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 2024, the Group recorded revenues of € 73.43 million, up by 10.1% compared to € 66.67 million in 2023 and above the previous estimate of € 70.00 million. The performance was driven by the strengthening of commercial investments in key international markets, particularly in the United States, South-East Asia, and Eastern Europe, as well as by the positive trend in the Italian market. Despite a temporary contraction in profitability due to extraordinary costs related to operational and structural enhancement, the Group maintained strong profitability, with an EBITDA margin of 20.2%. Net income amounted to € 8.38 million. From a balance sheet perspective, the Net Financial Position improved from a substantially neutral level (€ 0.03 million in 2023) to a positive cash position of € 3.26 million as of 31 December 2024. In light of the results published in the FY24A annual report, we have revised our estimates for both the current year and the following years. Specifically, we estimate revenues of € 87.00 million for FY25E and EBITDA of € 17.40 million, corresponding to a margin of 20.0%. For the subsequent years, we expect revenues to increase to € 110.80 million (CAGR 24A–27E: 14.7%) in FY27E, with EBITDA reaching € 23.50 million (corresponding to a margin of 21.2%), up from € 14.80 million in FY24A (corresponding to an EBITDA margin of 20.2%). At the balance sheet level, we estimate a cash positive Net Financial Position of € 10.60 million for FY27E. 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 € 211.4 million. The equity value of FOPE based on market multiples is € 209.8 million. The average equity value therefore amounts to approximately € 210.6 million. We set a target price of € 39.00, with a BUY rating and MEDIUM risk profile. |
