On 22 October 2020, Esi 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 26 October 2020.
Integrae SIM acted as Nomad, Global Coordinator, and Issuer Specialist.
Admission to negotiating took place following the placement, mainly aimed at institutional and professional investors, of a total of 1,428,000 ordinary shares, of which 1,242,000 were newly issued shares and 186,000 shares were placed as part of the fiscal year of the over-allotment option.
The total equivalent of the resources collected amounted is equal to Euro 2,998,800, with a price for each share determined at € 2.10 and orders received for about 38% from Italian professional investors and about 57% from institutional investors, Italian (21%) and foreign (36%).
The enterprise ESI S.p.A. (Energy System Integrator) is an Italian company active in the Renewable Energy market that operates as an EPC (Engineering, Procurement, and Construction) and System Integrator, able to oversee the entire value chain and develop turnkey solutions for complex energy projects of large and small dimensions: from the study of the project to engineering to the executive implementation of the plant, with an eye to its financial sustainability. ESI is active, as EPC, in the segments of photovoltaics, wind, off-grid, mini-grid (supply of electricity in remote areas), and hybrid for the construction, in every environmental context, of photovoltaic systems and power plants (wind farms) of large size and power, which require increasingly sophisticated construction technologies.
Ultima Ricerca Esi / 22.10.2020
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UPDATE – 10.10.2022
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The Company generated a value of production equal to € 14.86 million, a considerable increase (+ 662.2%) compared to the previous period, which closed with a value of € 1.95 million. This growth is the result of the acquisition of new orders made between the end of 2021 and the beginning of 2022 in Italy (EPC business unit) and abroad (System Integrator business unit) for the construction of mini-grid and photovoltaic plants commissioned by International Development Funds. EBITDA stood at € 0.78 million, showing significant growth compared to € 0.16 million in the previous fiscal year. The EBITDA margin, on the other hand, was equal to 5.3%. Net Income is also growing and equal to € 0,34 mln. In light of the results published in the half-yearly report for 1H22A, we modify our previous estimates both for the current year and for the coming years. In particular, we estimate FY22A value of production equal to € 25.50 million and EBITDA of € 2.30 million, corresponding to a marginality of 9.0%. For subsequent years, we expect the value of production to increase up to € 35.50 million (CAGR 21A-24E: 86.65%) in FY24E, with EBITDA of € 4.10 million (corresponding to an EBITDA margin of 11.5%), up from € 0.08 million in FY21A (corresponding to an EBITDA margin of 1.4%).We have conducted the valuation of ESI equity value based on the DCF methodology and market multiples of a comparable companies sample. The DCF method (which in the calculation of the WACC includes for prudential purposes a specific risk of 2.5%) provides an equity value of € 45.6 million. The equity value of ESI using market multiples is equal to € 24.3 million (with a 25% discount). The result is an average equity value of € 34.9 million. The target price is € 5.00 (prev. € 6,00 mln), BUY rating and MEDIUM risk.
Latest Research Esi / 22.10.2020
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UPDATE – 10.10.2022
The Company generated a value of production equal to € 14....