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22 Nov 2019

Gruppo Fos / 22.11.2019

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 – 12.10.2022

    The value of production in 1H23A amounted to € 13.66 million, up by 44.6% compared to the figure for 1H22A, equal to € 9.45 million. EBITDA for the half-year was € 2.34 million, marking an increase of 41.7% compared to the 1H22A figure, equal to € 1.65 million. The EBITDA Margin for the half-year was 17.1%, not far off the 1H22A figure of 17.4%. EBIT amounted to € 1.46 million, an increase of 39.2% compared to the 1H22A figure, equal to € 1.05 million. Net Income came in at € 0.80 million, up 38.7% compared to the 1H22A figure, equal to € 0.58 million. The NFP for the group is cash positive at € 0.49 million, showing an improvement compared to the 2022 end-of-year figure, cash positive by € 0.04 million.

    In light of the results published in the half-year report for 1H23A, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate a FY23E value of production of € 26.50 million, and an EBITDA of € 4.50 million, corresponding to a margin of 17.0%. In the following years, we expect the value of production to rise to € 33.00 million (CAGR 22A-25E: 15.2%) in FY25E, with EBITDA equal to € 6.50 million (corresponding to a margin of 19.7%), up compared to € 3.86 million in FY22A (corresponding to an EBITDA margin of 17.9%).

    We conducted our valuation of the equity value of FOS on the basis of 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 € 48.5 million. Using market multiples, the equity value of FOS was calculated as € 30.8 million (including a 25% discount). The results give an average equity value of approximately € 39.7 million. The target price is € 5.80, with a BUY rating and MEDIUM risk.

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