Intred
On 16 July 2018, Intred S.p.A. obtained the admission of its shares to the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 18 July 2018.
Integrae SIM has acted as Nomad, Global Coordinator of Private Placement and is currently a Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to approximately Euro 11.0 million, through the issuance of 4,861,000 shares, of which 4,420,500 were newly issued shares and 440,500 existing shares from the fiscal year of the Greenshoe option.
The placement price The unit price of the shares resulting from the placement was set at Euro 2.27; based on this price, the market capitalization at the beginning of the negotiations is approximately equal to Euro 36.0 million.
The enterprise. Founded in 1996 by Daniele Peli, current President and CEO of the company, Intred is the reference telecommunications operator of Lombardy. With a fibre optic network of over 2,170 kilometers, two Data Centers, a fixed wireless access network, and a national telephone network, Intred provides over 28,000 users, Business and Retail (the latter served with the EIR brand), connectivity services (ultra-broadband, broadband, wireless), fixed telephony and cloud services.
Ultima Ricerca Intred
UPDATE| In 1H25A, the Company reported a Value of Production of € 27.89 mln, up 6.1% compared to € 26.29 mln in 1H24A, mainly driven by Ultra-Broadband connections (€ 16.20 mln, +20.2%) and Voice and Data services (€ 5.00 mln). EBITDA amounted to € 12.51 mln, up 9.1% compared to € 11.47 mln, with a record-high EBITDA margin of 44.9%. EBIT reached € 6.01 mln (+3.0% vs € 5.84 mln), with an EBIT margin of 21.6%, while Net Income stood at € 3.60 mln, broadly in line with € 3.54 mln in 1H24A. At the balance sheet level, Net Financial Position moved from € 32.86 mln at year-end 2024 to € 37.39 mln in 1H25A. In light of the results published in the 1H25A half-year report, we have revised our estimates for the current year and the following years. Specifically, we estimate a Value of Production for FY25E of € 57.00 million and EBITDA of € 25.65 million, corresponding to a margin of 45.0%. For the subsequent years, we expect the Value of Production to increase to € 70.50 million (CAGR 24A–27E: 8.0%) in FY27E, with EBITDA reaching € 35.25 million (corresponding to a margin of 50.0%), up from € 24.04 million in FY24A (corresponding to an EBITDA margin of 43.0%). At the balance sheet level, we estimate a Net Financial Position of € 15.69 million for FY27E. We conducted the valuation of Intred’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 € 396.6 million. The equity value of Intred based on market multiples is € 241.0 million. The average equity value therefore amounts to approximately € 318.8 million. We set a target price of € 20.00, with a BUY rating and MEDIUM risk profile |
