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16 Jul 2018

Intred / 16.07.2018

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

  • Intred UPDATE – 01.10.2024
    The value of production for 1H24A stands at € 26.29 million, showing a 6.4% growth compared to 1H23A (€ 24.70 million). EBITDA reached € 11.47 million, marking a 6.7% increase compared to € 10.75 million in 1H23A. The EBITDA margin, at 43.6%, also saw a slight improvement from last year’s first half result (43.5%). EBIT amounted to € 5.84 million (€ 5.95 million in 1H23A). Net income stood at € 3.54 million (€ 3.90 million in the first half of 2023). As of June 30, 2024, the NFP shows a debt of € 27.37 million.

    In light of the results published in the 1H24A interim report and the presentation of the 2024-2027 Strategic Plan, we are revising our estimates for the current year and the coming years. Specifically, we estimate a production value of € 57.45 million for FY24E, with an EBITDA of € 24.85 million, corresponding to a margin of 43.3%. For the subsequent years, we expect the production value to increase to € 71.45 million (CAGR 23A-27E: 9.1%) by FY27E, with an EBITDA of € 35.70 million (corresponding to a margin of 50.0%), up from € 22.53 million in FY23A (with an EBITDA margin of 44.6%). On the balance sheet, for FY27E, we estimate an NFP debt of € 10.02 million.

    We have conducted a valuation of Intred’s equity value using the DCF methodology and multiples from a peer group of comparable companies. The DCF method (which prudently includes a specific risk premium of 1.0% in the WACC calculation) results in an equity value of € 387.4 million. Intred’s equity value using market multiples amounts to € 295.6 million. As a result, the average equity value is approximately € 341.5 million. The target price is set at € 21.50, with a BUY rating and a MEDIUM risk level.
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