Nusco
On 02 August 2021, Nusco S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. The start of negotiations took place on 04 August 2021.
Integrae SIM acted as Nomad, Global Coordinator, and Issuer Specialist.
The equivalent Euro 4.6 million, through placement, mainly aimed at leading Italian and foreign institutional investors, of a maximum total of 3,832,500 ordinary shares, of which 3,333,000 newly issued shares on the start date of the negotiations and 499,500 shares placed as part of the fiscal year of the over-allotment option granted by the shareholder Nusco Invest S.r.l. to Integrae SIM S.p.A., as Global Coordinator, within 30 days following the start date of the negotiations on AIM Italia. The placement price of ordinary shares was set at Euro 1.20 per share.
The enterprise Nusco S.p.A. is a company active in the production and marketing of doors for interiors and windows and doors in wood, PVC, aluminum, and iron under the “NUSCO” brand. Nusco is a historic Italian brand present on the windows market for over 60 years and one of the leaders in south-central Italy in the production and marketing of doors and windows and doors. The Company, led by the Chairman and CEO Luigi Nusco, carries out its activity through two Business Units: the BU Porte, which deals with the production of the range of doors offered by Nusco and the marketing of armored doors, and the BU Infissi, active in the marketing of windows, shutters and iron gratings. NUSCO products are aimed at a large client portfolio consisting of construction companies, franchisees managed by affiliates, authorized multi-brand retailers spread throughout the country, and private clients.
Ultima Ricerca Nusco
BREAKING NEWS| In the press release dated 23 January 2026, Marzocchi Pompe SpA, an Italian company engaged in the design and manufacturing of high-performance gear pumps and motors for industrial, mobile, and automotive applications, reported selected preliminary consolidated figures for 2025. FY25A consolidated net revenues amounted to € 37.14 million, down 7.2% versus € 40.04 million in FY24A, but above our FY25E forecast of € 35.00 million. On the one hand, the result mainly reflects the slowdown in the industrial sector across the Group’s two key end markets, Europe and North America. On the other hand, the Group was able to mitigate the negative impact of these adverse sector dynamics thanks to its focus on product innovation and customization, as well as the cost-containment actions implemented during the year, ultimately delivering a recovery in the final part of the year, with revenues accelerating by +11.6% compared to Q4 2024. The revenue mix confirms the centrality of the core business, which increased to 86.2% of total sales (from 85.0% in 2024), with revenues of € 32.03 million (-5.9% vs € 34.03 million in 2024). Automotive remained broadly stable at 13.8% (from 15.0% in FY24A), with revenues of € 5.10 million, down 14.9% versus € 6.01 million in 2024, due to the structural weakness of the sector at a global level and the end of the life cycle of certain products linked to the two main customers. From a geographical standpoint, the domestic market increased to 31.8%, while the export share remained high at 68.2%, with North America accounting for 24.4%, confirming its strategic relevance despite a less supportive demand environment. This dynamic points to a still robust balance between a solid international footprint and a gradual relative strengthening of Italy, in a year in which commercial resilience was challenged by the cyclicality of end markets. On the financial side, at year-end 2025 net financial position (including restricted deposits with three- and six-month maturities) stood at € 7.70 million, up 34.0% compared to € 5.80 million as of 31/12/2024, and broadly stable versus 30/06/2025 (also € 7.70 million). As noted in our previous update, the first half of 2025 included investments of approximately € 1.90 million for new assembly and testing lines for pumps and motors of the Elika 1P and Elika 2 families in Zola Predosa; these were complemented by additional cash outflows of approximately € 1.00 million in the second half of the year related to the workforce reduction process completed during the period. The Group continues to focus on ongoing product innovation and customization (also as a defensive lever throughout market cycles). In January 2026, Marzocchi Pompe announced that the Ufficio Italiano Brevetti e Marchi del Ministero delle Imprese e del Made in Italy (UIBM) granted a new patent for the reversible version of the Elika family pumps. This new pump type represents a meaningful technological evolution compared to the Elika pumps and motors currently in the portfolio (to date designed to operate in a single direction of rotation, clockwise or counterclockwise), as it features an architecture capable of ensuring higher volumetric efficiency, reduced pulsations, lower noise, and better suitability for bidirectional operating cycles, making it particularly suitable for advanced applications. Looking ahead, the commercialization of this new product sub-family may represent an additional revenue stream for the Group, as it addresses the needs of fast-growing global segments such as construction machinery and public transportation, both hybrid and electric. In summary, although 2025 remained influenced by a challenging macroeconomic backdrop, the preliminary figures indicate a revenue profile better than our expectations, with particularly encouraging signs in the final part of the year. Accordingly, taking into account the information disclosed in the press release, we confirm our recommendation: target price € 5.20, rating BUY, risk Medium. |
