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| During 2025, the Group recorded a significant expansion in its core business, with a value of production equal to € 13.09 million, up by 45.7% compared to € 8.99 million as of December 31st, 2024, mainly supported by the increase in work in progress. EBITDA amounted to € 3.68 million, marking a +8.2% increase compared to € 3.40 million in the previous year. However, profitability shows a physiological normalization, with an EBITDA margin of 28.1% (vs. 37.8% in 2024), reflecting higher operating costs in a context of expansion in both the Group’s scope and activity volumes. Due to the higher weight of depreciation and amortization, amounting to approximately € 1.49 million, EBIT stood at € 2.19 million, slightly decreasing compared to € 2.27 million in 2024. Net Income amounted to € 0.86 million, down from € 1.51 million recorded at the end of the previous financial year. In light of the FY25A annual results, we confirm our estimates for the 2026–2028 period. In particular, for FY26E we forecast a value of production of € 27.00 million and an EBITDA of € 7.60 million, corresponding to a margin of 28.1%. For the following years, we expect a positive evolution of the main economic and financial indicators, with value of production projected to grow up to € 35.60 million in FY28E (CAGR 2026E–2028E: 14.8%) and EBITDA reaching € 10.20 million, corresponding to a margin of 28.7%, improving compared to € 3.68 million recorded in FY25A. From a balance sheet perspective, we estimate a net financial position of € 3.92 million in debt for FY28E. We carried out the valuation of Franchetti’s equity value based on the DCF methodology. The DCF method (which, in the WACC calculation, prudently includes a specific risk premium of 2.5%) yields an equity value of approximately € 127.4 million. The target price is € 13.50, with a BUY rating and MEDIUM risk. |
