ITway

4/06/2001

On 4 June 2001 ITway was admitted to trading on the New Market, a regulated market reserved for innovative small businesses with high growth potential. The total collection amounted was equal to €24.90 million.

The placement price is equal to €15.00.

On 12 January 2012 Integrae SIM assumed the role of Specialist of the Issuer.

The enterprise. Itway SpA is now the head of a Group that operates in the Information Technology sector through the design, production, and distribution of e-business solutions. The Itway group operates as Value Added Distributor (VAD) of e-business software technologies in Italy, France, Greece, Spain, Portugal, and Turkey and is, in this business area, a market leader.

Ultima Ricerca ITway

UPDATE

Borgosesia reported results in line with the Business Plan, confirming a stable operating model and high profitability. Consolidated revenues amounted to €14.43 million, supported by real estate sales and income from repossession strategy receivables. Gross operating profit stood at €9.61 million, undergoing physiological normalization but still accounting for more than 50.0% of revenues, while EBITDA amounted to €7.29 million (margin of 52.5%) with net income of €2.08 million. On the strategic front, tangible progress has been made: the growth in AUM to €133.00 million (compared to €79.00 million at December 31, 2024) confirms the progress of the third-party management model, despite a natural phase of building fundraising capacity in a highly competitive market. Finally, disposals and collections during the period contributed to the improvement in Adj. NFP to €85.02 million, freeing up resources and strengthening the financial structure. Overall, the half-year shows concrete progress in the transformation process and lays a solid foundation for the expansion of recurring and asset-light activities.

Considering the performance in the first half of the year and the Company’s recent announcements, we see no reason to update the forecasts made in the previous report. We expect FY25E production value to be €25.50 million with EBITDA of €12.50 million, corresponding to a margin of 49.0%, and growth in production value to €32.7 million (CAGR 24A-27E: 10.1%) in FY27E, with EBITDA of €19.00 million and a margin of 58.1%. We confirm our target price of €2.50, BUY rating, and MEDIUM risk.