Esi / 22.10.2020
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
UPDATE| In 1H25A, the Group recorded revenues of € 11.04 mln, broadly stable compared to € 11.09 mln in 1H24A (-0.5%). Productive revenues with margin contribution grew by +1.8% to € 10.40 mln, with a recurring component of 46.0%. By business area, Digital, Social and Media Marketing reported growth of +4.8% to € 5.40 mln, and Platform & Technology Services rose by +9.9% to € 4.30 mln, while Consulting (€ 0.20 mln, -63.0%) and Digital Academy (€ 0.50 mln, -24.4%) declined. EBITDA stood at € 1.22 mln (vs € 2.02 mln in 1H24A), with the EBITDA margin decreasing from 17.2% to 10.4%; adjusted EBITDA was € 1.61 mln (vs € 1.87 mln in 1H24A). EBIT amounted to € 0.17 mln (vs € 0.91 mln), while Net Income was € – 0.12 mln (vs € 0.41 mln). From a balance sheet perspective, NFP improved from € 5.71 mln to € 4.84 mln of net debt. In light of the results published in the 1H25A half-year report, we revise our estimates for both the current year and the following years. Specifically, we estimate FY25E revenues of € 22.80 mln and adjusted EBITDA of € 3.78 mln, corresponding to a margin of 16.6%. For the following years, we expect revenues to grow to € 28.50 mln (CAGR 24A-27E: 7.9%) in FY27E, with adjusted EBITDA of € 6.60 mln (margin of 23.2%), compared to € 4.04 mln in FY24A (adjusted EBITDA margin of 17.8%). At the balance sheet level, we forecast a cash positive NFP of € 0.89 mln by FY27E. The equity value of Websolute has been assessed using both the DCF methodology and market multiples of a selected peer group. The DCF method, incorporating a prudential specific risk of 2.5% in the WACC calculation, yields an equity value of € 45.7 million. The market multiples approach results in an equity value of € 30.0 million. Consequently, the average equity value stands at approximately € 37.9 million. The target price is set at € 3.70, with a BUY rating and a MEDIUM risk level. |
