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| In 1H26A, RT&L recorded a Value of Production of € 6.24 mn and revenues of € 6.15 mn, with Customs Brokerage confirming its role as the Group’s main business pillar. EBITDA amounted to € 1.00 mn, with an EBITDA margin of 16.1%, affected by Olitrans’ start-up costs and higher post-listing structural costs. After € 0.46 mn of depreciation, amortization and provisions, mainly related to the amortization of P&A Spedizioni’s goodwill, EBIT stood at € 0.54 mn, with an EBIT margin of 8.6%, while Net Income amounted to € 0.35 mn. NFP further improved, remaining cash positive at € 5.59 mn compared to € 5.30 mn at year-end 2025, mainly supported by cash generation from Customs Brokerage, despite the temporary working capital absorption related to the launch of Olitrans. Following the end of the period, on September 10, 2026, RT&L completed the reverse take-over of the LandS Group, acquiring 100% of its share capital: a transformational transaction that significantly expands the Group’s scale and geographical coverage, strengthens the weight of Customs Brokerage and makes cash generation more recurring and predictable. In light of the results published in the half-year financial report as of June 30, 2026, and the completion of the acquisition of LandS, we are revising our estimates for the coming years. Specifically, we estimate FY26E production value at €18.00 million and EBITDA at €3.20 million, corresponding to a margin of 17.8%. For subsequent years, we expect production value to increase to €32.00 million (CAGR 25A–28E: 44.4%) in FY28E, with EBITDA of €5.60 million (corresponding to a margin of 17.3% of production value), up from €2.69 million in FY25A (corresponding to an EBITDA margin of 25.3%). On the balance sheet, we estimate a cash-positive NFP of €6.70 million for FY28E. We conducted the valuation of RT&L’s equity value using the DCF method and multiples from a sample of comparable companies. The DCF method (which, for prudential purposes, also includes a specific risk of 2.5% in the WACC calculation) yields an equity value of €66.9 million. RT&L’s equity value, calculated using market multiples, comes to €34.2 million. This results in an average equity value of approximately €50.6 million. The target price is €4.30, with a BUY rating and MEDIUM risk. |
