Gruppo Fos
On 22 November 2019, Gruppo Fos S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 26 November 2019.
Integrae SIM acted as Nomad, Global Coordinator, Private Placement Bookrunner, and Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 5 million, through the issuance of 2,221,500 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 2.25; based on this price, the market capitalization at the beginning of the negotiations was equal to Euro 14 million.
The enterprise. Gruppo Fos, an innovative Genoese consulting and technological research SME, is active in the design and development of digital services and products for large industrial groups, including international ones, and Public Administration.
Ultima Ricerca Gruppo Fos
UPDATE| In 2024, the Value of Production amounted to € 27.34 mln, up from € 26.40 mln in 2023 but below our estimate of € 29.00 mln. The Software House division contributed € 14.98 mln (+3.6%), Engineering € 5.16 mln (+31.9%), while Digital Infrastructures declined to € 7.19 mln (-10.1%). EBITDA decreased to € 4.29 mln (-3.2%), with a margin of 15.7% (vs 16.8% in 2023), affected by non-recurring costs and the downturn in the mass retail sector (GDO). EBIT dropped to € 1.91 mln (€ 2.26 mln in 2023), while Net Income came in at € 1.05 mln. Net Financial Position (NFP) worsened to a debt of € 2.30 mln, mainly due to the partial voluntary takeover bid and the final payment for the InRebus acquisition. Following the FY24A results disclosed in the annual report, we have revised our estimates for the current year and the following years. The update also includes the effects of the acquisition of RTC S.p.A., whose contribution will be fully reflected in the consolidated perimeter starting from 2025. Specifically, we estimate a FY25E Value of Production of € 41.30 mln and EBITDA of € 6.20 mln, corresponding to a 15.0% margin. In the following years, we expect the Value of Production to grow to € 49.50 mln by FY27E (CAGR 24A–27E: 21.9%), with EBITDA reaching € 7.90 mln (16.0% margin), up from € 4.29 mln in FY24A (15.7% EBITDA margin). On the balance sheet side, we forecast a cash-positive NFP of € 1.38 mln by FY27E. We conducted FOS’s equity valuation using both the DCF method and a peer group multiples comparison. The DCF approach (including a specific risk premium of 2.5% for prudential purposes in the WACC calculation) returns an equity value of € 41.2 mln. The peer multiples valuation yields an equity value of € 40.8 mln. The resulting average equity value stands at approximately € 41.0 mln. The target price is € 6.00, with a BUY rating and MEDIUM risk profile. |
