3 Dec 2019

NVP / 03.12.2019

On 3 December 2019, NVP S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 05 December 2019.

Integrae SIM acted as a Nomad of the private placement and is a Specialist of the Issuer.

The placement price The unit price of the shares resulting from the placement was set at Euro 3.8;

The enterprise. NVP is an Italian company active in the sector of video production services mainly for television networks and owners or managers of television rights. The activity is carried out, in particular, in the design and development, of mobile directories (Ob-Van) with high technological content, of television events, in particular sports, entertainment, concerts, and shows.

Ultima Ricerca NVP

  • UPDATE – 23.10.2023
    In the half year results as of June 30, 2023, NVP reported revenues of € 12.74 million, marking a clear increase compared to the 1H22A result of € 8.18 million (+55.7%). EBITDA, consequently, rose by € 3.71 million, up 21.4% compared to € 3.06 million in 1H22A, with an EBITDA Margin of 29.2%. EBIT came in equal to € 1.69 million, up 229.4% compared to € 0.51 million in 1H22A. Net Income was also positive, amounting to € 0.39 million.

    In light of the 1H23A half-year results, we have slightly adjusted our estimates for both the current year and the coming years. In particular, we estimate an FY23E value of production of € 26.50 million, with an EBITDA of € 8.00 million, corresponding to a margin of 32.7%. In the following years, we expect the value of production to rise to € 35.00 in FY25E, with EBITDA equal to € 11.55 million (corresponding to an EBITDA Margin of 35.0%), up from € 5.61 million in FY22A (corresponding to an EBITDA Margin of 32.2%).

    We conducted our valuation of the equity value of NVP 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 € 73.1 million. Using market multiples, the equity value of NVP is € 46.2 million (including a 25.0% discount). The results give an average equity value of approximately € 59.6 million. The target price is € 7.85, with a BUY rating, and MEDIUM risk.
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