Società Benefit, a startup founded in 2019 by Alessandro Andreozzi, is an innovative Tech Builder made up of a group of professionals in the digital sector. The Company has the constant goal of identifying new business models and process innovations able to expand the range of products and services offered in the Fintech and Energy Transaction sectors in Italy. The tech builder activities consist of a constant research of new innovative solutions that solve real business problems and create new opportunities to generate tangible value. Following the process of creation and internal validation, these solutions, in fact, have the potential to become autonomous companies controlled by AATECH itself. To date, the Company has already developed the Sustainability.tech platform, a plug & play solution for the end-to-end management of institutional regulatory obligations, and the Wealth.tech platform, designed to offer Wealth Management services. At the same time, two further platforms are under development: Greentransition.tech, focused on the end-to-end management of a renewable green asset with a collaboration tool and Cobolmigrai.tech, an AI solution for the migration of old COBOL financial systems to new technologies. Through its activity as an innovative tech builder, AATECH operates in the Fintech and Energy Transition sectors. Both the markets are characterized by positive growth expectations for the coming years. As for the Fintech industry, globally the market stood at € 143.00 billion in 2022 and is expected to reach € 699.50 billion by 2030, with a CAGR 22A-30E of 20.5%. With reference to the Energy Transition, on the other hand, the IEA expects the global market to reach a total value of $650.00 billion by 2030, more than triple the 2022 value. We carried out the valuation of the equity value of AATECH based on the Sum of the Parts methodology, therefore aggregating to the value of the Parent Company, including the consolidated companies (PreviOn and Brand Italia), the value of the participated companies Aion Tech, Ulixes, Termo and SCM SIM, taking into consideration the various shareholding percentages. For these companies we applied the market multiples method, considering also a liquidity discount of 25.0%. The result is an Equity Value of € 21,26 mln. The target price is therefore equal to € 3,50, rating BUY, risk MEDIUM.

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