Primi sui Motori
On 24 July 2012 Primi sui Motori was admitted to listing on the AIM Italia market by Borsa Italiana. Integræ SIM is a Nomad and Global Coordinator of the operation. The collection of 3.51 million Euros through placement. The operation represented a partial ‘Exit’ of the Private Equity Equilybra Capital Partners Fund (shareholder of the Issuer since 2009). The company, on the first day of negotiating, closed at a price of about Euro 25 with a +13.6% compared to the placement price. For the second time (the first time was the Frendy Energy operation) in the history of the “unregulated” market reserved for small and medium-sized enterprises, subscriptions were collected from a panorama of investors comprising primary funds and institutional investors.
The placement price is equal to € 22.00.
Taking advantage of the legislation introduced by the “Development Decree” of 2012, Integrae assisted Primi sui Motori, a company listed on the AIM Italy market, leader in Italy in search engine positioning (SEO) services, in the structuring of the “mini-bond” “Primi sui Motori 9% 2013-2016” negotiated on the EXTRAMOT market managed by Borsa Italiana. The issue of a maximum of Euro 3 million, unrated, with a three-year duration, an annual coupon of 9%, and full repayment at maturity was subscribed by institutional and retail investors during 2 successive bidding periods between July 2013 and December 2013.
Acquisition of 51% of 2ThePoint PSM S.r.l. and Crearevalore S.p.a, two important companies operating in web marketing. These operations allow Primi sui Motori to strengthen its leadership in a market that is currently growing strongly, presenting itself to all the different targets of companies with a complete range of communication, web, and digital marketing solutions.
The enterprise. Alessandro Reggiani started in 1998 with a software company called Syner.it Informatica oriented on SME clients. The company evolves from a system integrator to a web agency anticipating market needs and over the years invests more and more resources in the development of know-how in the field of Search Engine Optimization (SEO). In 2004, the Primi Sui Motori brand was created, which characterizes the positioning service carried out by the company, which is also being used by several web agencies that distribute it to their clients throughout Italy.
Ultima Ricerca Primi sui Motori
UPDATE| In FY25A, E-Globe reported Sales Revenues of €32.62 million, up 21.8% compared to €26.78 million in FY24A, confirming the progressive strengthening of its competitive positioning in the air conditioning and climate control market. EBITDA in FY25A was negative at € -0.80 million, improving compared to the negative figure of € -1.39 million recorded in FY24A. EBIT, after depreciation, amortization, and write-downs of €0.75 million, improved from € -2.09 million in FY24A to € -1.55 million in FY25A, with the EBIT margin improving from -7.6% to -4.7%. As a result, Net Income also remained negative at € -2.26 million, compared to the negative result of € -2.12 million recorded in the previous year. From a balance sheet perspective, Net Financial Position (NFP) stood at €5.18 million of net debt, worsening compared to €4.05 million recorded as of December 31, 2024. In light of the results published in the FY25A annual report, we have revised our estimates for both the current year and the coming years. In particular, we estimate FY26E Value of Production at €28.50 million and EBITDA at €0.60 million, corresponding to a margin of 2.1%. For the following years, we expect the Value of Production to increase up to €34.50 million (25A–28E CAGR: 1.4%) in FY28E, with EBITDA reaching €2.10 million (corresponding to a margin of 6.1%), up compared to € -0.80 million recorded in FY25A (corresponding to an EBITDA margin of -2.4%). From a balance sheet perspective, we finally estimate FY26E Net Financial Position (NFP) at €3.17 million of net debt. We conducted our valuation of the equity value of E-Globe 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 € 14.5 million. The target price is € 0.80, with a BUY rating and MEDIUM risk |
