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19 Jul 2022

Pozzi Milano S.p.A. /19.07.2022

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 – 16.04.2024
    Pozzi Milano, in its financial statements as of December 31, 2023, reported sales revenues from finished products of € 18.79 million, substantially in line, net of a small decline (-12.7%), with the turnover of the previous financial year, which closed with sales revenues of € 21.53 million. EBITDA for the period came in at € 2.35 million, marking an improvement (7.5%) compared to the FY22A data, equal to € 2.19 million, due to an improvement in the sales mix. EBIT was also positive, rising from € 1.65 million to € 1.90 million, while Net Income remained stable, going from € 1.01 to € 1.03 million.

    In light of the results published in the FY23A annual report, we have adjusted our estimates for both the current and the following years. In particular, we now estimate a value of production for FY24E of € 21.20 million, and an EBITDA of € 2.50 million. In the following years, we expect the value of production to reach € 25.75 million (CAGR: FY23A–FY26E: 10.1%) in FY26E, with EBITDA equal to € 3.35 million, corresponding to a margin of 13.1%, up from € 2.35 million in FY23A, corresponding to a margin of 12.5%.

    We conducted our valuation of the equity value of Pozzi Milano based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 52.23 million. The target price is therefore € 1.50 (prev. € 1.75), with a BUY rating and MEDIUM risk.
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