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 1H26A, RT&L recorded a Value of Production of € 6.24 mn and revenues of € 6.15 mn, with Customs Brokerage confirming its role as the Group’s main business pillar. EBITDA amounted to € 1.00 mn, with an EBITDA margin of 16.1%, affected by Olitrans’ start-up costs and higher post-listing structural costs. After € 0.46 mn of depreciation, amortization and provisions, mainly related to the amortization of P&A Spedizioni’s goodwill, EBIT stood at € 0.54 mn, with an EBIT margin of 8.6%, while Net Income amounted to € 0.35 mn. NFP further improved, remaining cash positive at € 5.59 mn compared to € 5.30 mn at year-end 2025, mainly supported by cash generation from Customs Brokerage, despite the temporary working capital absorption related to the launch of Olitrans. Following the end of the period, on September 10, 2026, RT&L completed the reverse take-over of the LandS Group, acquiring 100% of its share capital: a transformational transaction that significantly expands the Group’s scale and geographical coverage, strengthens the weight of Customs Brokerage and makes cash generation more recurring and predictable.

In light of the results published in the half-year financial report as of June 30, 2026, and the completion of the acquisition of LandS, we are revising our estimates for the coming years. Specifically, we estimate FY26E production value at €18.00 million and EBITDA at €3.20 million, corresponding to a margin of 17.8%. For subsequent years, we expect production value to increase to €32.00 million (CAGR 25A–28E: 44.4%) in FY28E, with EBITDA of €5.60 million (corresponding to a margin of 17.3% of production value), up from €2.69 million in FY25A (corresponding to an EBITDA margin of 25.3%). On the balance sheet, we estimate a cash-positive NFP of €6.70 million for FY28E. We conducted the valuation of RT&L’s equity value using the DCF method and multiples from a sample of comparable companies. The DCF method (which, for prudential purposes, also includes a specific risk of 2.5% in the WACC calculation) yields an equity value of €66.9 million. RT&L’s equity value, calculated using market multiples, comes to €34.2 million. This results in an average equity value of approximately €50.6 million. The target price is €4.30, with a BUY rating and MEDIUM risk.