Promotica
On 25 November 2020, Promotica S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 27 November 2020.
Integrae SIM acted as Nomad, Global Coordinator, and Issuer Specialist.
The total equivalent of the resources raised is equal to € 4,796,750, through the placement, at the price of € 1.75 each, of a total of 2,741,000 shares, of which, at the start date of the negotiations, 2,400,000 newly issued shares and 341,000 shares placed as part of the fiscal year of the over-allotment option.
The enterprise. Promotica S.p.A. is one of the leading companies in Italy in the loyalty sector. Founded in 2003 by Diego Toscani, the company has gained over the years a great experience that qualifies it today as an ideal partner to design, organize and manage all kinds of marketing operations aimed at retaining clients. The Company acts as a Full-Service Loyalty Provider, managing every phase of campaigns and promotional operations: design of operations, implementation of the communication campaign, procurement of prizes, logistics services, legal and bureaucratic practices of prize events, monitoring of data, and finally measurement of results. The final goal of all marketing operations is to increase sales, loyalty, and brand advocacy of clients. Promotica realizes a “loyalty program tailor-made”, aimed at obtaining concrete and measurable results in terms of turnover and market shares.
Ultima Ricerca Promotica
UPDATE| At the end of the first half of 2026, Promotica Group announced consolidated sales revenues of € 61.65 mln, down 9.6% compared to € 68.23 mln recorded in 1H25A. Despite the decline in revenues, EBITDA came in at € 6.03 mln, up 10.2% compared to € 5.47 mln in the first half of the previous year. The EBITDA margin reached 9.8%, improving from 8.0% in 1H25A, benefiting from more efficient management of direct costs. EBIT, after depreciation, amortization and impairment charges totaling € 1.63 mln, amounted to € 4.40 mln, compared to € 4.89 mln in 1H25A, with an EBIT margin of 7.1%, substantially stable compared to 7.2% in 1H25A. Net income amounted to € 3.45 mln, up 28.5% compared to € 2.69 mln as of 30 June 2025. This performance reflects the improvement in the Group’s operating profitability and a lower tax burden in the period. In light of the results published in the half-year report as of 30 June 2026, we have slightly revised our estimates for both the current year and the coming years. We estimate a value of production for FY26E of € 142.80 mln and EBITDA of € 12.20 mln, corresponding to a margin of 8.6%. For the following years, we expect the value of production to increase to € 175.80 mln (CAGR 25A-28E: 8.6%) in FY28E, with EBITDA of € 18.10 mln (corresponding to a margin of 10.4%), up from € 10.25 mln in FY25A (corresponding to an EBITDA margin of 7.5%). On the balance sheet side, we estimate a net cash position of € 3.90 mln for FY28E. We conducted the valuation of Promotica’s equity value using the DCF methodology, including a specific risk premium of 2.5%. This results in an equity value of € 122.90 mln. The target price is therefore € 7.20. We confirm our BUY rating and MEDIUM risk. |
