Deodato Gallery S.p.A.

25/01/2023

In data 23 gennaio 2023 Deodato Gallery S.p.A. comunica di aver ricevuto da parte di Borsa Italiana il provvedimento di ammissione delle Azioni ordinarie e dei Warrant della Società su “Euronext Growth Milan”, sistema multilaterale di negoziazione organizzato e gestito da Borsa Italiana. L’inizio delle negoziazioni è avvenuto in data 25 gennaio 2023.

Il controvalore complessivo delle risorse raccolte attraverso il collocamento è pari a 2.200,00 euro.

L’attività Deodato S.p.A. è una PMI innovativa che opera nel mercato dell’arte contemporanea, con focus principale nel segmento della street art e della pop art. La struttura commerciale della Deodato.Gallery S.p.A. e delle sue controllate è inbound e conta 14 gallerie distribuite tra Italia, Belgio e Svizzera; l’inbound risulta fortemente basato sui siti web che sviluppano leads per arrivare a circa 187 vendite al mese.

Last research Deodato Gallery S.p.A.

UPDATE

At the end of FY24A, the value of production amounted to € 9.46 million, recording a slight decrease both compared to FY23A (-16.9%), which was € 11.37 million, and our previous estimates of € 11.50 million. EBITDA for FY24A stood at € 0.61 million, showing an increase of 14.7% compared to € 0.53 million in the previous period, but falling short of our earlier estimate of € 1.10 million. The EBITDA margin rose from 4.7% in FY23A to 6.4% in FY24A. EBIT, after depreciation and amortisation of € 0.36 million, amounted to € 0.25 million, an increase compared to € 0.14 million in FY23A. As a result, the EBIT margin stood at 2.6%, higher than the 1.2% recorded in FY23A. Net income at the end of the period was € 0.15 million, a slight increase from € 0.01 million in FY23A, though also below our estimate of € 0.45 million.

In light of the results published in the annual report for FY24A, we have revised our estimates for both the current year and the upcoming years. Specifically, we forecast FY25E revenues of € 10.10 million and EBITDA of € 0.95 million, corresponding to a margin of 9.4%. For the following years, we expect revenues to increase to € 12.80 million in FY27E (CAGR 24A–27E: 10.6%), with EBITDA reaching € 2.25 million (corresponding to a margin of 17.6%), up from € 0.61 million in FY24A (corresponding to an adjusted EBITDA margin of 6.4%). In terms of balance sheet figures, we estimate a cash-positive net financial position of € 0.37 million for FY27E. We carried out the equity valuation of Deodato.gallery using the DCF methodology (including a 2.5% specific risk in the WACC calculation for prudential purposes). The resulting average equity value is approximately € 18.7 million. The target price is € 0.60, with a BUY rating and MEDIUM risk.