I.S.C.C. Fintech S.p.A.
On 20 December 2021 I.S.C.C. Fintech S.p.A. announces that it has received today from Borsa Italiana the order for the admission of the Company’s Ordinary Shares and Warrants on “Euronext Growth Milan”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 22 December 2021.
The total equivalent of the resources collected through the IPO is approximately equal to Euro 14.5 million.
The enterprise established in December 2019, specialized in the analysis, of the purchase of granular non-performing loans portfolios, (otherwise called NPL loans) by financial institutions, regulated companies providing goods or services (telephony, gas, electricity), special purpose vehicles and financial companies under Article 106 of the Consolidated Law on Banking. It also operates in the management and collection of the same (so-called “Credit Management”) or the complete management of the extrajudicial debt collection (through telephone collection and home collection actions) and judicial debt collection (through the subsidiary Lawyers S.t.A.).
Ultima Ricerca I.S.C.C. Fintech S.p.A.
UPDATE| In 2024, ISCC recorded a strong economic improvement, with revenues nearly tripling to € 8.76 million and a positive EBITDA of € 2.40 million (EBITDA margin of 27.8%) after the negative result of the previous year. Net Income returned positive at € 1.05 million, confirming the success of the NPL portfolio valorization strategy. The improvement in profitability was accompanied by efficient cost management and stronger cash generation, resulting in a cash-positive NFP of € 0.59 million. Among the key operations, we mention the resumption of securitized portfolio resale activities (€ 5.18 million during the year) and the participation in the Illimity SGR Granular NPL Fund through the contribution of assets. This transaction allowed the recognition of an equity investment of € 3.60 million against the book value of € 2.00 million of the contributed receivables, generating a capital gain of € 1.60 million. In light of the results published in the FY24A annual report, we have updated our estimates for the next three years by adopting a more conservative approach, based on a revised growth trajectory for the value of production, now expected to be more evenly distributed over time compared to previous assumptions. The new forecasts indicate a progressive top-line expansion, projected at € 10.25 million in 2025 and € 15.20 million in 2027 (FY24A–FY27E CAGR: 20.2%), and an EBITDA trajectory showing exponential growth, driven by increased operational efficiency and operating leverage. Estimated EBITDA is € 3.65 million in 2025 and € 7.50 million in 2027, with margins improving from 27.8% in 2024 to 50.0% in 2027. We conducted our valuation using both the DCF method and the Excess Return approach: the DCF, which prudentially includes a 2.5% specific risk premium in the WACC, yields an equity value of € 59.0 million, while the Excess Return method produces a value of € 57.0 million. The resulting average equity value is approximately € 58.0 million. We set a target price of € 4.50, with a BUY rating and MEDIUM risk profile. |
