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
BREAKING NEWS| In the press release dated 23 January 2026, Marzocchi Pompe SpA, an Italian company engaged in the design and manufacturing of high-performance gear pumps and motors for industrial, mobile, and automotive applications, reported selected preliminary consolidated figures for 2025. FY25A consolidated net revenues amounted to € 37.14 million, down 7.2% versus € 40.04 million in FY24A, but above our FY25E forecast of € 35.00 million. On the one hand, the result mainly reflects the slowdown in the industrial sector across the Group’s two key end markets, Europe and North America. On the other hand, the Group was able to mitigate the negative impact of these adverse sector dynamics thanks to its focus on product innovation and customization, as well as the cost-containment actions implemented during the year, ultimately delivering a recovery in the final part of the year, with revenues accelerating by +11.6% compared to Q4 2024. The revenue mix confirms the centrality of the core business, which increased to 86.2% of total sales (from 85.0% in 2024), with revenues of € 32.03 million (-5.9% vs € 34.03 million in 2024). Automotive remained broadly stable at 13.8% (from 15.0% in FY24A), with revenues of € 5.10 million, down 14.9% versus € 6.01 million in 2024, due to the structural weakness of the sector at a global level and the end of the life cycle of certain products linked to the two main customers. From a geographical standpoint, the domestic market increased to 31.8%, while the export share remained high at 68.2%, with North America accounting for 24.4%, confirming its strategic relevance despite a less supportive demand environment. This dynamic points to a still robust balance between a solid international footprint and a gradual relative strengthening of Italy, in a year in which commercial resilience was challenged by the cyclicality of end markets. On the financial side, at year-end 2025 net financial position (including restricted deposits with three- and six-month maturities) stood at € 7.70 million, up 34.0% compared to € 5.80 million as of 31/12/2024, and broadly stable versus 30/06/2025 (also € 7.70 million). As noted in our previous update, the first half of 2025 included investments of approximately € 1.90 million for new assembly and testing lines for pumps and motors of the Elika 1P and Elika 2 families in Zola Predosa; these were complemented by additional cash outflows of approximately € 1.00 million in the second half of the year related to the workforce reduction process completed during the period. The Group continues to focus on ongoing product innovation and customization (also as a defensive lever throughout market cycles). In January 2026, Marzocchi Pompe announced that the Ufficio Italiano Brevetti e Marchi del Ministero delle Imprese e del Made in Italy (UIBM) granted a new patent for the reversible version of the Elika family pumps. This new pump type represents a meaningful technological evolution compared to the Elika pumps and motors currently in the portfolio (to date designed to operate in a single direction of rotation, clockwise or counterclockwise), as it features an architecture capable of ensuring higher volumetric efficiency, reduced pulsations, lower noise, and better suitability for bidirectional operating cycles, making it particularly suitable for advanced applications. Looking ahead, the commercialization of this new product sub-family may represent an additional revenue stream for the Group, as it addresses the needs of fast-growing global segments such as construction machinery and public transportation, both hybrid and electric. In summary, although 2025 remained influenced by a challenging macroeconomic backdrop, the preliminary figures indicate a revenue profile better than our expectations, with particularly encouraging signs in the final part of the year. Accordingly, taking into account the information disclosed in the press release, we confirm our recommendation: target price € 5.20, rating BUY, risk Medium. |
