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 FY25A, E-Globe reported Sales Revenues of €32.62 million, up 21.8% compared to €26.78 million in FY24A, confirming the progressive strengthening of its competitive positioning in the air conditioning and climate control market. EBITDA in FY25A was negative at € -0.80 million, improving compared to the negative figure of € -1.39 million recorded in FY24A. EBIT, after depreciation, amortization, and write-downs of €0.75 million, improved from € -2.09 million in FY24A to € -1.55 million in FY25A, with the EBIT margin improving from -7.6% to -4.7%. As a result, Net Income also remained negative at € -2.26 million, compared to the negative result of € -2.12 million recorded in the previous year. From a balance sheet perspective, Net Financial Position (NFP) stood at €5.18 million of net debt, worsening compared to €4.05 million recorded as of December 31, 2024. In light of the results published in the FY25A annual report, we have revised our estimates for both the current year and the coming years. In particular, we estimate FY26E Value of Production at €28.50 million and EBITDA at €0.60 million, corresponding to a margin of 2.1%. For the following years, we expect the Value of Production to increase up to €34.50 million (25A–28E CAGR: 1.4%) in FY28E, with EBITDA reaching €2.10 million (corresponding to a margin of 6.1%), up compared to € -0.80 million recorded in FY25A (corresponding to an EBITDA margin of -2.4%). From a balance sheet perspective, we finally estimate FY26E Net Financial Position (NFP) at €3.17 million of net debt. 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 € 14.5 million. The target price is € 0.80, with a BUY rating and MEDIUM risk |
