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

In 1H26A, Value of Production stood at € 3.96 million, up 9.5% compared to € 3.62 million in 1H25A, supported by the commercial recovery, partially offset by the reduction in inventories. Revenues from sales and services increased by 28.9%, from € 3.03 million to € 3.91 million, thanks to the recovery in demand and the growth of B2C and B2B activities. EBITDA returned to positive territory at € 0.40 million, compared to € -0.62 million in 1H25A, benefiting from revenue growth and the rationalization of operating costs, with an EBITDA margin of 10.0%, compared to -17.1% in the previous period. EBIT, after depreciation, amortization and write-downs of € 0.18 million, stood at € 0.21 million compared to € -0.80 million in 1H25A, while Net Income returned to positive territory at € 0.11 million compared to € -0.55 million in 1H25A, reflecting the recovery in operating profitability. From a balance sheet perspective, NFP improved to € 0.94 million of debt, compared to € 1.41 million in FY25A, thanks to stronger operating cash generation and the reduction in net working capital.

In light of the results published in the 1H26A interim financial report, we revise our estimates for both the current year and the following years. In particular, for FY26E we confirm Value of Production at € 9.30 million, while increasing our EBITDA estimate to € 0.95 million, with an EBITDA margin of 10.2%. Over the medium term, we expect Value of Production to reach € 11.70 million in FY28E (25A-28E CAGR: 13.1%), with EBITDA of € 1.30 million and a margin of 11.1%, supported by the progressive improvement in operating efficiency and the development of B2B activities. From a balance sheet perspective, we estimate NFP at € 1.31 million of debt in FY26E, progressively declining to € 0.80 million in FY28E, thanks to stronger operating cash generation and the recovery in profitability. We valued Deodato.Gallery’s equity value using the DCF methodology, which prudentially includes a 2.5% specific risk premium in the WACC calculation. This results in an equity value of approximately € 12.4 million. The target price is € 0.40, with a BUY rating and MEDIUM risk.