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| The results of the Promotica Group confirm, as expected, the growth in volumes both in Italy and abroad (VoP +14.6% yoy), but reflect higher personnel, freight, and logistics costs, incurred to strengthen the commercial structure in anticipation of the further expansion that began in 2025. EBITDA for the period stands at €6.03 million, -22.7% yoy and with a margin of 6.3% (9.2% in 2023), while Net Income amounts to €1.56 million compared to €3.35 million recorded in the previous year. Despite the delay of some significant campaigns and the increase in inventory to optimize procurement, there is a clear improvement in terms of NFP, which is expected to continue in the coming years as a result of the forecasted volume growth. The Company also announced the distribution of an ordinary dividend of €0.09 per share. Considering the completed fiscal year, the new campaigns acquired over the past 12 months, and the investments undertaken, we update the forecast for the 2025–2027 period, incorporating into our estimates a significant increase in sales revenues starting from 2025. We expect FY25E value of production of €142.0 million with EBITDA of €13.3 million, corresponding to a margin of 9.5%, and revenue growth up to €174.0 million (CAGR 24A–27E: 21.4%) in FY27E, with EBITDA of €18.9 million and a margin of 11.0%. We also revise upward our equity value assessment of Promotica, conducted using the DCF methodology including a specific risk of 2.5%, to €127.9 million. The target price is therefore €7.50 (prev. €6.50). We confirm BUY rating and MEDIUM risk. |
