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
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UPDATE – 14.10.2024
Leggi il pdfThe Group’s revenues amounted to €17.29 million, recording an increase of 3.5% compared to the result for the first half of 2023, when they were €16.70 million. Adjusted EBITDA totaled €0.27 million, up from the 1H23A figure, which was negative at €0.07 million. As a result, the Adjusted EBITDA Margin, calculated as a percentage of revenues, also improved, rising from -0.4% in 1H23A to 1.5% in the first half of 2024. EBIT, after Adjusted D&A of €0.33 million, stood at €-0.01 million, an improvement compared to the 1H23A figure, which was negative at €0.45 million. The EBIT margin is neutral at 0.0%, compared to the same period of the previous year, when it was -2.7%. Net Income amounted to €-0.22 million, up from €-0.60 million in 1H23A.
In light of the results published in the 1H24A interim report, we are adjusting our estimates for both the current year and the coming years. In particular, we estimate FY24E sales at €38.00 million and EBITDA at €1.10 million, corresponding to a margin of 2.9%. For the following years, we expect sales to increase to €50.30 million (CAGR 23A-26E: 12.0%) in FY26E, with EBITDA reaching €3.50 million (corresponding to a margin of 7.0%), up from €0.81 million in FY23A (corresponding to an EBITDA margin of 2.2%).
Given the lack of comparable companies, we have based our equity value assessment of Longino & Cardenal solely on the DCF methodology. The DCF method (which, for prudential reasons, includes a specific risk of 2.5% in the calculation of WACC) returns an equity value of €22.5 million. The target price is €3.60, with a BUY rating and MEDIUM risk.
Latest Research Longino & Cardenal
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UPDATE – 14.10.2024
The Group’s revenues amounted to €17.29 million, recordi...
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BREAKING NEWS – 16.04.2024
In the press release of April 11, 2024, Longino & Carden...
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UPDATE – 05.04.2024
Revenues amounted to € 35.79 million as of December 31, 20...
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UPDATE – 13.10.2023
Revenues came in at € 16.70 million, up 16.4% compared to ...
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UPDATE – 13.04.2023
Revenues amounted to € 31.71 million, compared to a value ...
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UPDATE – 13.10.2022
The Group, in the consolidated half-year financial report as...