Assiteca
On 23 July 2015 Assiteca S.p.A. obtained the admission of the shares to the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 27 July 2015.
Integrae SIM has acted as a Nomad and Global Coordinator of the private placement and is currently a Specialist of the Issuer.
The total amount of the collection in the IPO was equal to approximately Euro 7.35 million entirely in a capital increase (of which approximately Euro 504 thousand is reserved for employees).
The placement price is equal to Euro 1.85 except for shares deriving from the capital increase reserved for employees subscribed with a discount equal to 20%. On the first negotiating day, the security recorded a closing price of Euro 1.888 with a +2.05% increase compared to the Placement Price.
The enterprise. Assiteca is the first Italian group in the insurance brokerage market and risk management consultancy (4th overall after the multinationals AON, Marsh, and Willis). Its services are aimed at large, medium, and small companies and are focused on non-life classes (only marginally on the RC Auto “car insurance” class). Since its creation in 1982, Assiteca has played the role of aggregator of minor Italian realities, developing in parallel also for internal growth. It owes its success also to the close relationship with the territory, today it is present in the main Italian cities in correspondence with the main national production and entrepreneurial centers. Assiteca adopts an innovative approach to corporate risk management, enriching the traditional activity of insurance brokerage with specific consulting services aimed at completing the offer of insurance solutions with internal risk management tools.
Ultima Ricerca Assiteca
UPDATE| Borgosesia reported results in line with the Business Plan, confirming a stable operating model and high profitability. Consolidated revenues amounted to €14.43 million, supported by real estate sales and income from repossession strategy receivables. Gross operating profit stood at €9.61 million, undergoing physiological normalization but still accounting for more than 50.0% of revenues, while EBITDA amounted to €7.29 million (margin of 52.5%) with net income of €2.08 million. On the strategic front, tangible progress has been made: the growth in AUM to €133.00 million (compared to €79.00 million at December 31, 2024) confirms the progress of the third-party management model, despite a natural phase of building fundraising capacity in a highly competitive market. Finally, disposals and collections during the period contributed to the improvement in Adj. NFP to €85.02 million, freeing up resources and strengthening the financial structure. Overall, the half-year shows concrete progress in the transformation process and lays a solid foundation for the expansion of recurring and asset-light activities. Considering the performance in the first half of the year and the Company’s recent announcements, we see no reason to update the forecasts made in the previous report. We expect FY25E production value to be €25.50 million with EBITDA of €12.50 million, corresponding to a margin of 49.0%, and growth in production value to €32.7 million (CAGR 24A-27E: 10.1%) in FY27E, with EBITDA of €19.00 million and a margin of 58.1%. We confirm our target price of €2.50, BUY rating, and MEDIUM risk. |
