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 1H26A, Longino & Cardenal recorded revenues of € 15.60 million, down 7.3% compared to € 16.84 million in 1H25A, mainly reflecting the closure of the New York branch and the slowdown in Dubai, which was affected by geopolitical tensions in the Middle East. Despite the decline in revenues, the contribution margin remained substantially stable at € 4.11 million, with its incidence on revenues improving to 26.3% from 24.6%. EBITDA returned to positive territory at € 0.47 million, compared to € -0.01 million in 1H25A, with an EBITDA margin of 3.0%, benefiting from cost rationalization initiatives, the outsourcing of logistics and process automation. EBIT stood at € 0.24 million, compared to € -0.26 million in the comparable period, while Net Income returned to positive territory at € 0.09 million from a loss of € 1.30 million in 1H25A. From a balance sheet perspective, NFP increased to € 5.41 million compared to € 4.95 million at year-end 2025. In light of the results published in the 1H26A interim financial report, we partially revise our estimates for both the current year and the following years. In particular, we estimate FY26E revenues of € 35.00 million and EBITDA of € 1.95 million, corresponding to a margin of 5.6%. For the following years, we expect sales to increase to € 36.40 million in FY28E (25A-28E CAGR: 1.0%), with EBITDA reaching € 2.15 million, corresponding to a margin of 5.9%, compared to € 1.46 million in FY25A, equal to an EBITDA margin of 4.1%. From a balance sheet perspective, we estimate FY28E NFP at € 2.08 million of debt. 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 € 15.7 million. The target price is € 2.50, with a BUY rating and MEDIUM risk profile. |
