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 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. |
