International Care Company
On 6 December 2021 I.C.C. S.p.A. obtained the order for admission to negotiate its ordinary shares and warrants called “Warrant International Care Company 2021-2024”, on the Euronext Growth Milan market, a multilateral negotiations system organized and managed by Borsa Italiana. The start of negotiations took place on 8 December 2021.
The total equivalent of the resources raised is approximately Euro 2.5 million, at an offer price of Euro 2.10 per share.
The enterprise International Care Company SpA operates as a care services company and was established in 2018 through the conferral of the business unit relating to personal care activities, management of satellite alarms and claims on behalf of third parties and call centers by FD Service SpA and the business unit relating to the development of telemedicine projects by FD W.OR.L.D. Care S.r.l., both founded by Eng. Ventura, current Chairman and Chief Executive Officer of the Issuer.
Ultima Ricerca International Care Company
UPDATE| The Company’s revenues at the end of FY24A amounted to € 8.48 million, representing a 25.4% increase compared to € 6.77 million in FY23A. EBITDA for the period stood at € -0.13 million, showing a marked improvement (+58.7%) versus the € -0.32 million reported at the end of 2023. EBIT, after depreciation and amortisation totalling € 0.85 million, amounted to € -0.98 million, improving from € -1.06 million recorded in FY23A. As a result, Net Income also remained negative at € -0.86 million, compared to € -0.90 million in 2023. From a balance sheet perspective, the Net Financial Position (NFP) was € 0.16 million, down from a cash-positive position of € 0.51 million in 2023. In light of the results published in the annual report for 2024, we have updated our estimates for both the current year and the following years. In particular, we now estimate an FY25E revenues to be €9.65 million, with an EBITDA of €0.90million, corresponding to a margin of -9.3%. For the following years, we expect revenues to increase to €11.40 million (CAGR 24A-27E: 10,4%) in FY27E, with EBITDA of €1.75 million (corresponding to a margin of 15.4%), up from €-0.13 million in FY24A (with an EBITDA margin of -1.5%). From a balance sheet perspective, the Net Financial Position (NFP) stood at € 0.16 million, down from the cash-positive figure of € 0.51 million recorded in 2023. We conducted our valuation of the equity value of ICC based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 9.5 million. The target price is € 2.00, with a BUY rating and MEDIUM risk. |
