Pozzi Milano S.p.A.
On 15 July 2022, Pozzi Milano S.p.A. announces that it has received from Borsa Italiana the order for the admission of the Company’s Ordinary Shares and Warrants on “Euronext Growth Milan”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 19 July 2022.
The total equivalent of the resources collected through the placement is equal to Euro 2 million.
The enterprise Pozzi Milano S.p.A. is based in Monticelli Brusati and operates in the table art sector, producing and creating more than 25 new collections every year. The Company designs, creates, and delivers collections of medium-high-level “Themed Tableware” and gift items, including recurrence items, with the “EasyLife” property brand on the market for over 15 years. The Group owns the “Pozzi” and “Castello Pozzi” brands and, to complete the offer, since January 2022, it also delivers the “WD Lifestyle” brand internationally.
Ultima Ricerca Pozzi Milano S.p.A.
UPDATE| In 1H25A, the Group recorded a value of production of € 11.60 million, up 18.2% compared to € 9.81 million in 1H24A. EBITDA stood at € 1.06 million, an increase from € 0.90 million in 1H24A, with an EBITDA margin of 9.2% (9.1% in 1H24A), reflecting the positive effect of higher volumes and the synergies derived from the integration of Mascagni Casa and Venditio SAS. EBIT reached € 0.84 million, up from € 0.71 million in the comparative period, with an EBIT margin of 7.3%. Net Income amounted to € 0.39 million, compared to € 0.32 million in 1H24A. From a financial standpoint, the Net Financial Position showed € 2.28 million of debt, compared to a cash positive position of € 0.33 million at the end of 2024. In light of the results published in the Half-Year Report for 1H25A, we have revised our estimates for both the current year and the coming periods. Specifically, we forecast a FY25E production value of € 25.20 million and an EBITDA of € 2.40 million, corresponding to a margin of 10.0%. For the following years, we expect the value of production to increase to € 32.40 million in FY27E (CAGR 24A–27E: 14.3%), with EBITDA of € 3.60 million, corresponding to a margin of 11.6%, up from € 2.35 million in FY24A (EBITDA margin 11.8%). From a financial perspective, we estimate for FY27E a cash positive Net Financial Position of € 2.48 million. We carried out the equity value assessment of Pozzi Milano based on the DCF methodology (which, for prudential purposes, includes a specific risk premium of 1.0% in the WACC calculation), resulting in an equity value of € 43.4 million. The target price is therefore € 1.25, with a BUY rating and MEDIUM risk |
