| In the press release of October 17th, 2024, IDNTT, a MarTech Content Factory active in omnichannel content production, listed on the Euronext Growth Milan market and the “Quotation Board” segment of the Frankfurt Stock Exchange, announced the completion of the acquisition of 100.0% of the share capital of Take Srl, an Italian content factory, which holds 60.0% of Cantiere Srl, an agency specialized in public relations and media relations. Take is a content factory that aims to create value at every stage of a communication project, from defining the strategy to delivering the final project design. The agency has always taken a consultative approach, with the goal of establishing long-term partnerships with clients. Take’s distinctive traits include vision and day-to-day operational management, which materialize in its Strategy and Content Factory services. The company also owns 60% of Cantiere Srl, an Italian PR and Media Relations agency active since 2003, led by founder and partner Alessandra Medolago Albani, specializing in the creation of projects and content, and providing services to enhance clients’ reputation and business. Both companies boast a well-established portfolio of high-profile clients with long-standing relationships. Examples include: FASTWEB, for which Take has managed, for over 20 years, the production and management of ATL, BTL, and digital campaigns, the production of omnichannel video content, as well as the distribution and setup of communication materials at Fastweb stores across the country, becoming its official content factory. PIRELLI, where Take has supported the client for nearly 15 years in launching new car tires and managing retail communication. F.I.L.A. – Fabbrica Italiana Lapis ed Affini, which Cantiere has been assisting since 2004, focusing on the development of innovative projects, partnerships with stakeholders in education, culture, and creativity, and managing media relations. In 2023, Take also obtained UNI PDR 125 certification for gender equality and the silver medal from Ecovadis for sustainability. In terms of financial performance, in the fiscal year ended December 31st, 2023, the aggregated figures for Take and Cantiere show revenues of € 4.50 million, an EBITDA of approximately € 0.04 million, and a positive net financial position of € 0.22 million. Following the acquisitions of C41 and RealLife Television, the number of acquisition deals completed by IDNTT in 2024 rises to three, alongside the reorganization of IDNTT+ for entry into the video game sector and the creation of STAR KITCHEN (through subsidiary In-Sane and a joint venture with KUIRI), aimed at strategically entering the FOOD & BEVERAGE sector, leveraging content created by content creators. The overall revenue of the IDNTT Group in 2023, including RLTV and TAKE, amounts to a total of €28.30 million. This acquisition aligns with IDNTT’s expansion strategy aimed at consolidating its presence in the relevant sector, acquiring innovation and expertise, expanding its range of services, and increasing its corporate client base. In particular, new technologies for content management and automation will be integrated, video production for the “IDNTT STUDIOS” business unit will be enhanced thanks to Take’s experience and its team of about 10 specialized professionals, as well as a multifunctional space of approximately 1,000 square meters in Milan. The consultancy offer will also be expanded with Public & Media Relations activities. This acquisition marks a significant step forward in the company’s development plan, strengthening its strategic market position and enhancing its capacity for innovation. With the expansion of the client portfolio to include new corporate clients and the integration of advanced technologies and expertise, the company will be better equipped to address competitive challenges, continuing to offer valuable solutions in content management and production. In light of this announcement, we confirm our recommendation: Target Price € 6.60, BUY rating, and MEDIUM risk. |