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29 Sep 2022

Franchetti S.p.A. /29.09.2022

On 27 September 2022 Franchetti S.p.A. announces that it has received from Borsa Italiana the order for the admission of the Company’s Ordinary Shares and Warrants on “Euronext Growth Milan”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 29 September 2022.

The total equivalent of the resources collected through the placement is equal to Euro 2,499,000.

The enterprise Franchetti S.p.A. is the head of the Franchetti Group, a pioneer in the field of management, diagnostics, and predictive maintenance of infrastructures, bridges, and viaducts in particular. Founded in 2013 in Arzignano (VI) with subsidiaries in Brazil and Canada, and activities in the USA, India, and Singapore, Franchetti is an innovative SME that has operated on over 38,000 equivalent motorway and railway bridges around the world.

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  • UPDATE – 03.04.2024
    In 2023, revenues from sales and services closed at € 6.15 million, making a 29.7% increase from € 4.74 million in 2022. At the end of the 2023 fiscal year, the EBITDA stands at € 2.54 million, showing growth compared to the €1.84 million in 2022 (+37.9%) and remaining substantially consistent with our previous estimates. The period’s EBITDA margin (calculated on revenues) consequently amounts to 41.2%, a clear increase from both the 38.8% of the previous fiscal year and our estimated 40.2%. EBIT was € 2.03 million, up from € 1.63 million in FY22A. At the end of 2023, Net Profit stood at € 1.24 million. The NFP as of December 31, 2023, was at € 0.42 million in debt, declining from the € 0.16 million (cash positive) recorded in FY22A. 

    In the light of the results published in the annual report for FY23A, we are re-calculating the estimates for both the current year and the coming years. In particular, we estimate FY24E value of production equal to € 10.00 million and an EBITDA equal to € 3.70 million, corresponding to a margin of 40.2%. For the following years, we expect the production value to increase up to € 16.50 million (CAGR 23A-26E: 33.0%) in FY26E, with EBITDA equal to € 6.70 million (corresponding to a margin of 40.6%), up from € 2.54 million in FY23A (corresponding to an EBITDA margin by 41.2%). At balance sheet level, we estimate a cash positive NFP for FY26A of € 1.30 million.

    Given the lack of comparable companies, we conducted our valuation of the equity value of Franchetti based on the DCF method alone. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 53.8 million. The target price is € 7.70, BUY rating, and MEDIUM risk.
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