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 the first half of 2026, the Group reported sales revenues of € 10.63 million, up 4.6% compared to € 10.16 million in 1H25A, while Value of Production stood at € 10.71 million (€ 10.21 million in 1H25A). EBITDA amounted to € 1.13 million, down 16.1% compared to € 1.34 million in 1H25A, with an EBITDA margin of 10.6% (13.2% in 1H25A). After depreciation, amortization and impairment charges of € 0.23 million, EBIT stood at € 0.89 million, down 20.5% compared to € 1.13 million in 1H25A, with an EBIT margin of 8.4% (11.1% in 1H25A). Net Income amounted to € 0.57 million, declining from € 0.75 million in 1H25A. At the balance sheet level, Net Financial Position (NFP) stood at € 3.50 million of net debt, increasing from € 2.39 million of net debt at year-end 2025. In light of the results published in the 1H26A interim financial report and the acquisition of Plastilux Srl, we revise our estimates for both the current year and the following years. In particular, we estimate FY26E revenues of € 20.00 million and EBITDA of € 2.25 million, corresponding to an EBITDA margin of 11.3%. Looking ahead, we expect revenues to increase to € 27.00 million (CAGR 25A-28E: 11.4%) in FY28E, with EBITDA reaching € 3.55 million (corresponding to an EBITDA margin of 13.1%), compared to € 2.17 million in FY25A (corresponding to an EBITDA margin of 11.1%). At the balance sheet level, finally, we expect Net Financial Position (NFP) to improve from € 2.39 million of net debt in FY25A to € 1.50 million of net debt in FY26E. We conducted our valuation of the equity value of Saccheria F.lli Franceschetti based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 20.5 million. Using market multiples, the equity value of Saccheria F.lli Franceschetti was calculated as € 22.0 million (including a 25.0% discount). The results give an average equity value of approximately € 21.2 million. The target price is € 2.40, with a BUY rating and MEDIUM risk. |
