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13 May 2021

Acquazzurra /13.05.2021

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.

Ultima Ricerca Acquazzurra

  • UPDATE – 09.10.2023
    The value of production stands at € 10.78 million, marking a strong growth of 37.5% compared to the 1H22A figure, equal to € 7.84 million, despite the uncertainty of the general economic context. EBITDA stands at € 0.63 million, returning to positive value after the negative 1H22A result of € 0.21 million. The EBITDA margin came in at 5.8%, an improvement compared to the 1H22A figure of -2.7%. EBIT, after depreciation and amortization of € 0.26 million, stands at € 0.37 million, up, due to the investments made, compared to the 1H22A negative figure of € -0.36 million. The NFP is equal to € 0.27 million of debt, an improvement compared to the 2022 end-of-year figure, equal to € 0.87 million of debt.

    In light of the published 1H23A half-year results, we fully confirm our estimates for both the current year and the coming years. In particular, we estimate an FY23E value of production of € 22.00 million, and an EBITDA equal to € 1.00 million, corresponding to a margin of 4.5%. In the following years, we expect the value of production to rise to € 52.35 million (CAGR 22Y-27E: 23.1%) in FY27E, with EBITDA equal to € 3.40 million (corresponding to a margin of 6.5%), up from € 0.14 million in FY22A (corresponding to an EBITDA Margin of 0.8%). On the balance sheet level, however, we estimate a cash positive NFP of € 0.06 million for FY23E.

    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 € 25.8 million. The target price is € 10.00, with a HOLD rating, and MEDIUM risk.
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