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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 – 25.03.2024
    The value of production stands at € 50.52 million, compared to a value of € 46.08 million recorded at the end of 2022, and to € 49.75 million estimated in our previous report. The EBITDA, equal to € 22.53 million, recorded an increase of 13.5%, compared to € 19.85 million in the previous year, and above our previous estimate of € 21.45 million. The EBIT, after amortization and depreciation of € 9.86 million, stands at € 12.67 million (€ 12.16 million in 2022), compared to our estimate of € 9.45 million. Net Income stands at € 8.19 million (€8.67 million in 2022), slightly down from the € 6.25 million of our previous estimate. 

    In light of the results published in the annual report for FY23A, and the imminent finalization of the acquisition of the company Connecting Italia Srl, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate an FY24E value of production of € 57.45 million, and an EBITDA of € 24.00 million, corresponding to a margin of 41.8%. In the following years, we expect the value of production to rise to € 72.45 million (CAGR 23A-26E: 12.8%) in FY26E, with an EBITDA equal to € 32.20 million (corresponding to a margin of 44.4%), up compared to € 22.53 million in FY23A (corresponding to an EBITDA margin of 44.6%).

    We conducted the valuation of the equity value of Intred on the basis of the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 1.0% in the calculation of the WACC) returns an equity value of € 364.4 million. Using market multiples, the equity value of Intred is € 286.4 million. The result is an average equity value of approximately € 325.5 million. The target price is € 20.50, BUY rating and MEDIUM risk.
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