Blue Note

18/07/2014

On 18 July 2014 Blue Note S.p.A. was admitted to the AIM Italia market by Borsa Italiana. Integræ SIM is a Nomad and Global Coordinator of the operation. The total collection at the IPO was equal to € 1 million, all through a capital increase.

The placement price is equal to € 3.12.

The enterprise. Blue Note, opened in 2003, is a jazz club and restaurant located in via Borsieri 37 in Milan and is considered one of the most important and famous showcases for jazz music in Europe and the world. The offer of services the group includes three different areas: the organization of shows, catering, and services for corporate clients

Ultima Ricerca Blue Note

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.