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 FY25A, ISCC reported a performance below both FY24A and our expectations, highlighting how the recovery expected in the second part of the year did not materialize to the extent initially envisaged. Value of production amounted to € 5.40 million (vs € 8.76 million in FY24A), while EBITDA was negative at € -0.93 million (vs € 2.40 million) with a margin of -17.7%. Performance for the year was affected in particular by the timing of certain sale and enhancement transactions, whose economic contribution was lower than initially assumed, with a significant impact especially on the portfolio resale component. Net Income amounted to € -2.28 million, mainly reflecting the contraction in volumes, particularly in portfolio resale, only partially offset by the growth of servicing activities. In light of the 2025 results, we have revised our estimates downward for the next three years. While we had initially interpreted the interim results as mainly related to transaction timing, the full-year data highlighted lower visibility on the conversion of the portfolio into revenues. We now estimate for FY26E a production value of € 7.65 million and EBITDA of € 1.00 million, maintaining a recovery profile over FY27E–FY28E, but on more conservative assumptions. Even in this context, the Company continues to show good operating capacity in the management and enhancement of portfolios; however, FY25A confirms a still-elevated execution risk, with visibility on the growth path still linked to the actual completion and monetization of transactions. We carried out the valuation based on the DCF methodology, including in the calculation of the WACC a specific risk premium of 2.5%. This results in an equity value of € 36.1 million. The target price is € 2.80, with a BUY rating and MEDIUM risk. |
