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 1H25A, the Group recorded revenues of € 11.04 mln, broadly stable compared to € 11.09 mln in 1H24A (-0.5%). Productive revenues with margin contribution grew by +1.8% to € 10.40 mln, with a recurring component of 46.0%. By business area, Digital, Social and Media Marketing reported growth of +4.8% to € 5.40 mln, and Platform & Technology Services rose by +9.9% to € 4.30 mln, while Consulting (€ 0.20 mln, -63.0%) and Digital Academy (€ 0.50 mln, -24.4%) declined. EBITDA stood at € 1.22 mln (vs € 2.02 mln in 1H24A), with the EBITDA margin decreasing from 17.2% to 10.4%; adjusted EBITDA was € 1.61 mln (vs € 1.87 mln in 1H24A). EBIT amounted to € 0.17 mln (vs € 0.91 mln), while Net Income was € – 0.12 mln (vs € 0.41 mln). From a balance sheet perspective, NFP improved from € 5.71 mln to € 4.84 mln of net debt. In light of the results published in the 1H25A half-year report, we revise our estimates for both the current year and the following years. Specifically, we estimate FY25E revenues of € 22.80 mln and adjusted EBITDA of € 3.78 mln, corresponding to a margin of 16.6%. For the following years, we expect revenues to grow to € 28.50 mln (CAGR 24A-27E: 7.9%) in FY27E, with adjusted EBITDA of € 6.60 mln (margin of 23.2%), compared to € 4.04 mln in FY24A (adjusted EBITDA margin of 17.8%). At the balance sheet level, we forecast a cash positive NFP of € 0.89 mln by FY27E. The equity value of Websolute has been assessed using both the DCF methodology and market multiples of a selected peer group. The DCF method, incorporating a prudential specific risk of 2.5% in the WACC calculation, yields an equity value of € 45.7 million. The market multiples approach results in an equity value of € 30.0 million. Consequently, the average equity value stands at approximately € 37.9 million. The target price is set at € 3.70, with a BUY rating and a MEDIUM risk level. |
