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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 – 13.04.2023
    Revenues amounted to € 31.71 million, compared to a value of € 26.29 million reported at the end of 2021, and to € 32.00 million estimated in our previous report. Adjusted EBITDA amounted to € – 0.53 million, slightly down on the € – 0.45 million of the previous year, and the € – 0.30 million expected. The Adjusted EBITDA Margin came in at – 1.7%, compared to – 1.7% in FY21A, and the estimated – 0.9%. EBIT amounted to € – 1.46 million (€ – 1.15 million in 2021), after adjusted amortization and depreciation of € 0.93 million, whereas the expected EBIT amounted to € – 1.20 million. Net Profit stands at € – 1.24 million (€ – 0.90 million in FY21A) versus our estimate of € – 0.95 million. The NFP went from € 3.53 million to € 5.41 million.

    In light of the results published in the Annual Report for FY22A, we confirm our estimates for both the current year and the coming years. In particular, we estimate an FY23E sales value of € 36.50 million, and an Adjusted EBITDA of €1.20 million, corresponding to a margin of 3.3%. In the following years, we expect the value of sales to rise to € 50.00 million (CAGR 22A-25E: 16.4%) in FY25E, with an Adjusted EBITDA equal to € 3.80 million (corresponding to a margin of 7.6%), up from € – 0.71 million in FY22A (corresponding to an Adjusted EBITDA Margin of – 2.2%).

    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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