Mobyt

3/03/2015

On 3 March 2015 Mobyt S.p.A. obtained the admission of the shares to the AIM Italia market organized and managed by Borsa Italiana. The start of negotiations took place on 05 March 2015.

The placement price is equal to € 2.40.

The enterprise. Mobyt is a company active in the field of mobile marketing and mobile service focused mainly on the management of professional SMS through a proprietary platform, directly connected to the major Italian and French mobile operators through dedicated lines. The Group also offers web advertising services and sends professional emails. It operates internationally through operational offices in Italy (Ferrara, Trento, and Arezzo) and abroad (Paris, Marseille, Boston).

Ultima Ricerca Mobyt

UPDATE

Borgosesia reported results in line with the Business Plan, confirming a stable operating model and high profitability. Consolidated revenues amounted to €14.43 million, supported by real estate sales and income from repossession strategy receivables. Gross operating profit stood at €9.61 million, undergoing physiological normalization but still accounting for more than 50.0% of revenues, while EBITDA amounted to €7.29 million (margin of 52.5%) with net income of €2.08 million. On the strategic front, tangible progress has been made: the growth in AUM to €133.00 million (compared to €79.00 million at December 31, 2024) confirms the progress of the third-party management model, despite a natural phase of building fundraising capacity in a highly competitive market. Finally, disposals and collections during the period contributed to the improvement in Adj. NFP to €85.02 million, freeing up resources and strengthening the financial structure. Overall, the half-year shows concrete progress in the transformation process and lays a solid foundation for the expansion of recurring and asset-light activities.

Considering the performance in the first half of the year and the Company’s recent announcements, we see no reason to update the forecasts made in the previous report. We expect FY25E production value to be €25.50 million with EBITDA of €12.50 million, corresponding to a margin of 49.0%, and growth in production value to €32.7 million (CAGR 24A-27E: 10.1%) in FY27E, with EBITDA of €19.00 million and a margin of 58.1%. We confirm our target price of €2.50, BUY rating, and MEDIUM risk.