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30 Dec 2020

Convergenze /30.12.2020 /30.12.2020

On 28 December 2020, Convergenze 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 30 December 2020.

Integrae SIM acted as Nomad, Global Coordinator, and Issuer Specialist.

During the placement phase, Convergenze raised 2.8 million euros, of which 0.3 million euros were reserved for the fiscal year of the greenshoe option in the capital increase. The free float at the time of admission is 21.5% and the capitalization is approximately equal to 12.3 million euros, assuming the full fiscal year of the greenshoe option.

The enterprise of Convergenze S.p.A. Società Benefit is a nationally active integrated technology operator in the Telecommunications, Energy, and E-mobility sectors with the EVO (Electric Vehicles Only) network. It is based, operational and legal, in Capaccio Paestum, in the province of Salerno.

Ultima Ricerca Convergenze /30.12.2020

  • UPDATE – 08.10.2024
    In the semi-annual financial report as of 30th June 2024, Convergenze recorded a value of production of € 12.10 million, attributed to the activities of its two Business Units: TLC (€ 5.56 million, representing 46.0% of the total) and Energy (€ 6.45 million, representing 53.3%), with other revenues of € 0.09 million (0.7%). The EBITDA for the period amounted to € 2.27 million, marking a sharp increase of 73.0% compared to the previous year (€ 1.31 million), with an EBITDA margin of 18.7%. EBIT followed the same upward trend as EBITDA, showing significant growth, reaching € 1.27 million compared to € 0.40 million in 1H23A. Net Income was also positive, amounting to € 0.61 million, up from € 0.05 million in the first half of 2023.

    In light of the results published in the 1H24A semi-annual report, we fully confirm our estimates for both the current year and the upcoming years. Specifically, we estimate a value of production of € 25.50 million for FY24E and an EBITDA of € 3.95 million, corresponding to a margin of 15.5%. We expect the value of production to increase to € 31.05 million (CAGR 23A-26E: 10.8%) by FY26E, with an EBITDA of € 5.75 million (EBITDA margin of 18.5%), growing from € 3.22 million in FY23A (EBITDA margin of 14.1%).

    We conducted the equity value assessment of Convergenze based on the discounted cash flow (DCF) methodology and the multiples of a sample of comparable companies. The DCF method (which includes a specific risk of 2.5% in the WACC calculation for prudential purposes) yields an equity value of €37.6 million. The equity value of Convergenze, using market multiples, amounts to €26.0 million (including a 25.0% discount). This results in an average equity value of approximately €31.8 million. The target price is €4.25 (unchanged), with a BUY rating and MEDIUM risk.

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