Primi sui Motori

24/04/2012

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 the first half of 2026, the Group reported sales revenues of € 10.63 million, up 4.6% compared to € 10.16 million in 1H25A, while Value of Production stood at € 10.71 million (€ 10.21 million in 1H25A). EBITDA amounted to € 1.13 million, down 16.1% compared to € 1.34 million in 1H25A, with an EBITDA margin of 10.6% (13.2% in 1H25A). After depreciation, amortization and impairment charges of € 0.23 million, EBIT stood at € 0.89 million, down 20.5% compared to € 1.13 million in 1H25A, with an EBIT margin of 8.4% (11.1% in 1H25A). Net Income amounted to € 0.57 million, declining from € 0.75 million in 1H25A. At the balance sheet level, Net Financial Position (NFP) stood at € 3.50 million of net debt, increasing from € 2.39 million of net debt at year-end 2025.

In light of the results published in the 1H26A interim financial report and the acquisition of Plastilux Srl, we revise our estimates for both the current year and the following years. In particular, we estimate FY26E revenues of € 20.00 million and EBITDA of € 2.25 million, corresponding to an EBITDA margin of 11.3%. Looking ahead, we expect revenues to increase to € 27.00 million (CAGR 25A-28E: 11.4%) in FY28E, with EBITDA reaching € 3.55 million (corresponding to an EBITDA margin of 13.1%), compared to € 2.17 million in FY25A (corresponding to an EBITDA margin of 11.1%). At the balance sheet level, finally, we expect Net Financial Position (NFP) to improve from € 2.39 million of net debt in FY25A to € 1.50 million of net debt in FY26E. We conducted our valuation of the equity value of Saccheria F.lli Franceschetti based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 20.5 million. Using market multiples, the equity value of Saccheria F.lli Franceschetti was calculated as € 22.0 million (including a 25.0% discount). The results give an average equity value of approximately € 21.2 million. The target price is € 2.40, with a BUY rating and MEDIUM risk.