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 1H25A, the Group recorded revenues of € 11.04 mln, broadly stable compared to € 11.09 mln in 1H24A (-0.5%). Productive revenues with margin contribution grew by +1.8% to € 10.40 mln, with a recurring component of 46.0%. By business area, Digital, Social and Media Marketing reported growth of +4.8% to € 5.40 mln, and Platform & Technology Services rose by +9.9% to € 4.30 mln, while Consulting (€ 0.20 mln, -63.0%) and Digital Academy (€ 0.50 mln, -24.4%) declined. EBITDA stood at € 1.22 mln (vs € 2.02 mln in 1H24A), with the EBITDA margin decreasing from 17.2% to 10.4%; adjusted EBITDA was € 1.61 mln (vs € 1.87 mln in 1H24A). EBIT amounted to € 0.17 mln (vs € 0.91 mln), while Net Income was € – 0.12 mln (vs € 0.41 mln). From a balance sheet perspective, NFP improved from € 5.71 mln to € 4.84 mln of net debt. In light of the results published in the 1H25A half-year report, we revise our estimates for both the current year and the following years. Specifically, we estimate FY25E revenues of € 22.80 mln and adjusted EBITDA of € 3.78 mln, corresponding to a margin of 16.6%. For the following years, we expect revenues to grow to € 28.50 mln (CAGR 24A-27E: 7.9%) in FY27E, with adjusted EBITDA of € 6.60 mln (margin of 23.2%), compared to € 4.04 mln in FY24A (adjusted EBITDA margin of 17.8%). At the balance sheet level, we forecast a cash positive NFP of € 0.89 mln by FY27E. The equity value of Websolute has been assessed using both the DCF methodology and market multiples of a selected peer group. The DCF method, incorporating a prudential specific risk of 2.5% in the WACC calculation, yields an equity value of € 45.7 million. The market multiples approach results in an equity value of € 30.0 million. Consequently, the average equity value stands at approximately € 37.9 million. The target price is set at € 3.70, with a BUY rating and a MEDIUM risk level. |
