A.B.P. Nocivelli
On 26 March 2021, ABP Nocivelli S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 30 March 2021.
Integrae SIM acted as Nomad, Global Coordinator, and Issuer Specialist.
The total equivalent collected is equal to over 11 million euros resulting from the placement, at the price of 3.20 euros each, of a total of 3,450,000 ordinary shares, of which, at the start date of the negotiations, 3,050,000 newly issued and 400,000 shares placed within the fiscal year of the over-allotment option granted by the reference shareholder of the Company to Integrae Sim S.p.A.
The enterprise ABP Nocivelli specializes in the construction of technological systems and Facility Management services, a leader in the sector at a national level in most of the Public-Private Partnership operations for the construction of healthcare and hospital facilities.
Ultima Ricerca A.B.P. Nocivelli
UPDATE| In FY25A, ISCC reported a performance below both FY24A and our expectations, highlighting how the recovery expected in the second part of the year did not materialize to the extent initially envisaged. Value of production amounted to € 5.40 million (vs € 8.76 million in FY24A), while EBITDA was negative at € -0.93 million (vs € 2.40 million) with a margin of -17.7%. Performance for the year was affected in particular by the timing of certain sale and enhancement transactions, whose economic contribution was lower than initially assumed, with a significant impact especially on the portfolio resale component. Net Income amounted to € -2.28 million, mainly reflecting the contraction in volumes, particularly in portfolio resale, only partially offset by the growth of servicing activities. In light of the 2025 results, we have revised our estimates downward for the next three years. While we had initially interpreted the interim results as mainly related to transaction timing, the full-year data highlighted lower visibility on the conversion of the portfolio into revenues. We now estimate for FY26E a production value of € 7.65 million and EBITDA of € 1.00 million, maintaining a recovery profile over FY27E–FY28E, but on more conservative assumptions. Even in this context, the Company continues to show good operating capacity in the management and enhancement of portfolios; however, FY25A confirms a still-elevated execution risk, with visibility on the growth path still linked to the actual completion and monetization of transactions. We carried out the valuation based on the DCF methodology, including in the calculation of the WACC a specific risk premium of 2.5%. This results in an equity value of € 36.1 million. The target price is € 2.80, with a BUY rating and MEDIUM risk. |
