Igea Med
On 18 December 2020, Igea Med S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 22 December 2020.
Integrae SIM acted as Nomad and Global Coordinator.
The equivalent of the placement of a total of 259,000 shares and at the start date of the negotiations on AIM Italia PRO, the share capital of Igeamed S.p.A. will be represented by a total of 2,259,000 ordinary shares with a float of 11.47% for a planned capitalization equal to € 3,388,500.
The enterprise. Igeamed, a company of the Igeam Group, operates in the market of medicine for companies and provides companies with integrated consulting and engineering services for risk management and human resources. Igeamed, which operates entirely in Italy through a capillary structure with four operational headquarters throughout the country and, in particular, in Bari, Rome, Ravenna, and Milan, aims to promote corporate healthcare, representing the ideal partner to address the new needs of companies increasingly oriented towards social responsibility and the overall well-being of employees and the company system as a whole.
Ultima Ricerca Igea Med
UPDATE| At the end of FY25, the Promotica Group announced consolidated sales revenues of € 137.44 million, up 43.1% compared to € 96.04 million recorded at the end of FY24. EBITDA amounted to € 10.25 million, marking a significant increase compared to € 6.03 million in the previous financial year. EBITDA margin reached 7.5%, improving from 6.3% as of December 31st, 2024, benefiting from greater operating leverage driven by higher volumes and improved operating profitability. EBIT, amounted to € 7.00 million, compared to € 4.32 million in the previous year, with an EBIT margin of 5.1%, up from 4.5% in 2024. Net profit amounted to € 3.85 million, representing an increase of 147.1% compared to € 1.56 million as of December 31st, 2024. This performance reflects the improvement in the Group’s operating results and its enhanced ability to translate business growth into net profitability. In light of the strategic investments carried out, the progressive expansion of the customer base both in the domestic market and internationally, and the continuous strengthening of the Group’s competitive positioning, we expect a further increase in business volumes over the 2026–2028 period. Specifically, we forecast total value of production of € 142.80 million, growing to € 175.80 million by 2028 (FY25A–FY28E CAGR: 8.6%). At the same time, we estimate improving profitability, with the EBITDA margin increasing from 7.5% in the year just ended, up to 11.0% in 2028, corresponding to EBITDA of € 19.20 million in 2028. We carried out the valuation of Promotica’s equity value using the DCF methodology, including a specific risk premium of 2.5%. This resulted in an equity value of € 122.8 million. Accordingly, our target price is € 7.20 per share (previously € 7.50). We confirm our BUY rating and MEDIUM risk assessment. |
