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8 Jun 2022

Redelfi S.p.A. /08.06.2022

On 6 June 2022, Redelfi S.p.A. announces that it has received today from Borsa Italiana the order for the admission of the Company’s Ordinary Shares and Warrants on “Euronext Growth Milan”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 08 June 2022.

The total equivalent of the resources collected through the placement is equal to Euro 3,450,000.

The enterprise Redelfi S.p.A. leads the Group active in the field of digital and green transition through three Business Units operating in the Green, MarTech, and GreenTech sectors. Each Business Unit adopts a highly innovative approach in the definition of products, services, and processes with a high focus on compliance with ESG principles in business management.

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  • UPDATE – 11.04.2023
    In the consolidated financial statements for the year ended December 31, 2022, Redelfi reported sales revenues of € 3.96 million. The Value of Production came in equal to € 4.51 million, more than tripling the result of the previous year. EBITDA for the period amounted to € 1.68 million, a clear improvement compared to the negative € -0.82 million as at December 31, 2021. EBIT, after amortization and depreciation of € 0.55 million, amounted to € 1.14 million, up on the negative value of FY21A, with an EBIT Margin of 25.2%. Net Income was also positive, equal to € 0.27 million.

    In light of the results published in the Annual Report for FY22A, we substantially confirm our estimates for both the current year and the coming years. In particular, we estimate an FY23E Value of Production of € 8.75 million, and an EBITDA of € 1.30 million, corresponding to a margin of 14.9%. In the following years, we expect the Value of Production to rise to € 43.85 million (CAGR FY22A-FY26E: 76.5%) in FY26E, with an EBITDA of € 23.55 million (corresponding to a margin of 53.7%), up from € 1.68 million in FY22A (corresponding to an EBITDA Margin of 37.3%).

    We conducted our valuation of the equity value of Redelfi 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 € 52.4 million. Using market multiples, the equity value of Redelfi is € 32.0 million (including a 25,0% discount). The result is an average equity value of approximately € 42.2 million. The target price is € 5.00, BUY rating, and MEDIUM risk.
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