On 11 May 2021 Acquazzura 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 13 May 2021.
Integrae SIM acted as Nomad, Global Coordinator, and Bookrunner of the Issuer.
The equivalent of the admission came as a result of the capital increase of a total of 583,500 newly issued ordinary shares, at an offer price equal to 3.50 euros per share, for a total collection of over 2 million euros.
The enterprise Acquazzurra S.p.A is a company active in the bartering sector, with over 15 years of experience, which operates as an intermediary for the sale of advertising space in the major Italian media, with the peculiarity of receiving goods and/or services as payment from advertising companies. Acquazzurra’s client advertisers are high-profile companies, operating in various sectors including furniture, lifestyle, automotive, food&wine, and technology, within which Acquazzurra manages to maintain a high level of specialization thanks to the experience of dedicated accounts. The products received are resold through different channels, always in agreement with the advertiser: retail in the AClub showroom is reserved for members coming from the world of communication, through the e-commerce channel (also reserved for Members only), the wholesale market, and the promotional market.
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UPDATE – 16.10.2024
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The half-year financial report as of 30th June 2024 showed a value of production of € 8,12 mln, down from € 10,78 mln recorded in the same period in 2023. The EBITDA for the period stood at € 0,09 mln, a decline compared to € 0,63 mln in the first half of 2023, primarily reflecting the contraction in revenues. EBIT also decreased, turning negative at € 0,14 mln, compared to € 0,37 mln in 2023. As a result, the company closed the first half of 2024 with a net loss of € 0,15 mln, compared to a net profit of € 0,21 mln reported in the same period in 2023. In terms of balance sheet, it is worth noting that the NFP as of 30th June 2024 worsened slightly compared to the balanced situation recorded as of 31st December 2023, reaching € 0,78 mln in debt.
In light of the results published in the 1H24A report, we are updating our estimates for the current year and the upcoming years. Specifically, we estimate FY24E value of production at € 20,15 mln and an EBITDA of € 0,90 mln, corresponding to a margin of 4,5%. For the following years, we expect the value of production to increase to € 40,15 mln (CAGR 23A-28E: 12,2%) in FY28E, with EBITDA reaching € 3,15 mln (equivalent to a margin of 7,8%), compared to € 0,84 mln in FY23A (with an EBITDA margin of 3,7%). On the balance sheet, we estimate that the NFP will reach a cash-positive position of € 1,89 mln.
We conducted the equity value valuation of Acquazzurra using the DCF methodology. The DCF method (which prudentially includes a specific risk of 2,50% in the WACC calculation) returns an equity value of € 25,6 mln. The target price is € 9,90, with a HOLD rating and MEDIUM risk.
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UPDATE – 16.10.2024
The half-year financial report as of 30th June 2024 showed a...
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UPDATE – 15.04.2024
TThe value of production amounted to € 22.56 million, mark...
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UPDATE – 09.10.2023
The value of production stands at € 10.78 million, marking...
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UPDATE – 12.04.2023
The Value of Production came in at € 18.51 million, compar...