Destination Italia
On 15 October 2021, Destination Italia 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 19 October 2021.
Integrae SIM acted as Nomad and Global Coordinator of the Issuer.
The equivalent of the placement is approximately equal to euro 3.5 million, at the offer price of euro 0.95 per share. Through the IPO transaction, in the event of the full fiscal year of the greenshoe option (capital increase) granted to Integrae SIM S.p.A., the total value of the resources collected is approximately Euro 3.5 million. The placement, aimed mainly at leading institutional and professional investors, at a price of Euro 0.95 per ordinary share, had as its object a maximum total of 3,630,000 ordinary shares, of which 3,157,500 were newly issued at the start date of the negotiations and 472,500 deriving from the fiscal year of the over-allotment option, granted by the majority shareholder Lensed Star S.r.l. to Integrae SIM S.p.A., as Global Coordinator.
The enterprise Destination Italia S.p.A. is the first Italian Travel Tech specializing in quality tourism from abroad to Italy. The Destination Italia Group was founded in September 2016 and is a leader in Italy in incoming tourism and B2B experiential tourism thanks to its innovative plug-and-play platform that offers travel agencies and international tour operators the opportunity to purchase, aggregate, and structure selected and exclusive travel packages and tourist services for their clients. Since its establishment, the Group has brought more than 500,000 tourists from 85 countries around the world to Italy with an offer that includes more than 10,000 accommodation facilities throughout Italy. Destination Italia S.p.A. is the parent company and controls 100% of the operating company Destination 2 Italia S.r.l. Destination Italia offers more than 1,000 tour operators and travel agents worldwide tourist packages and travel experiences in three sales segments: the Luxury segment, through the “SONO Travel Club” brand, with a highly personalized and tailored service and a higher average ticket; the Mainstream segment, through the “Destination Italia” brand, with the destinations most requested by foreign tourists; the XML sales channel, developed in 2019 to automate the purchasing process in the different international markets.
Ultima Ricerca Destination Italia
UPDATE| In FY24A, the Group recorded a production value of €57.78 million, up 4.2% compared to €55.44 million in 2023. In 2024, consolidated EBITDA amounted to €0.94 million, a marked improvement compared to the negative result of € -0.05 million recorded in FY23A, and above our previous estimate of €0.65 million. The return to positive operating profitability (EBITDA margin of 1.6%) reflects a combination of cost-containment measures and a progressive improvement in operational efficiency following the merger. EBIT, after depreciation and amortization of €2.64 million, amounted to € -1.70 million, representing an improvement compared to the € -1.97 million reported in 2023. In FY24A, Net Income amounted to € -1.63 million, representing an improvement compared to the net loss of € -2.25 million recorded in 2023. Finally, Net Financial Position (NFP) stood at €15.17 million in debt as of FY24A, marking a deterioration compared to the €11.61 million recorded in 2023. In light of the results published in the FY24A annual report, we have adjusted our estimates for both the current and the following years. In particular, we now estimate an FY25E value of production of € 87.50 million, and an EBITDA of € 4.20 million, corresponding to a margin of 4.8%. In the following years, we expect the value of production to reach € 164.00 million (CAGR 24A-28E: 29.8%) in FY28E, with EBITDA equal to € 14,50 million (corresponding to a margin of 8.8%), up from € 0,94 million in FY24A (corresponding to an EBITDA margin of 1.6%). On the balance sheet, we estimate a Net Financial Position (NFP) of €15.09 million in debt for FY25E. Concerning capital expenditure, we estimate total Capex for the period 2025E–2028E to amount to approximately €31.00 million. We conducted our valuation of the equity value of Destination Italia 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 € 30,60 million. The target price is € 1.45, with a BUY rating and MEDIUM risk. |
