Renergetica

7/08/2018

On 7 August 2018, Renergetica S.p.A. obtained the admission of its shares to the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 09 August 2018.

Integrae SIM acted as Nomad, Global Coordinator of Private Placement.

The total equivalent of the resources raised through the operation amounts to Euro 2,026,500, through the issuance of 1,351,000 newly issued shares without nominal value.

The placement price The unit price of the shares resulting from the placement was set at Euro 1.50; based on this price, the market capitalization at the beginning of the negotiations is equal to Euro 11,026,500.

The enterprise. Founded in 2008, Innovative SME has been operating in the renewable energy sector as a Developer and IPP since October 2016, covering all the value chain activities except the EPC. It has developed an important track record of development and expertise in all segments of renewable energy (in particular photovoltaic, wind, mini-hydro, and biomass). It is active in Italy, Chile, the United States, and Colombia.

Ultima Ricerca Renergetica

UPDATE

Borgosesia reported results in line with the Business Plan, confirming a stable operating model and high profitability. Consolidated revenues amounted to €14.43 million, supported by real estate sales and income from repossession strategy receivables. Gross operating profit stood at €9.61 million, undergoing physiological normalization but still accounting for more than 50.0% of revenues, while EBITDA amounted to €7.29 million (margin of 52.5%) with net income of €2.08 million. On the strategic front, tangible progress has been made: the growth in AUM to €133.00 million (compared to €79.00 million at December 31, 2024) confirms the progress of the third-party management model, despite a natural phase of building fundraising capacity in a highly competitive market. Finally, disposals and collections during the period contributed to the improvement in Adj. NFP to €85.02 million, freeing up resources and strengthening the financial structure. Overall, the half-year shows concrete progress in the transformation process and lays a solid foundation for the expansion of recurring and asset-light activities.

Considering the performance in the first half of the year and the Company’s recent announcements, we see no reason to update the forecasts made in the previous report. We expect FY25E production value to be €25.50 million with EBITDA of €12.50 million, corresponding to a margin of 49.0%, and growth in production value to €32.7 million (CAGR 24A-27E: 10.1%) in FY27E, with EBITDA of €19.00 million and a margin of 58.1%. We confirm our target price of €2.50, BUY rating, and MEDIUM risk.