Eligo S.p.A.
On 23 December 2022 Eligo 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”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 28 December 2022.
The total equivalent of the resources collected through the placement is equal to Euro 392.920.
The enterprise Eligo S.p.A. is an Italian company active in fashion-tech based in Milan(MI). To this end, the Company has developed an innovative sales channel that integrates, with respect to the classic channels typical of fashion, the assistance of a community of expert independent sellers, trained in house, who guide the end customer, even remotely, in the process of choosing the brands and products distributed in the marketplace. Together with this pioneering sales channel, a further distinctive element is identified in the proprietary E.L.S.A. platform, acronym of Eligo Live Shopping Assistance, through which the Company markets its products, offering an engaging and interactive customer experience for the end customer, combining online shopping and human touch.
Last research Eligo S.p.A.
UPDATE| In FY25A, ISCC reported a performance below both FY24A and our expectations, highlighting how the recovery expected in the second part of the year did not materialize to the extent initially envisaged. Value of production amounted to € 5.40 million (vs € 8.76 million in FY24A), while EBITDA was negative at € -0.93 million (vs € 2.40 million) with a margin of -17.7%. Performance for the year was affected in particular by the timing of certain sale and enhancement transactions, whose economic contribution was lower than initially assumed, with a significant impact especially on the portfolio resale component. Net Income amounted to € -2.28 million, mainly reflecting the contraction in volumes, particularly in portfolio resale, only partially offset by the growth of servicing activities. In light of the 2025 results, we have revised our estimates downward for the next three years. While we had initially interpreted the interim results as mainly related to transaction timing, the full-year data highlighted lower visibility on the conversion of the portfolio into revenues. We now estimate for FY26E a production value of € 7.65 million and EBITDA of € 1.00 million, maintaining a recovery profile over FY27E–FY28E, but on more conservative assumptions. Even in this context, the Company continues to show good operating capacity in the management and enhancement of portfolios; however, FY25A confirms a still-elevated execution risk, with visibility on the growth path still linked to the actual completion and monetization of transactions. We carried out the valuation based on the DCF methodology, including in the calculation of the WACC a specific risk premium of 2.5%. This results in an equity value of € 36.1 million. The target price is € 2.80, with a BUY rating and MEDIUM risk. |
