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.
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UPDATE – 09.10.2023
In the half-yearly report as of June 30th, 2023, Nusco Group reported net revenues of € 24.60 million, showing favorable developments in the strategy of diversification and customization of Nusco’s commercial offerings, aimed at improving quality standards for Italian customers and at the recovery of the construction sector in the Romanian market. EBITDA for the period amounted to € 2.92 million, generated respectively for € 2.12 milion from BU Windows and for € 0.80 milion from BU Doors; EBIT, after D&A for € 0.84 mln, is equal to € 2.07 million. Net Income is positive at € 1.06 million.
In light of the published 1H23A half-year results, we have slightly updated our estimates for the current year, while our estimates for the coming years remain substantially unchanged. In particular, we now estimate FY23E revenues of € 53.00 million, and an EBITDA of € 6.35 million, corresponding to a margin of 12.0%. In the following years, we expect revenues to rise to € 66.30 million (CAGR 22A – 25E: 9.2%) in FY25E, with EBITDA equal to € 9.00 million (corresponding to a margin of 13.6%), up compared to € 5.20 million in FY22A (corresponding to an EBITDA Margin of 10.2%).
We conducted our valuation of the equity value of Nusco based on the DCF method. The DCF method (including for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of €58.6 million. The target price is therefore € 3.15 (prev. € 3.15), with a BUY rating and MEDIUM risk
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