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 the first half of 2026, the Group reported sales revenues of € 10.63 million, up 4.6% compared to € 10.16 million in 1H25A, while Value of Production stood at € 10.71 million (€ 10.21 million in 1H25A). EBITDA amounted to € 1.13 million, down 16.1% compared to € 1.34 million in 1H25A, with an EBITDA margin of 10.6% (13.2% in 1H25A). After depreciation, amortization and impairment charges of € 0.23 million, EBIT stood at € 0.89 million, down 20.5% compared to € 1.13 million in 1H25A, with an EBIT margin of 8.4% (11.1% in 1H25A). Net Income amounted to € 0.57 million, declining from € 0.75 million in 1H25A. At the balance sheet level, Net Financial Position (NFP) stood at € 3.50 million of net debt, increasing from € 2.39 million of net debt at year-end 2025. In light of the results published in the 1H26A interim financial report and the acquisition of Plastilux Srl, we revise our estimates for both the current year and the following years. In particular, we estimate FY26E revenues of € 20.00 million and EBITDA of € 2.25 million, corresponding to an EBITDA margin of 11.3%. Looking ahead, we expect revenues to increase to € 27.00 million (CAGR 25A-28E: 11.4%) in FY28E, with EBITDA reaching € 3.55 million (corresponding to an EBITDA margin of 13.1%), compared to € 2.17 million in FY25A (corresponding to an EBITDA margin of 11.1%). At the balance sheet level, finally, we expect Net Financial Position (NFP) to improve from € 2.39 million of net debt in FY25A to € 1.50 million of net debt in FY26E. We conducted our valuation of the equity value of Saccheria F.lli Franceschetti 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 € 20.5 million. Using market multiples, the equity value of Saccheria F.lli Franceschetti was calculated as € 22.0 million (including a 25.0% discount). The results give an average equity value of approximately € 21.2 million. The target price is € 2.40, with a BUY rating and MEDIUM risk. |
