Longino & Cardenal
On 2 July 2018, Longino & Cardenal S.p.A. obtained the admission of its shares to the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 04 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 Euro 4.95 million, through the issuance of 1,375,000 shares, of which 1,250,000 newly issued shares and 125,000 shares were put up for sale.
The placement price The unit price of the shares resulting from the placement was set at Euro 3.60; based on this price, the market capitalization at the beginning of the negotiations is equal to Euro 22.5 million.
The enterprise. Founded in 1988, Longino & Cardenal S.p.A. researches, selects, and distributes, for over 30 years, rare and precious foods for high-quality catering, anticipating international gastronomic trends. The company has developed a food proposal of excellence, with over 1,800 first-class products, distributed by a commercial network of about 80 agents, to inspire Italian and foreign high-profile food operators with the best raw materials. The Group, with headquarters in Italy, is present in Hong Kong, Dubai, and New York. It has about 5,000 clients, including 80% of the starred restaurants in the reference markets, and about 100 strategic providers, supported by efficient logistics to guarantee freshness and quality.
Ultima Ricerca Longino & Cardenal
UPDATE| In FY24A, the Group’s revenues amounted to € 36.89 million, marking a 3.1% increase compared to 2023, although slightly below previous estimates. The Parent Company remains the main growth driver, contributing 75.2% of total revenues. EBITDA rose to € 0.88 million, with an EBITDA margin of 2.4%, supported by an improvement in contribution margin and ongoing efficiency measures. EBIT reached € 0.28 million, also benefiting from a reduction in amortization. Net Income remained negative, though showing an improvement over the previous year. Net Financial Position improved to € 6.03 million in debt, reflecting progress in the Group’s financial sustainability. In light of the results published in the FY24A annual report, we have revised our estimates for both the current year and the years ahead. Specifically, we forecast FY25E revenues of € 39.85 million and EBITDA of € 1.20 million, corresponding to a margin of 3.0%. In the following years, we expect revenues to increase to € 46.45 million by FY27E (CAGR 24A–27E: 8.0%), with EBITDA reaching € 1.70 million (margin of 3.7%), up from € 0.88 million in FY24A (EBITDA margin of 2.4%). On the balance sheet side, we estimate a Net Financial Position of € 4.73 million in debt for FY27E. Due to the lack of directly comparable companies, we have assessed Longino & Cardenal’s equity value using only the DCF method. The DCF model (which prudently includes a 2.5% specific risk premium in the WACC calculation) yields an equity value of € 15.6 million. The target price is € 2.50, with a BUY rating and MEDIUM risk profile. |
