PLT energia
2/06/2014
On 2 June 2014, PLT Energia S.p.A. was admitted to listing on the AIM Italia market by Borsa Italiana. Integræ SIM is a Nomad and Global Coordinator of the operation. The total collection at the IPO was equal to € 10.6 million, all through a capital increase.
The placement price is equal to € 2.70.
The enterprise. The Group is mainly active in the field of electricity generation from renewable energy sources, and, in particular, in the photovoltaic, wind, and biomass sectors. In addition, the Group operates in the field of construction, management, and maintenance of plants for the production of energy from renewable sources and in the field of electricity trading and Green Certificates.
Ultima Ricerca PLT energia
BREAKING NEWS| In the press releases issued on 24th July and 29th July 2026, Metriks AI SpA, an AI Data Company focused on developing innovative B2B data-driven solutions powered by Artificial Intelligence, based on a Service-as-a-Software paradigm and a Human AI philosophy, announced three extraordinary transactions that significantly accelerate its external growth strategy. The Group announced that it completed, on 24th July, the acquisition of 100.0% of Teuron Srl and, on 29th July, that its Board of Directors approved two additional transactions, parallel but separate: the launch of a voluntary full-share exchange tender offer (OPS) for the shares of TradeLab SpA, listed on Euronext Growth Milan, and the signing of a binding term sheet for the acquisition of 100.0% of the share capital of Workgroup Srl. The three transactions form part of a single bolt-on acquisition strategy aimed at integrating complementary capabilities, technologies and solutions around the proprietary Metriks Suite platform, with the objective of building an integrated ecosystem of AI, analytics and operational automation across the entire corporate value chain, from data collection and interpretation to the automation of operational processes. In terms of scale, the acquisitions of TradeLab and Workgroup jointly represent the main driver of the Group’s accelerated growth. When considered together with the transactions completed over the last twelve months, they qualify as a Reverse Takeover under the Euronext Growth Milan Issuers’ Regulation. The acquisition of Teuron, which is smaller in size and has already been completed, fits within the same growth strategy, strengthening the Group’s expertise in enterprise management systems through the company’s specialization and its partnership with Odoo. Teuron is a software house based in Calenzano (Florence) and an official Odoo partner, specializing in the implementation and development of complex enterprise management systems. Over the years, the company has developed significant expertise in the waste management sector, where it created Ecodoo, a cloud-native management application that integrates operational management, administrative processes and regulatory compliance into a single environment for operators active in the waste management and circular economy value chain. From a financial perspective, the company closed the financial year ended 31st December 2025 with Value of Production of €0.58 million, EBITDA of €0.10 million, and a net cash position of €0.06 million. The transaction, which represents the Group’s first acquisition of 2026 and its sixth acquisition since inception, provides for a purchase price determined on the basis of sales revenues and service income as of 31st December 2026, net of the company’s net financial position at closing. As of the date of the press release, Metriks AI had paid the sellers a provisional consideration of €0.52 million, entirely in cash. Any positive difference between the final purchase price and the provisional consideration will be settled 40.0% in cash and 60.0% through the allocation of Metriks AI ordinary shares, subject to a lock-up until 31st December 2030, with the total consideration capped at €1.60 million. The agreement also provides for a potential earn-out mechanism linked to revenue growth achieved in the 2027 and 2028 financial years. Against this backdrop, Teuron’s status as an official Odoo partner—Odoo being an ecosystem of modular, open-source business applications with more than 28 million users worldwide—combined with the team’s expertise in implementing enterprise management systems, is expected to enable the Group to embed its proprietary AI Agents at the core of enterprise management platforms. The stated objective is to transform the role of enterprise software from a tool primarily used for data organization and record-keeping into an environment capable of supporting and automating both business decision-making and operational activities. The integration is therefore expected to strengthen the Group’s B2B2X business model by expanding the distribution channels for its proprietary technology towards end customers, while reinforcing its positioning as a one-stop partner for the digital transformation of SMEs and professionals. This strategy is supported by a rapidly expanding market, with Grand View Research forecasting the AI Agents market to reach approximately USD 10.90 billion in 2026, growing at a 49.6% CAGR through 2033. With regard to the voluntary full-share exchange tender offer (OPS) for TradeLab, the offer covers all of the Company’s outstanding shares, representing up to 5,450,000 ordinary shares admitted to trading on Euronext Growth Milan. Under the terms of the offer, each shareholder tendering their shares will receive 0.667 newly issued Metriks ordinary shares for each TradeLab