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
UPDATE| In FY25A, the Group reported revenues of € 93.58 million, up 27.4% from € 73.43 million in FY24A and above our estimate of € 87.90 million. EBITDA amounted to € 20.52 million, increasing by 38.6% compared to € 14.80 million in FY24A and exceeding expectations of € 19.40 million, with an EBITDA margin of 21.9%, improving from 20.2% in the previous year. EBIT also showed a positive trend, reaching € 17.47 million (+44.2% YoY), with an EBIT margin of 18.7%, while Net Income stood at € 11.45 million, up 36.6% compared to € 8.38 million in FY24A and broadly in line with our forecasts. From a balance sheet perspective, net financial position improved significantly, moving from a cash-positive position of € 3.26 million to € 10.04 million. Following the publication of the FY25A annual report, we revise our estimates for both the current year and the medium term. Specifically, we forecast FY26E revenues at € 110.00 million and EBITDA at € 24.10 million, corresponding to a margin of 21.9%. Looking ahead, we expect revenues to increase to € 144.20 million by FY28E (CAGR 25A–28E: 15.5%), with EBITDA reaching € 32.75 million in FY28E (22.7% margin), up from € 20.52 million in FY25A (21.9% margin). From a financial standpoint, we estimate a cash-positive net financial position of € 13.89 million by FY28E. 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 € 279.6 million. The equity value of FOPE based on market multiples is € 263.9 million. The average equity value therefore amounts to approximately € 271.7 million. We set a target price of € 50.00, with a BUY rating and MEDIUM risk profile. |
