Portale Sardegna
On 14 November 2017, Portale Sardegna S.p.A. obtained the admission of its shares to the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 16 November 2017.
Integrae SIM has acted as Nomad, Global Coordinator of Private Placement and is currently a Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 1.3 million, through the issuance of 406,000 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 3.20; based on this price, the market capitalization at the beginning of the negotiations is equal to Euro 5.3 million.
The enterprise. Founded in 2001, based in Nuoro, by a group of young entrepreneurs to promote the tourist potential of Sardinia. It has become in a few years a consolidated reality of the online tourism market. Specializing in the incoming segment, it allows the purchase of both tourist products aggregated into packages and individual services. The business model of Portale Sardegna is based on 4 pillars that characterize it, diversifying it from the big players in the sector and making it the protagonist in its reference market: web monitoring, strong specialization in the territory, travel advisory, and competitive pricing.
Ultima Ricerca Portale Sardegna
UPDATE| Borgosesia reported results in line with the Business Plan, confirming a stable operating model and high profitability. Consolidated revenues amounted to €14.43 million, supported by real estate sales and income from repossession strategy receivables. Gross operating profit stood at €9.61 million, undergoing physiological normalization but still accounting for more than 50.0% of revenues, while EBITDA amounted to €7.29 million (margin of 52.5%) with net income of €2.08 million. On the strategic front, tangible progress has been made: the growth in AUM to €133.00 million (compared to €79.00 million at December 31, 2024) confirms the progress of the third-party management model, despite a natural phase of building fundraising capacity in a highly competitive market. Finally, disposals and collections during the period contributed to the improvement in Adj. NFP to €85.02 million, freeing up resources and strengthening the financial structure. Overall, the half-year shows concrete progress in the transformation process and lays a solid foundation for the expansion of recurring and asset-light activities. Considering the performance in the first half of the year and the Company’s recent announcements, we see no reason to update the forecasts made in the previous report. We expect FY25E production value to be €25.50 million with EBITDA of €12.50 million, corresponding to a margin of 49.0%, and growth in production value to €32.7 million (CAGR 24A-27E: 10.1%) in FY27E, with EBITDA of €19.00 million and a margin of 58.1%. We confirm our target price of €2.50, BUY rating, and MEDIUM risk. |
