Friulchem
On 23 July 2019, Friulchem S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 25 July 2019.
Integrae SIM acted as Nomad, Global Coordinator, Private Placement Bookrunner, and Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 4.5 million, through the issuance of 2,499,750 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 1.80; based on this price, the market capitalization at the beginning of the negotiations was equal to Euro 14.4 million.
The enterprise. Friulchem (AIM: FCM), active for over 20 years on the market, is today one of the main Italian CDMOs (Contract Development Manufacturing Organizations) active internationally in healthcare through the research and development and production on behalf of third parties of semi-finished and finished products containing both pharmaceutical active ingredients and food supplements, with particular specialization in so-called drug delivery systems for the veterinary sector that represents Friulchem’s excellence, and in the development of dossiers for generic drugs for the human sector. Friulchem is an innovative SME and B2B company with an appreciable propensity for the end client to have solid Italian roots thanks to the production plant in Vivaro (Pordenone) and the administrative headquarters in Milan. The Company, strongly oriented to R&D, boasts consolidated relationships with the main multinationals in the pharmaceutical sector.
Ultima Ricerca Friulchem
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. |
