On 18 December 2017, Gel S.p.A. obtained the admission of its shares to the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 20 December 2017.
Integrae SIM has acted as Nomad, Global Coordinator of Private Placement and is currently a Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 5.7 million, through the issuance of 2,192,500 newly issued shares without nominal value.
In addition, as part of the listing operation, 2,192,500 Warrants were issued, assigned free of charge to each new share subscribed and each share outstanding before the start date of the negotiations.
The placement price The unit price of the shares resulting from the placement was set at Euro 2.60; based on this price, the market capitalization at the beginning of the negotiations is equal to Euro 18.7 million.
The enterprise. Founded in 1979, Innovative SME since July 2017, is the second operator in Italy in the water treatment market. Specifically, the company designs, manufactures, and sells equipment, components, and chemical products destined for the domestic and industrial market to over 1,500 clients, not only in Italy but also abroad (20.5% of 2018 revenues), in particular in France, Spain, the United Kingdom, Belgium, and Eastern Europe; thanks to over 350 Technical Assistance Centres (TAC), GEL also offers an after-sales service 24 hours a day.
Ultima Ricerca Gel
-
UPDATE – 09.10.2024
Leggi il pdf
In the financial report for the first half of the year, revenues amounted to €7.71 million, remaining broadly in line with the results achieved in the same period of the previous year, which were €7.62 million. The company’s EBITDA, at €1.03 million, shows significant growth compared to the €0.68 million recorded in the first half of 2023, following a positive trend also in terms of EBITDA margin, which stands at 13.3%, up from 8.9% in the previous period. Net Income is €0.39 million, marking a remarkable increase of 251.5% compared to the €0.11 million reported in the first half of 2023. NFP stands at €4.64 million in debt, showing a deterioration compared to €3.59 million as of December 31, 2023.
In light of the results published in the 1H24A half-year report, we almost entirely confirm our estimates for both the current year and the coming years. In particular, we estimate 2024E revenues at €15.50 million and EBITDA at €2.00 million, corresponding to a margin of 12.9%. For the following years, we expect revenues to increase to €16.60 million (CAGR 23A-26E: 3.1%) in 2026E, with EBITDA reaching €2.45 million (corresponding to an EBITDA margin of 14.8%), up from €1.68 million in 2023A (corresponding to an EBITDA margin of 11.1%).
We conducted the valuation of GEL’s equity value based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € €17.6 million. Using market multiples, the equity value of Gel came in at € 15.5 million (including a 25% discount). The result is an average equity value of approximately €16.5 million. The target price is €2.30, with a BUY rating and MEDIUM risk.
Latest Research Gel
-
UPDATE – 09.10.2024
In the financial report for the first half of the year, reve...
-
UPDATE – 25.03.2024
Revenues came in at € 15.16 million, down 11.9% compared t...