Gel
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
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. |
