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 2024, the Group recorded revenues of € 73.43 million, up by 10.1% compared to € 66.67 million in 2023 and above the previous estimate of € 70.00 million. The performance was driven by the strengthening of commercial investments in key international markets, particularly in the United States, South-East Asia, and Eastern Europe, as well as by the positive trend in the Italian market. Despite a temporary contraction in profitability due to extraordinary costs related to operational and structural enhancement, the Group maintained strong profitability, with an EBITDA margin of 20.2%. Net income amounted to € 8.38 million. From a balance sheet perspective, the Net Financial Position improved from a substantially neutral level (€ 0.03 million in 2023) to a positive cash position of € 3.26 million as of 31 December 2024. In light of the results published in the FY24A annual report, we have revised our estimates for both the current year and the following years. Specifically, we estimate revenues of € 87.00 million for FY25E and EBITDA of € 17.40 million, corresponding to a margin of 20.0%. For the subsequent years, we expect revenues to increase to € 110.80 million (CAGR 24A–27E: 14.7%) in FY27E, with EBITDA reaching € 23.50 million (corresponding to a margin of 21.2%), up from € 14.80 million in FY24A (corresponding to an EBITDA margin of 20.2%). At the balance sheet level, we estimate a cash positive Net Financial Position of € 10.60 million for 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 € 211.4 million. The equity value of FOPE based on market multiples is € 209.8 million. The average equity value therefore amounts to approximately € 210.6 million. We set a target price of € 39.00, with a BUY rating and MEDIUM risk profile. |
