4 Aug 2021

Nusco / 04.08.2021

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 – 08.04.2024
    In the consolidated financial statement as of December 31, 2023, the first full-year of consolidation following the acquisition of Pinum Doors & Windows in 2022, Nusco reports revenues of € 56.73 million, an increase of 11.4% compared to the end-of-year figure for 2022, which was € 50.92 million. Of the total revenue, 61.0% (€ 34.60 million) is generated in Italy, while the remaining 39.0% (€ 22.13 million) comes from abroad, mainly from countries in the European Union. The period’s Adjusted EBITDA reached a record value of € 7.24 million, up 39.1% vs. FY22A (€ 5.20 million), with a margin of 12.8%; EBIT amounted to € 4.33 million, corresponding to an EBIT margin of 7.6%. Net Income was also positive, reaching € 2.20 million, doubling (+94.7%) the previous year’s figure, equal to € 1.13 million.

    In light of the results published in the annual report for FY23A, we have adjusted our estimates for both the current year and the following years. In particular, we estimate an FY24E value of production of € 63.50 million, and an EBITDA of € 8.40 million, corresponding to a margin of 13.5%. In the following years, we expect the value of production to rise to € 76.00 million (CAGR 23A-26E: 9.0%) in FY26E, with EBITDA equal to € 11.20 million (corresponding to a margin of 15.0%), up from € 7.24 million in FY23A (corresponding to an EBITDA margin of 12.8%).

    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 € 63.3 million. The target price is therefore € 3.40 (prev. € 3.15), with a BUY rating and MEDIUM risk.
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