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28 Nov 2016

FOPE / 28.11.2016

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 – 07.10.2024
    Revenue as of June 30, 2024, stands at € 29.64 million, compared to € 34.68 million recorded in 1H23A. EBITDA, amounting to € 3.70 million, shows a decline compared to the € 9.08 million in 1H23A. The EBITDA margin, at 12.4%, also decreased compared to the margin in the first half of 2023 (25.9%). EBIT stands at € 2.44 million (€ 8.09 million in 1H23A). Net Income is € 1.59 million, compared to € 5.57 million in the first half of 2023. From a balance sheet perspective, the Net Financial Position (NFP) shifts from € 0.03 million in FY23A to a debt value of € 4.31 million at the end of the first half of 2024.

    Given the results published in the semi-annual report for FY23A, we have partially adjusted our estimates for both the current year and the following few years. In particular, we now estimate a FY24E revenue value of € 70.00 million, and a EBITDA of € 15.60 million, corresponding to a margin of 22.3%. In the following years, we expect the value of revenues to increase up to € 91.35 million (CAGR 23A-26E: 11.0%) in FY26E, with EBITDA equal to € 22.35 million (corresponding to a margin of 24.5%), up from € 16.95 million in FY23A (corresponding to an EBITDA margin of 25.4%). On the balance sheet level, we estimate a cash positive NFP of € 9.95 million for FY26E.

    We conducted our valuation of the equity value of FOPE based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 1.0% in the calculation of the WACC) returned an equity value of € 226.2 million. Using market multiples, we calculated the equity value of FOPE to be € 195.0 million (including a 25% discount). The results give an average equity value of approximately € 210.6 million. The target price is € 39.00, with a BUY rating, and MEDIUM risk.
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