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2 Jul 2018

Longino & Cardenal / 02.07.2018

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 – 13.10.2023
    Revenues came in at € 16.70 million, up 16.4% compared to the 1H22A figure, equal to € 14.35 million. Adjusted EBITDA amounted to € -0.07 million, an increase on the 1H22A figure, negative by € 0.99 million. The Adjusted EBITDA Margin also improved, going from -6.9% in 1H22A to -0.4% in the first half-year of 2023. EBIT stands at € -0.45 million, an improvement compared to the 1H22A figure, negative by € 1.35 million. Net Income was € -0.60 million, up compared to the 1H22A figure of € -0.91 million. The NFP is equal to € 6.53 million, a slight worsening compared to the figure at the end of 2022, equal to € 5.41 million.

    In light of the results published in the half-year report for 1H23A, we have partially adjusted our estimates for both the current year and the coming years. In particular, for FY23E, we estimate sales of € 36.50 million, and an Adjusted EBITDA of € 0.95 million, corresponding to a margin of 2.6%. In the following years, we expect the value of sales to rise to € 50.00 million (CAGR 22A-25E: 16.4%) in FY25E, with Adjusted EBITDA equal to € 3.55 million (corresponding to a margin of 7.1%), up compared to € -0.71 million in FY22A (corresponding to an Adjusted EBITDA margin of – 2.2%). On the balance sheet, we estimate a debt NFP of € 5.20 million for FY25E.

    Given the lack of comparable companies, we conducted our valuation of the equity value of Longino & Cardenal based on the DCF method alone. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 25.0 million. The target price is € 4.00, BUY rating, and MEDIUM risk.
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