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 1H26A, Marzocchi Pompe Group recorded revenues of € 18.69 million, substantially stable compared to € 18.57 million in 1H25A (+0.6%), in a context still characterized by weak and unpredictable manufacturing demand. EBITDA stood at € 2.26 million, up 8.9% compared to adjusted EBITDA of € 2.07 million in 1H25A, with the EBITDA margin improving to 11.3% from 10.4%, mainly benefiting from lower personnel costs and the initial effects of the restructuring implemented in 2025. EBIT reached € 1.07 million, with an EBIT margin of 5.4%, while Net Income returned to positive territory at € 0.49 million compared to a loss of € 0.78 million in 1H25A. From a balance sheet perspective, NFP remained substantially stable at € 7.78 million of debt, compared to € 7.71 million at year-end 2025. In light of the results published in the 1H26A interim financial report, we confirm our estimates for both the current year and the following years.In particular, we estimate FY26E revenues of € 37.00 million and EBITDA of € 4.10 million, corresponding to a margin of 11.1%. For the following years, we expect revenues to increase to € 40.00 million (25A-28E CAGR: 2.5%) in FY28E, with EBITDA reaching € 6.75 million, corresponding to a margin of 16.9%, compared to € 3.46 million in FY25A, corresponding to an EBITDA margin of 9.3%. From a balance sheet perspective, we estimate FY28E NFP at € 1.66 million of debt. We conducted the equity value assessment of Marzocchi Pompe based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which prudentially includes a specific risk premium of 2.5% in the WACC calculation) returns an equity value of € 34.5 mln. The equity value of Marzocchi Pompe based on market multiples stands at € 32.2 mln. This results in an average equity value of approximately € 33.4 mln. The target price is set at € 5.10, with a BUY rating and MEDIUM risk profile. |