share tendered. The new shares will be issued through a capital increase with the exclusion of pre-emptive rights, reserved for shareholders participating in the offer and subscribed through the contribution in kind of the tendered TradeLab shares. Assuming full acceptance, on a fully diluted basis, the total implied value of the transaction would amount to €11.63 million. The capital increase supporting the tender offer will be submitted for approval at Metriks AI’s Shareholders’ Meeting, convened for 2nd September 2026. Completion of the tender offer is subject to the satisfaction, or waiver, of certain conditions precedent, including, among others, any required clearance from the competent authority under the golden power regime, the absence of actions by TradeLab’s corporate bodies that would be inconsistent with the offer, and the acquisition by the Offeror of at least 51.0% of TradeLab’s share capital, in addition to other customary market conditions. From an industrial perspective, TradeLab, which specializes in business analytics, retail intelligence, and strategic consulting for the retail, consumer goods and distribution sectors, supports its clients in interpreting market trends and optimizing commercial decision-making processes through proprietary methodologies and AI-based digital platforms. Its integration would strengthen the Group’s ability to generate high-value insights across the retail, consumer goods, and channel management sectors. From a financial perspective, TradeLab closed the 2025 financial year with sales revenues and service income of €6.00 million, Value of Production of €6.49 million, and EBITDA of €0.76 million, corresponding to an EBITDA margin of 11.7%, alongside a net cash position of €0.51 million and total assets of €11.25 million. Based on the current consolidation perimeter on a pro forma basis for the full 2025 financial year, including the business unit acquired from Mare Group during the year, Value of Production would have reached €6.85 million, while EBITDA would have amounted to €0.94 million, corresponding to an EBITDA margin of 13.7%. Finally, the acquisition of Workgroup will result in Metriks AI acquiring the entire share capital of the company. The transaction structure provides that Mare Group SpA, which currently holds 55.0% of Workgroup’s share capital, will first acquire an additional 40.0% stake from WGS Srl, increasing its ownership to 95.0%. Subsequently, Mare Group will transfer its 95.0% stake to Metriks AI, while WGS Srl will transfer the remaining 5.0%, resulting in Metriks AI owning 100.0% of Workgroup. Workgroup operates in the enterprise management software sector, providing solutions designed to support the integrated management of administrative, commercial, and operational processes for businesses, professionals, and sales networks. Its products serve a wide range of industries, including retail chains and stores, manufacturing and services, restaurants, hospitality and hotels, wellness centers, and professional firms. The company’s product portfolio includes point-of-sale (POS) and cash management applications, proprietary platforms for retail chain management (including the Faster solution), smart factory and Industry 4.0 systems (including MES and warehouse and logistics management solutions), digital commerce solutions, shop automation, mobile device and POS technologies, as well as sales force automation and consulting services. With operational offices in Gallarate (Lombardy), Nola (Campania), and Cosenza (Calabria), Workgroup has established a particularly strong presence in Central and Southern Italy and would become the Group’s operational arm for the retail sector, complementing TradeLab’s business model, which is focused on the acquisition and development of proprietary data. Metriks AI would contribute its Agentic AI capabilities, transforming data into operational decisions. The integration of the capabilities, technologies, and customer portfolios of the three companies is expected to generate significant growth opportunities and operational synergies, supporting the development of new Agentic AI solutions while strengthening the Group’s competitive positioning. According to management estimates, these benefits could accelerate the achievement of the Group’s strategic objectives by approximately three years compared with the original 2029 timeline. From a financial perspective, Workgroup closed the financial year ended 31st December 2025 with sales revenues and service income of €0.82 million, Value of Production of €0.84 million, and EBITDA of €0.48 million, corresponding to an EBITDA margin of 56.8%, alongside a net cash position of €0.03 million and total assets of €9.26 million. It should be noted, however, that the company was incorporated on 18th November 2025 through the contribution of business units operating in ICT consulting and the distribution of enterprise management software, together with the proprietary Faster platform and the related software, trademarks, and intellectual property rights. As a result, its first financial year covered little more than one month of operations, making the reported financial figures neither representative of the business nor comparable with those of a standard twelve-month financial year. With reference to Synergy, Workgroup’s 100.0%-owned subsidiary, the financial statements as of 31st December 2025 reported revenues of €0.57 million, Value of Production of €0.64 million, EBITDA of €0.10 million (corresponding to an EBITDA margin of 15.9%), a net cash position of €0.12 million, and total assets of €1.01 million. Since Workgroup’s 2025 financial statements reflect a recently established corporate perimeter and a very limited operating period, management considers the pro forma financial information relating to the contributed business unit to be a more meaningful indicator of the underlying profitability of the acquired business. On an aggregated pro forma basis, the Workgroup business unit generated Value of Production of €3.8 million, adjusted EBITDA of €1.5 million, and an adjusted net cash position of €1.8 million in 2024. From a valuation perspective, 100.0% of Workgroup has been assigned an equity value of €20.0 million, based on an EV/EBITDA multiple of 7.5x applied to an expected EBITDA of at least €2.93 million in each of the 2026 and 2027 financial years, net of an expected net financial position at closing of €2.0 million. In any event, the total purchase consideration may not exceed the maximum amount of €25.0 million As for the purchase price structure, at closing Mare Group SpA will receive €7.00 million in cash (subject to any adjustments resulting from changes in the net financial position at closing), €1.01 million in newly issued Metriks AI ordinary shares valued at €4.50 per share, and €10.89 million in convertible bonds exchangeable into Metriks AI shares. WGS Srl, in turn, will receive €1.10 million, also in the form of newly issued Metriks AI ordinary shares valued at €4.50 per share. The convertible bonds and the earn-out share the same economic rationale: linking the final purchase consideration to the actual performance of the target company, thereby reducing the purchaser’s risk of overpaying while aligning the interests of the sellers and the buyer. Specifically, the convertible bonds will have an aggregate subscription price of €10.89 million, against a nominal value at maturity of €11.00 million. They will bear no interest and, at their maturity on 30th June 2028, will be subject to mandatory conversion into newly issued Metriks AI ordinary shares or cash redemption, in whole or in part. The number of shares issued upon conversion will depend on a conversion price determined by the company’s actual performance, calculated on the basis of the average Cash EBITDA and net financial position achieved during the 2026–2027 period. The settlement mechanism for the bonds at maturity is, in turn, linked to the market price of Metriks AI shares. If the 90-day volume-weighted average share price preceding maturity falls between €4.50 and €6.20, the Group may settle the maturity value through cash redemption, conversion into newly issued shares, or a combination of both. In such circumstances, should Metriks AI dispose of its investment in Workgroup within the following 18 months at a higher valuation, it will be required to pay Mare Group 30.0% of the capital gain realized on the disposal. If the average share price exceeds €6.20, the bonds will be fully converted into shares. Conversely, if the share price is below €4.50, the conversion will be capped at 3,666,667 shares. Should the share price fall below €3.00, Metriks AI will also be required to make an additional cash payment of up to €4.00 million. The binding term sheet also provides for an incentive earn-out in favour of Mare Group, for a maximum amount of €3.00 million, to be settled in newly issued Metriks AI ordinary shares. The earn-out will accrue only if Cash EBITDA exceeds €2.93 million in each of the 2026 and 2027 financial years, up to a maximum of €1.00 million for 2026 and €2.00 million for 2027. Completion of the acquisition remains subject, among other conditions, to the negotiation and execution of the definitive transaction documentation, the securing by Metriks AI of the financial resources required to complete the transaction, any necessary authorization under the golden power regime, and the approval by the shareholders’ meeting of the resolutions required for the issuance of the financial instruments to be used as consideration for the acquisition. From a regulatory perspective, the aggregate acquisitions completed by Metriks AI over the last twelve months are significant under Articles 12, 14 and 16 of the Euronext Growth Milan Issuers’ Regulation. Comparing the values of Workgroup, TradeLab (assuming the acquisition of 100.0% of the share capital), and the aggregate of the transactions completed over the last year with the corresponding consolidated figures of the Issuer as of 31st December 2025, all four significance tests exceed the 25.0% threshold set out in Article 12, thereby qualifying the transactions as significant transactions. Moreover, three of the four indices exceed the 100.0% threshold provided for under Article 14: Assets amount to 174.10% (€22.90 million versus €13.16 million), Revenue reaches 141.88% (€10.91 million versus €7.69 million), and Transaction Value stands at 115.05% (€40.78 million versus €35.45 million), while the EBITDA index amounts to 87.96% (€1.74 million versus €1.98 million). Exceeding the 100.0% threshold in at least one significance test results in the transaction being classified as a Reverse Takeover. Accordingly, completion of the transaction will be subject to the approval of Metriks AI’s Shareholders’ Meeting, convened for 2nd September 2026, together with the resolutions required to authorize the issuance of the financial instruments supporting both the voluntary full-share exchange tender offer (OPS) and the Workgroup acquisition. In light of the announced transactions, and pending their completion, we confirm our recommendation: Target Price: €6.20; Rating: BUY; Risk: Medium |
