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| During 2025, Litix reported a value of production of € 5.62 million, down from € 6.44 million in the corresponding period of 2024. This trend reflects a challenging operating environment, already highlighted at the time of the half-year results, marked by geopolitical tensions that directly affected demand in the Robotor segment. As of December 31st, 2025, Litix reported EBITDA of € 0.10 million, significantly down from € 0.78 million in FY24A, with an EBITDA margin of 1.8%, compared to 12.1% in the comparison period. The contraction in operating profitability was mainly attributable to the reduction in the value of production and to a different business mix, affected by the slowdown in the Robotor Business Unit. In this context, the increase in service costs was not offset by a similar rise in revenues, as part of the deliveries was postponed to 2026, with the related invoicing consequently deferred. EBIT, after depreciation, amortisation and write-downs of € 0.64 million, was negative at € 0.54 million, down compared to € 0.24 million in FY24A. Net Income at period-end stood at -€ 0.56 million (€ 0.12 million in FY24A). In light of the results published in the FY25A annual report and the contracts already secured at the end of 2025, with expected effects on 2026, we have slightly revised our estimates for both the current year and the following years. In particular, we forecast FY26E value of production at € 7.50 million and EBITDA at € 0.90 million, corresponding to a margin of 12.0%. For the following years, we expect the value of production to increase up to € 11.00 million (CAGR 25A–28E: 25.1%) in FY28E, with EBITDA reaching € 1.65 million (corresponding to a margin of 15.0%), compared to € 0.78 million in FY24A (corresponding to an EBITDA margin of 12.1%). We carried out the valuation of Litix’s equity value based on the DCF methodology and a set of comparable companies’ multiples. The DCF method (which prudently includes a specific risk premium of 2.5% in the WACC calculation) yields an equity value of € 12.3 million. The equity value derived using market multiples is equal to € 9.1 million. This results in an average equity value of approximately € 10.7 million. The target price is € 1.60, rating BUY, and risk MEDIUM. |
