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| FY25A represents a key milestone in Redelfi’s growth path, as it confirms both the validity of the strategic focus on Italy and the increasing ability to translate the progress of the BESS pipeline into economic results significantly higher than the previous year. The Group closed 2025 with a value of production of € 27.07 million, up 36.6%, EBITDA of € 15.78 million (+68.0%), with an EBITDA margin of 58.3%, EBIT of € 14.02 million and Net Income of € 7.53 million, of which € 5.22 million attributable to the Group. The Company also reported the achievement of the guidance set out in the 2023–2026 Business Plan, with EBITDA slightly above plan expectations and pro-forma NFP broadly in line. In light of the results published in the annual report, and ahead of the upcoming release of an updated Business Plan by the Company, we leave our estimates largely unchanged, extending the forecast horizon to 2028. In particular, we expect value of production of € 36.00 million in 2026, with EBITDA of € 24.70 million, corresponding to a margin of 68.6%. In the following years, we expect value of production to grow to € 46.50 million in FY28E (CAGR 2025–2028: 19.8%) and EBITDA of € 32.10 million, corresponding to a margin of 69.0%. We carried out the valuation of Redelfi’s equity value based on both the DCF method and market multiples of a sample of comparable companies. The DCF (which, in the WACC calculation, prudently includes a specific risk premium of 2.5%) results in an equity value of € 183.3 million. The equity value based on market multiples is € 167.3 million. This leads to an average equity value of approximately € 175.3 million. The target price is € 14.60, rating BUY and risk MEDIUM. |
