Ilpra
On 13 February 2019 Ilpra 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 15 February 2019.
Integrae SIM acted as Nomad, Global Coordinator, Private Placement Bookrunner, and Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 5.3 million, through the issuance of 2,538,600 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 2.10; based on this price, the market capitalization at the beginning of the negotiations was equal to Euro 25.3 million.
The enterprise. Ilpra S.p.A., founded in 1955, is active in the production and sale of machinery for the packaging of food, cosmetics, and medical products. It is one of the main players in the packaging sector thanks to the wide range of machines (heat sealing, filling, thermoforming) and cutting-edge technological solutions. Innovative SMEs stand out for the continuous investments in R&D that have allowed them to develop in-house innovative packaging technologies and techniques able to promptly meet the needs of clients. With more than 16,000 machines sold, 190 employees, an extensive network of sellers, and a presence in 4 countries (Italy, the UK, Hong Kong, and the United Arab Emirates), the Group produces approximately 75% of 2018 turnover abroad and directly oversees markets worldwide.
Ultima Ricerca Ilpra
UPDATE| In 1H25A, the Group reported revenues of € 16.84 million, slightly down compared to € 17.29 million in 1H24A. The Parent Company remained the main contributor with € 12.52 million (74.4% of total), while the Hong Kong subsidiary grew by 30.2% to € 1.70 million. Dubai declined to € 1.19 million (-22.3%), and New York to € 0.41 million, while Il Satiro Danzante posted € 0.91 million (+11.0%). The consolidated contribution margin stood at € 4.14 million (vs € 4.35 million), with an improvement for the Parent Company (23.2% vs 22.5%) and solid performance from Hong Kong. EBITDA was essentially neutral at € -0.01 million (vs € 0.29 million), with Adjusted EBITDA of € 0.11 million (vs € 0.27 million). Excluding the New York subsidiary, EBITDA would have reached € 0.52 million (margin of 3.2%). EBIT amounted to € -0.26 million, while Net Income was negative at € -1.33 million. At the balance sheet level, Net Financial Position stood at € 6.03 million of net debt. In light of the results published in the 1H25A half-year report, we revise our estimates for both the current year and the following years. Specifically, we forecast FY25E Value of Production of € 35.50 million and EBITDA of € 1.20 million, corresponding to a margin of 3.4%. For the following years, we expect revenues to grow to € 37.65 million in FY27E (CAGR 24A–27E: 0.7%), with EBITDA of € 1.45 million (margin of 3.9%), up from € 0.88 million in FY24A (EBITDA margin of 2.4%). At the balance sheet level, we estimate FY27E Net Financial Position of € 4.73 million of net debt. Due to the lack of directly comparable companies, we have assessed Longino & Cardenal’s equity value using only the DCF method. The DCF model (which prudently includes a 2.5% specific risk premium in the WACC calculation) yields an equity value of € 13.8 million. The target price is € 2.20, with a BUY rating and MEDIUM risk profile. |
