24 Oct 2018

Circle / 24.10.2018

On 24 October 2018 Circle S.p.A. obtained the admission of its shares on the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 26 October 2018.

Integrae SIM has acted as Nomad, Global Coordinator of Private Placement and is currently a Specialist of the Issuer.

The total equivalent of the resources raised through the operation amounts to Euro 1.5 million, through the issuance of 638,400 newly issued shares without nominal value.

The placement price The unit price of the shares resulting from the placement was set at Euro 2.40; based on this price, the market capitalization at the beginning of the negotiations is equal to Euro 7.57 million.

The enterprise. Founded in Genoa in June 2012, Circle S.p.A. is a management consulting company with distinctive vertical skills in the port and intermodal logistics sector specializing in the development of automation solutions and the digitization of the Supply Chain

Ultima Ricerca Circle

  • UPDATE – 08.10.2024
    The value of production amounted to € 7.27 million, compared to a value of € 7.16 million for 1H23A (€ 6.62 million in 1H23A*), marking a 1.5% increase (+9.8% vs 1H23A*).EBITDA stood at € 1.75 million, down by 10.7% compared to € 1.96 million in the first half of last year, and up by 11.7% compared to the normalised 1H23A* figure (€ 1.57 million). EBIT, after depreciation and amortisation of € 0.46 million, amounted to € 1.29 million (€ 1.51 million in 1H23A and € 0.97 million in 1H23A*). Net Income reached € 1.03 million, down by 8.3% compared to € 1.13 million in 1H23A, but up by 43.3% compared to 1H23A*.

    In light of the published 1H24A half-year results, we fully confirm our estimates for both the current year and the coming years. In particular, we now estimate an FY24E value of production of € 15.70 million, and a EBITDA of € 3.80 million, corresponding to a margin of 24.2%. In the following years, we expect the value of production to reach € 30.35 million (CAGR 23A-27E: 23.1%) in FY27E, with EBITDA equal to € 7.95 million (corresponding to a margin of 26.2%), up from € 3.19 million in FY23A (corresponding to an EBITDA margin of 24.1%).

    We conducted our valuation of the equity value of Circle based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 49.7 million. Using market multiples, the equity value of Circle was calculated as € 47.3 million (including a 25.0% discount). The results give an average equity value of approximately € 48.5 million. The target price is € 10.50, with a BUY rating and MEDIUM risk.
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