MP7 Italia

3/07/2014

On 3 July 2014 MP7 Italia was admitted to listing on the AIM Italia market by Borsa Italiana. The start of negotiations took place on 07 July 2014.

The placement price is equal to € 2.50.

The enterprise. The Issuer is active in the field of the sale of advertising in exchange for goods of the client company (so-called advertising bartering) and the subsequent marketing and monetization of the products obtained with the bartering operations. In addition, the Company has inaugurated its network of shops with the “Shopping Room” sign intended for the trading of goods (i.e. the purchase and resale of products/services from wholesalers and other “barters”).

Ultima Ricerca MP7 Italia

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.