On 30 July 2019 Confinvest F.L. S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 01 August 2019.
Integrae SIM acted as Nomad, Global Coordinator, Private Placement Bookrunner, and Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 3 million, through the issuance of 2,000,000 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 1.50; based on this price, the market capitalization at the beginning of the negotiations was equal to Euro 10.5 million.
The enterprise. Confinvest F.L. S.p.A. (“Confinvest”), one of the most important Italian operators in the market for the intermediation of investment gold (bullion and coins), offers investment gold as an alternative asset to liquidity on current accounts, to protect savings. Since 1983, the Company has been managing purchases and sales, with immediate availability, of gold coins (such as, for example, pounds sterling, sea bream, krugerrand, US dollars, crowns, etc.) and gold bars certified by the LBMA (London Bullion Market Association). Confinvest also provides its clients, throughout the investment, with the service of keeping gold in maximum security vaults (so-called Vaulting), the service dedicated to the accumulation plans in physical gold (gradual establishment of a capital in gold, through periodic payments, even of a modest amount, within a certain period, so-called Gold Plan) and listing services daily, valuation of the gold portfolio held by the same, and other supplementary services designed for those who decide to invest in gold. Finally, the Company is a “national market maker”, guaranteeing the certainty and transparency of gold prices; the listings (supply/demand) of the gold price processed daily by Confinvest are taken up by the main Italian newspapers and by the Press Agencies and used for autonomous practice by the sector operators. Finally, Confinvest deals with the processing of the statistical service to support the internal monitoring of price fluctuation (the so-called M.O.M. index). Confinvest has an ongoing project to develop a new digital solution, the LINGOTTO ® ACCOUNT, able to offer a wide target audience the opportunity to access investment in physical gold with extreme ease and speed, thanks to a digital and innovative user experience.
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UPDATE – 12.04.2023
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Revenues amounted to € 43.12 million, up 42.5% from € 30.27 million in 2021, but down on our previous estimate of € 45.00 million. The First Margin recorded a value of € 2.80 million, up by 62.5% compared to € 1.72 million in the previous period, but lower than our estimate of € 3.15 million. Similarly, the ratio between the First Margin and Total Revenues went up from 5.7% in 2021 to 6.5% in 2022. Net Income was positive, demonstrating a strong growth, reaching a value of € 0.46 million, compared to the loss of € -0.10 million of the previous period. Lastly, the NFP amounted to € 0.14 million, down on the previous period, when it was € 1.05 million (cash positive), and on our previous estimate of € 1.65 million (cash positive), mainly due to changes in inventories and the postponement of a receivable already settled at the beginning of 2023.
In light of the results published in the Annual Report for FY22A, we almost fully confirm our estimates for both the current year and the coming years. We estimate a revenue volume for FY23E of € 37.00 million, with a First Margin of € 2.40 million, and an EBITDA of € 0.70 million. In the following years, we expect sales to reach € 43.00 million in FY25E, with a First Margin of € 2.85 million, and an EBITDA of € 1.00 million. Finally, we expect an improvement in the NFP, which, according to our estimates, will go from € 0.14 million in FY22A to € 2.97 million (cash positive) in FY25E.
We conducted our valuation of the equity value of Confinvest based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 15.5 million. The target price is therefore € 2.20 (prev. € 2.15), BUY rating, and MEDIUM risk.
Latest Research Confinvest
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UPDATE – 12.04.2023
Revenues amounted to € 43.12 million, up 42.5% from € 30...