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| During 2025, the Group recorded a significant expansion in its core business, with a value of production equal to € 13.09 million, up by 45.7% compared to € 8.99 million as of December 31st, 2024, mainly supported by the increase in work in progress. EBITDA amounted to € 3.68 million, marking a +8.2% increase compared to € 3.40 million in the previous year. However, profitability shows a physiological normalization, with an EBITDA margin of 28.1% (vs. 37.8% in 2024), reflecting higher operating costs in a context of expansion in both the Group’s scope and activity volumes. Due to the higher weight of depreciation and amortization, amounting to approximately € 1.49 million, EBIT stood at € 2.19 million, slightly decreasing compared to € 2.27 million in 2024. Net Income amounted to € 0.86 million, down from € 1.51 million recorded at the end of the previous financial year. In light of the FY25A annual results, we confirm our estimates for the 2026–2028 period. In particular, for FY26E we forecast a value of production of € 27.00 million and an EBITDA of € 7.60 million, corresponding to a margin of 28.1%. For the following years, we expect a positive evolution of the main economic and financial indicators, with value of production projected to grow up to € 35.60 million in FY28E (CAGR 2026E–2028E: 14.8%) and EBITDA reaching € 10.20 million, corresponding to a margin of 28.7%, improving compared to € 3.68 million recorded in FY25A. From a balance sheet perspective, we estimate a net financial position of € 3.92 million in debt for FY28E. We carried out the valuation of Franchetti’s equity value based on the DCF methodology. The DCF method (which, in the WACC calculation, prudently includes a specific risk premium of 2.5%) yields an equity value of approximately € 127.4 million. The target price is € 13.50, with a BUY rating and MEDIUM risk. |
