G.M. Leather S.p.A.
On 11 July 2022 G.M. Leather 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 13 July 2022.
The total equivalent of the resources collected through the placement is approximately Euro 4,000,000.
The enterprise G.M. Leather S.p.A. is a company established in 2011 and is the head of the G.M. Group, founded in 1976 by Marcigaglia Family through the establishment of the companies, currently wholly owned by the Issuer, SNAM di Marcigaglia Antonio & C S.r.l. (“Snam”) and subsequently of Genesi S.r.l. (“Genesis”), and has been active for over 45 years in the processing and marketing of leather intended for the manufacture of products for the furniture, leather goods, fashion, tanneries, and automotive aftermarket sectors.
Ultima Ricerca G.M. Leather S.p.A.
UPDATE| In 1H26A, Marzocchi Pompe Group recorded revenues of € 18.69 million, substantially stable compared to € 18.57 million in 1H25A (+0.6%), in a context still characterized by weak and unpredictable manufacturing demand. EBITDA stood at € 2.26 million, up 8.9% compared to adjusted EBITDA of € 2.07 million in 1H25A, with the EBITDA margin improving to 11.3% from 10.4%, mainly benefiting from lower personnel costs and the initial effects of the restructuring implemented in 2025. EBIT reached € 1.07 million, with an EBIT margin of 5.4%, while Net Income returned to positive territory at € 0.49 million compared to a loss of € 0.78 million in 1H25A. From a balance sheet perspective, NFP remained substantially stable at € 7.78 million of debt, compared to € 7.71 million at year-end 2025. In light of the results published in the 1H26A interim financial report, we confirm our estimates for both the current year and the following years.In particular, we estimate FY26E revenues of € 37.00 million and EBITDA of € 4.10 million, corresponding to a margin of 11.1%. For the following years, we expect revenues to increase to € 40.00 million (25A-28E CAGR: 2.5%) in FY28E, with EBITDA reaching € 6.75 million, corresponding to a margin of 16.9%, compared to € 3.46 million in FY25A, corresponding to an EBITDA margin of 9.3%. From a balance sheet perspective, we estimate FY28E NFP at € 1.66 million of debt. We conducted the equity value assessment of Marzocchi Pompe based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which prudentially includes a specific risk premium of 2.5% in the WACC calculation) returns an equity value of € 34.5 mln. The equity value of Marzocchi Pompe based on market multiples stands at € 32.2 mln. This results in an average equity value of approximately € 33.4 mln. The target price is set at € 5.10, with a BUY rating and MEDIUM risk profile. |
