| Borgosesia made significant progress in its transformation into an integrated manager of alternative assets, strengthening the recurring component of its business and expanding third-party asset management activities. The value of production stood at € 24.52 million (+6.3% YoY), supported by asset revaluations and rental income, while revenues from operations declined due to extraordinary items recorded in 2023. The gross margin from operating activities increased by 18.2% to € 17.32 million, driven by the Real Estate division. EBITDA reached € 12.99 million (+28.0%) with a margin exceeding 53.0%, and Net Income stood at € 2.53 million. The proprietary portfolio grew to € 169.6 million, while third-party assets under management rose to € 78.61 million. The Company strengthened its “two-sided” strategy through new initiatives (MyCredit, Borgosesia Agency, Herman-PNGroup). Following the FY24 results, we do not identify any material elements requiring a revision of the forecasts outlined in our previous January 2025 report. We expect FY25E value of production to reach € 25.50 million, with EBITDA of € 12.50 million, corresponding to a 49.0% margin, and further growth in value of production to € 32.70 million by FY27E (CAGR 24A–27E: 10.1%), with EBITDA of € 19.00 million and EBITDA margin of 58.1%. We confirm our target price of € 2.50, BUY rating, and MEDIUM risk profile. |
