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 – 15.04.2024
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TThe value of production amounted to € 22.56 million, marking a growth of 21.9% compared to the FY22A value of € 18.51 million, despite the uncertain geopolitical context and highly unstable raw material and energy prices. EBITDA came in at € 0.84 million, compared to € 0.14 million in FY22A, recording an increase of 495.0%. EBIT, after depreciation and amortization of € 0.56 million, was € 0.27 million. Net Income amounted to € 0.11 million, up 151.0% compared to the negative data reported for FY22A of € -0.21 million. The NFP was € 0.00 million, reaching the parity threshold from the FY22A figure of € 0.87 million of debt.
Given the results published in the FY23A annual report, we have adjusted our estimates for both the current and the following years. In particular, we now estimate an FY24E value of production of € 24.00 million, and an EBITDA of € 1.10 million, corresponding to a margin of 4.6%. In the following years, we expect the value of production to reach € 42.30 million (CAGR 23A-28E: 13.4%) in FY28E, with EBITDA equal to € 3.40 million (corresponding to a margin of 8.0%), up from € 0.84 million in FY23A (corresponding to an EBITDA margin of 3.7%). On the balance sheet, on the other hand, we estimate a cash positive NFP of € 0.24 million for FY24E.
We conducted our valuation of the equity value of Acquazzurra based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.50% in the calculation of the WACC) returned an equity value of € 25.1 million. The target price is € 9.70, with a HOLD rating and MEDIUM risk.
Latest Research Acquazzurra
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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...