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
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UPDATE – 25.03.2024
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Revenues came in at € 15.16 million, down 11.9% compared to € 17.20 million in FY22A, and to the € 14.80 million estimated in our previous report. The company’s EBITDA, at € 1.68 million, fell 24.2% compared to the FY22A value of € 2.21 million, but was up on our previous estimate of € 1.55 million. Margins also saw a decrease, with the EBITDA margin falling from 12.9% in FY22A to 11.1% in the financial year just ended. Net Income stands at € 0.20 million, down compared to the € 0.30 million of our previous estimate.
In light of the results published in the annual report for FY23A, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate 2024E revenues of € 15.50 million, and an EBITDA of € 2.00 million, corresponding to a margin of 12.9%. In the following years, we expect revenues to rise to € 16.60 million (CAGR 23A-26E: 3.1%) in 2026E, with an EBITDA of € 2.45 million (corresponding to an EBITDA margin of 14.8%), up from € 1.68 million in FY23A (corresponding to an EBITDA margin of 11.1%). On the balance sheet, we estimate an NFP of € 2.77 million for FY24E.
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 € 16.7 million. Using market multiples, the equity value of Gel came in at € 16.4 million (including a 25% discount). The result is an average equity value of approximately € 16.6 million. The target price is € 2.30, with a BUY rating, and MEDIUM risk.
Latest Research Gel
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UPDATE – 25.03.2024
Revenues came in at € 15.16 million, down 11.9% compared t...