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

In FY25A, the Group reported revenues of € 93.58 million, up 27.4% from € 73.43 million in FY24A and above our estimate of € 87.90 million. EBITDA amounted to € 20.52 million, increasing by 38.6% compared to € 14.80 million in FY24A and exceeding expectations of € 19.40 million, with an EBITDA margin of 21.9%, improving from 20.2% in the previous year. EBIT also showed a positive trend, reaching € 17.47 million (+44.2% YoY), with an EBIT margin of 18.7%, while Net Income stood at € 11.45 million, up 36.6% compared to € 8.38 million in FY24A and broadly in line with our forecasts. From a balance sheet perspective, net financial position improved significantly, moving from a cash-positive position of € 3.26 million to € 10.04 million.

Following the publication of the FY25A annual report, we revise our estimates for both the current year and the medium term. Specifically, we forecast FY26E revenues at € 110.00 million and EBITDA at € 24.10 million, corresponding to a margin of 21.9%. Looking ahead, we expect revenues to increase to € 144.20 million by FY28E (CAGR 25A–28E: 15.5%), with EBITDA reaching € 32.75 million in FY28E (22.7% margin), up from € 20.52 million in FY25A (21.9% margin). From a financial standpoint, we estimate a cash-positive net financial position of € 13.89 million by FY28E. We conducted the valuation of FOPE’s equity value based on the DCF method and the multiples of a sample of comparable companies. The DCF method (which prudentially includes a specific risk of 1.0% in the WACC calculation) results in an equity value of € 279.6 million. The equity value of FOPE based on market multiples is € 263.9 million. The average equity value therefore amounts to approximately € 271.7 million. We set a target price of € 50.00, with a BUY rating and MEDIUM risk profile.