Initiation of Coverage – 19.04.2024

Bellini Nautica SpA, head of the homonymous Group, is an Italian company active and at the forefront in the luxury nautical sector, specializing in the sale, restoration, and commercialization of “Vintage Riva” boats, in the trade of new and second-hand yachts, and the offer of storage and port services. Founded in 1967 in Clusane d’Iseo (BS), along the shores of Lake Iseo, the Company has succeeded, thanks to the experience and passion of the Bellini family, to establish itself as an Italian leader in the restoration of vintage Riva boats, becoming a point a reference for enthusiasts all over the world.  The Company is active in the luxury nautical segment, an area in which Bellini Nautica stands out by providing its customers, both Italian and International, with restoration and marketing assistance for Vintage Riva boats, as well as port and touristic services, and the sale of new and second-hand vessels. It should be noted that Bellini Nautica, within its market niche, aims to satisfy a demanding and wealthy clientele, including Vintage Riva boat collectors, and discerning yachtsmen looking for tailor-made services characterized by attention to detail and professionalism. We have conducted the valuation of Bellini Nautica’s equity value based on the DCF methodology and the multiples of a sample of comparable companies. The value resulting from the application of the DCF methodology (which in the calculation of the WACC includes for prudential purposes a specific risk equal to 2.5%) is equal to € 29.9 mln, while the equity value resulting from the multiples method, applying a 25.0% discount, is equal to € 8.4 mln. The result is an average equity value of € 19.2 mln. The target price is € 3.00, BUY rating and MEDIUM risk.

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