E-Globe S.p.A.
7/08/2023
On 07th August 2023 E-Globe S.p.A. announces that it has received from Borsa Italiana the order for the admission of the Company’s Ordinary Shares and Warrants on “Euronext Growth Milan Pro”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 09 August 2023.
The total equivalent of the resources collected through the placement is equal to Euro 5,2 millions.
The enterprise e-Globe è una PMI innovativa attiva nella realizzazione, progettazione e distribuzione di sistemi di termoidraulica e condizionamento attraverso la piattaforma proprietaria www.climamarket.it.
Last research E-Globe S.p.A.
UPDATE| During FY24A, E-Globe recorded a production value of €27.44 million, down by 8.2% compared to €29.89 million in the previous year. The EBITDA for FY24A amounted to € -1.39 million, down from € 5.41 million in FY23A and below our expectations of € 3.35 million. The EBITDA margin declined from 18.1% in FY23A to -5.1% in FY24A. EBIT, after depreciation and amortization charges of €0.70 million, declined from €5.02 million in FY23A to € -2.09 million in FY24A, with the EBIT margin falling from 16.8% to -7.6%. As a result, Net Income also turned negative, amounting to € -2.12 million, compared to a positive result of €1.54 million recorded in the previous year. From a balance sheet perspective, the Net Financial Position (NFP) moved from a cash-positive position of €1.63 million in FY23A to a net debt of €3.75 million in FY24A. 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 FY24E value of production of € 38.15 million, and an EBITDA of € 3.00 million, corresponding to a margin of 7.9%. In the following years, we expect the value of production to reach € 47.20 million (CAGR 23A-26E: 19.8%) in FY27E, with EBITDA equal to € 4.70 million (corresponding to a margin of 10.0%), up from € -1.39 million in FY24A (corresponding to an EBITDA margin of -5.1%). From a balance sheet perspective, we expect an improvement in Net Financial Position (NFP), which, according to our estimates, is projected to improve from a debt position of €3.75 million in FY24A to € 2.36 million, still in debt, in FY25E. We conducted our valuation of the equity value of E-Globe 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 € 20.8 million. The target price is € 1.15, with a BUY rating and MEDIUM risk |
