Fenix Entertainment
On 12 August 2020, Fenix Entertainment 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 14 August 2020.
Integrae SIM acted as the Nomad of the Issuer.
The admission of Fenix Entertainment took place following the placement in Capital Increase of a total of 377,500 shares, at an offer price of 4 euros per share, for a total equivalent value of 1.51 million euros. The capitalization concerning the offer price is equal to Euro 9.51 million, and Euro 11.3 million at the end of the first day of negotiating.
The enterprise. Fenix Entertainment has started the activity through co-productions of films and musical productions of quality works and artists, winners of awards at the Festivals, and a source of accreditation and strengthening the visibility of the brand. The start of the autonomous production activity took place in 2019, both in the cinema (with “Burraco Fatale”, distributed in 2020), and in TV programs (“That’s Amore”, broadcast in 2019 by Rai3). The distinctive feature of Fenix is its presence throughout the value chain, both in the cinema-television and music sectors: from the choice of subjects to a screenplay, from production, co-production, and post-production, up to distribution.
Ultima Ricerca Fenix Entertainment
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. |
