Fabilia Group
On 7 August 2020, Fabilia Group 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 11 August 2020.
Integrae SIM acted as Nomad, Global Coordinator, and Issuer Specialist.
The admission to the listing took place following the placement of 1,080,000 newly issued ordinary shares. The unit price of the shares resulting from the placement was set at Euro 1.60; based on this price, a market capitalization equal to Euro 9.7 million is expected.
The total equivalent of the resources raised through the transaction, entirely in the capital increase, amounts to Euro 1.7 million
The enterprise. Fabilia, founded in Milano Marittima in 2013, is the Italian leader of holidays dedicated to families with children from 0 to 16 years. The Company, which has a total of 10 hotels and resorts, including 8 at sea and 2 in the mountains, bases its business model on the “Only family with kids” format, which includes a “Free Drink & Food H24” All Inclusive Experience Format designed and registered by Fabilia®. The Group has progressively standardized and industrialized its offer: to date, all the structures are made up of 3 and 4-star hotels with several rooms ranging from 50 to 150 and indoor and outdoor spaces that include play areas (at least over 200 square meters), swimming pool, private beach, park area, outdoor sports equipment, and recreational activities.
Ultima Ricerca Fabilia Group
UPDATE| In FY25A, the Group reported revenues of € 93.58 million, up 27.4% from € 73.43 million in FY24A and above our estimate of € 87.90 million. EBITDA amounted to € 20.52 million, increasing by 38.6% compared to € 14.80 million in FY24A and exceeding expectations of € 19.40 million, with an EBITDA margin of 21.9%, improving from 20.2% in the previous year. EBIT also showed a positive trend, reaching € 17.47 million (+44.2% YoY), with an EBIT margin of 18.7%, while Net Income stood at € 11.45 million, up 36.6% compared to € 8.38 million in FY24A and broadly in line with our forecasts. From a balance sheet perspective, net financial position improved significantly, moving from a cash-positive position of € 3.26 million to € 10.04 million. Following the publication of the FY25A annual report, we revise our estimates for both the current year and the medium term. Specifically, we forecast FY26E revenues at € 110.00 million and EBITDA at € 24.10 million, corresponding to a margin of 21.9%. Looking ahead, we expect revenues to increase to € 144.20 million by FY28E (CAGR 25A–28E: 15.5%), with EBITDA reaching € 32.75 million in FY28E (22.7% margin), up from € 20.52 million in FY25A (21.9% margin). From a financial standpoint, we estimate a cash-positive net financial position of € 13.89 million by FY28E. We conducted the valuation of FOPE’s equity value based on the DCF method and the multiples of a sample of comparable companies. The DCF method (which prudentially includes a specific risk of 1.0% in the WACC calculation) results in an equity value of € 279.6 million. The equity value of FOPE based on market multiples is € 263.9 million. The average equity value therefore amounts to approximately € 271.7 million. We set a target price of € 50.00, with a BUY rating and MEDIUM risk profile. |
