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
UPDATE| In FY25A, E-Globe reported Sales Revenues of €32.62 million, up 21.8% compared to €26.78 million in FY24A, confirming the progressive strengthening of its competitive positioning in the air conditioning and climate control market. EBITDA in FY25A was negative at € -0.80 million, improving compared to the negative figure of € -1.39 million recorded in FY24A. EBIT, after depreciation, amortization, and write-downs of €0.75 million, improved from € -2.09 million in FY24A to € -1.55 million in FY25A, with the EBIT margin improving from -7.6% to -4.7%. As a result, Net Income also remained negative at € -2.26 million, compared to the negative result of € -2.12 million recorded in the previous year. From a balance sheet perspective, Net Financial Position (NFP) stood at €5.18 million of net debt, worsening compared to €4.05 million recorded as of December 31, 2024. In light of the results published in the FY25A annual report, we have revised our estimates for both the current year and the coming years. In particular, we estimate FY26E Value of Production at €28.50 million and EBITDA at €0.60 million, corresponding to a margin of 2.1%. For the following years, we expect the Value of Production to increase up to €34.50 million (25A–28E CAGR: 1.4%) in FY28E, with EBITDA reaching €2.10 million (corresponding to a margin of 6.1%), up compared to € -0.80 million recorded in FY25A (corresponding to an EBITDA margin of -2.4%). From a balance sheet perspective, we finally estimate FY26E Net Financial Position (NFP) at €3.17 million of net debt. We conducted our valuation of the equity value of E-Globe based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 14.5 million. The target price is € 0.80, with a BUY rating and MEDIUM risk |
