Finlogic
On 7 June 2017 Finlogic S.p.A. obtained the admission of its shares to the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 09 June 2017.
Integrae SIM has acted as Nomad, Global Coordinator of Private Placement and is currently a Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 6.3 million, through the issuance of 1,750,000 newly issued shares without nominal value.
In addition, as part of the listing operation, 6,500,000 Warrants were issued, assigned free of charge to each new share subscribed and each share outstanding before the start date of the negotiations.
The placement price The unit price of the shares resulting from the placement was set at Euro 3.60; based on this price, the market capitalization at the beginning of the negotiations is equal to Euro 24.3 million.
The enterprise. Founded in 2003, the Finlogic Group is active in the Information Technology sector with the creation of complete and innovative solutions for the automatic coding and identification of products through the use of barcodes and RFID (Radio Frequency Identification) technology. The Group provides integrated and customized labeling systems for recognisability and traceability, covering the entire value chain (hardware, software, consumables, and technical assistance).
Ultima Ricerca Finlogic
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. |
