Digital Magics
On 29 July 2013, Digital Magics was admitted to listing on the AIM Italia market by Borsa Italiana. Collection of 4.56 million Euros through placement exclusively in capital increase and the issue, in pre-IPO of convertible loan capital for a further 4 million Euros.
Digital Magics was the first venture incubator in the history of the Italian market to proceed with a listing. The issue of the convertible loan capital and the capital increase was fully subscribed for a total value exceeding 8 million. The operation demonstrated a strong interest in the sector and involved leading institutional investors, including specialized operators, Italian and foreign investment funds, business angels, and high-potential professional investors.
The placement price is equal to € 7.50.
The enterprise. Digital Magics is a venture incubator focused on providing capital and operational assistance to selected innovative startups in the digital media, advertising, and social sectors. The company operates through a synergistic approach between the typical venture capital activity by providing initial seed capital and the incubator activity by providing strategic, logistical, technical, and commercial support. The joint approach of the venture activity and the incubator activity has allowed the company to achieve a significant track record by developing over 35 strat-ups, creating 6 exits (compared to only 4 write-offs) with an overall IRR on the track record that exceeds 30%.
Ultima Ricerca Digital Magics
UPDATE| FY25A represents a key milestone in Redelfi’s growth path, as it confirms both the validity of the strategic focus on Italy and the increasing ability to translate the progress of the BESS pipeline into economic results significantly higher than the previous year. The Group closed 2025 with a value of production of € 27.07 million, up 36.6%, EBITDA of € 15.78 million (+68.0%), with an EBITDA margin of 58.3%, EBIT of € 14.02 million and Net Income of € 7.53 million, of which € 5.22 million attributable to the Group. The Company also reported the achievement of the guidance set out in the 2023–2026 Business Plan, with EBITDA slightly above plan expectations and pro-forma NFP broadly in line. In light of the results published in the annual report, and ahead of the upcoming release of an updated Business Plan by the Company, we leave our estimates largely unchanged, extending the forecast horizon to 2028. In particular, we expect value of production of € 36.00 million in 2026, with EBITDA of € 24.70 million, corresponding to a margin of 68.6%. In the following years, we expect value of production to grow to € 46.50 million in FY28E (CAGR 2025–2028: 19.8%) and EBITDA of € 32.10 million, corresponding to a margin of 69.0%. We carried out the valuation of Redelfi’s equity value based on both the DCF method and market multiples of a sample of comparable companies. The DCF (which, in the WACC calculation, prudently includes a specific risk premium of 2.5%) results in an equity value of € 183.3 million. The equity value based on market multiples is € 167.3 million. This leads to an average equity value of approximately € 175.3 million. The target price is € 14.60, rating BUY and risk MEDIUM. |
