Modelleria Brambilla
On 03 December 2014 Modelleria Brambilla was admitted to listing on the AIM Italia market by Borsa Italiana. Integræ SIM is a Nomad and Global Coordinator of the operation. The total collection from IPO was equal to € 3 million, of which €1.5 million was dedicated to the Capital Increase and €1.5 million to the issuance of a Convertible Loan Capital.
The placement price is equal to € 2.5.
The enterprise. Modelleria Brambilla, based in Correggio (RE), with a strong international vocation (80% of turnover achieved abroad), is one of the most important companies in the field of precision components for the automotive industry. Founded in 1951 by Eugenio Brambilla and developed in the Sixties by his sons Aldo and Giancarlo, the Company manufactures and markets equipment for the production of cylinder heads, engine crankshafts, gearboxes, manifolds, and other complex jets for commercial and industrial motor vehicles. The important resources dedicated to research and technological innovation, together with the study of design and design carried out with the client, have allowed Modelleria Brambilla to become a reference partner and strategic supplier, through the foundries, of the most important car manufacturers worldwide (BMW, Ferrari, Volkswagen, Ford, GM, Chrysler).
Ultima Ricerca Modelleria Brambilla
UPDATE| In 2024, the Group recorded revenues of € 73.43 million, up by 10.1% compared to € 66.67 million in 2023 and above the previous estimate of € 70.00 million. The performance was driven by the strengthening of commercial investments in key international markets, particularly in the United States, South-East Asia, and Eastern Europe, as well as by the positive trend in the Italian market. Despite a temporary contraction in profitability due to extraordinary costs related to operational and structural enhancement, the Group maintained strong profitability, with an EBITDA margin of 20.2%. Net income amounted to € 8.38 million. From a balance sheet perspective, the Net Financial Position improved from a substantially neutral level (€ 0.03 million in 2023) to a positive cash position of € 3.26 million as of 31 December 2024. In light of the results published in the FY24A annual report, we have revised our estimates for both the current year and the following years. Specifically, we estimate revenues of € 87.00 million for FY25E and EBITDA of € 17.40 million, corresponding to a margin of 20.0%. For the subsequent years, we expect revenues to increase to € 110.80 million (CAGR 24A–27E: 14.7%) in FY27E, with EBITDA reaching € 23.50 million (corresponding to a margin of 21.2%), up from € 14.80 million in FY24A (corresponding to an EBITDA margin of 20.2%). At the balance sheet level, we estimate a cash positive Net Financial Position of € 10.60 million for FY27E. We conducted the valuation of FOPE’s equity value based on the DCF method and the multiples of a sample of comparable companies. The DCF method (which prudentially includes a specific risk of 1.0% in the WACC calculation) results in an equity value of € 211.4 million. The equity value of FOPE based on market multiples is € 209.8 million. The average equity value therefore amounts to approximately € 210.6 million. We set a target price of € 39.00, with a BUY rating and MEDIUM risk profile. |
