Iacobucci

20/12/2014

On 20 December 2014, the €4.95 million Iacobucci Hf electronics spa minibond was listed on the ExtraMotPro market. The bond pays an annual coupon on a biannual basis of 8%, expires on 20 December 2017, BB+ rating assigned by Crif Rating Agency, and provides for a call option at the end of the third year. Integrae SIM assisted the issuer as book-runner and lead manager.

The enterprise. Founded in 1972 by Emilio Iacobucci, the Iacobucci HF Group is a company with consolidated experience in the international aeronautics market, in which it excels in the design, certification, and production of onboard kitchen inserts and executive armchairs for private jets.

Ultima Ricerca Iacobucci

UPDATE

Borgosesia reported results in line with the Business Plan, confirming a stable operating model and high profitability. Consolidated revenues amounted to €14.43 million, supported by real estate sales and income from repossession strategy receivables. Gross operating profit stood at €9.61 million, undergoing physiological normalization but still accounting for more than 50.0% of revenues, while EBITDA amounted to €7.29 million (margin of 52.5%) with net income of €2.08 million. On the strategic front, tangible progress has been made: the growth in AUM to €133.00 million (compared to €79.00 million at December 31, 2024) confirms the progress of the third-party management model, despite a natural phase of building fundraising capacity in a highly competitive market. Finally, disposals and collections during the period contributed to the improvement in Adj. NFP to €85.02 million, freeing up resources and strengthening the financial structure. Overall, the half-year shows concrete progress in the transformation process and lays a solid foundation for the expansion of recurring and asset-light activities.

Considering the performance in the first half of the year and the Company’s recent announcements, we see no reason to update the forecasts made in the previous report. We expect FY25E production value to be €25.50 million with EBITDA of €12.50 million, corresponding to a margin of 49.0%, and growth in production value to €32.7 million (CAGR 24A-27E: 10.1%) in FY27E, with EBITDA of €19.00 million and a margin of 58.1%. We confirm our target price of €2.50, BUY rating, and MEDIUM risk.