Gequity / 18.04.2016
On 18 April 2016, GEQUITY S.P.A., the new company name of “Investimenti e Sviluppo” (from 5/10/2016), conferred the position of a Specialist operator on the convertible bond “Gequity 4%, 2016-2021”, listed on the MTA market organized and managed by Borsa Italiana. Negotiations began on 27 September 2016.
The nominal value of the issue is equal to €1,000.00 each.
The enterprise. GEQUITY S.p.A. carries out activities in the private equity sector, in particular, through the acquisition, with or without partners, of investments in listed companies or private equity belonging to the small/mid-cap segment, without prior sector exclusions, as well as through participation in innovative forms of investment such as private equity funds, fund of funds and co-investment funds.
Ultima Ricerca Gequity / 18.04.2016
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 |
