FOPE
On 28 November 2016, FOPE S.p.A. obtained the admission of its shares to the AIM Italia market organized and managed by Borsa Italiana. The start of negotiations took place on 30 November 2016.
Integræ SIM acted as Nomad and Global Coordinator of the private placement and is currently a Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 3.4 million, of which Euro 2.2 million through the issuance of 4,583,500 Ordinary Shares and Euro 1.2 million through the issuance of a Convertible Loan Capital.
The Convertible Loan Capital “FOPE Convertible Loan Capital 4.5% 2016-2021” consists of 1,200 bonds with a nominal unit value of Euro 100.
In addition, as part of the listing operation, 4,523,500 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 2.90; based on this price, the market capitalization at the beginning of the negotiation is equal to Euro 13.3 million.
The enterprise. Founded as a craft workshop in 1929, FOPE S.p.A. has grown over time to become an international high-end jewelry brand. With 37 employees, the company operates worldwide through a consolidated and selected network of over 600 stores in about 50 countries (thanks also to direct coverage, through the subsidiaries Fope Jewelry, Inc. and Fope Services DMCC, respectively in the American and Arab markets).
Ultima Ricerca FOPE
UPDATE| In 1H25A the Group reported revenues of € 43.02 mln, up 45.1% compared to € 29.64 mln in 1H24A, driven by strong performances in key international and emerging markets, as well as by the positive contribution of the Italian market. EBITDA amounted to € 10.60 mln, nearly tripling the € 3.70 mln reported in 1H24A, with an EBITDA margin of 24.6% (12.5% in 1H24A), supported by higher volumes and production efficiency improvements. EBIT reached € 9.10 mln, a sharp increase compared to € 2.44 mln in the same period, with an EBIT margin of 21.0%. Net Income stood at € 5.63 mln, more than tripling the € 1.59 mln recorded in 1H24A. On the balance sheet side, the NFP was cash positive at € 3.24 mln, broadly in line with year-end 2024, confirming the Group’s solid financial position. In light of the results published in the 1H25A half-year report, we are revising our estimates both for the current year and for the following years. In particular, we now estimate FY25E revenues of € 87.00 mln and EBITDA of € 19.40 mln, corresponding to a margin of 22.3%. For the subsequent years, we expect revenues to increase to € 110.80 mln in FY27E (CAGR 24A–27E: 14.7%), with EBITDA of € 25.50 mln (corresponding to a margin of 23.0%), up from € 14.80 mln in FY24A (EBITDA margin 20.2%). On the balance sheet side, we estimate a cash positive NFP of € 13.38 mln in FY27E. 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 € 265.8 million. The equity value of FOPE based on market multiples is € 241.8 million. The average equity value therefore amounts to approximately € 253.8 million. We set a target price of € 47.00, with a BUY rating and MEDIUM risk profile. |
