Sebino S.p.A.

17/06/2020

On 17 June 2020, Sebino 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 19 June 2020.

Integrae SIM acted as Nomad, Global Coordinator, Private Placement Bookrunner, and Specialist of the Issuer.

The admission took place following the placement of a total of 1,782,000 ordinary cum warrant shares, including greenshoe, all in the capital increase, mainly aimed at institutional and professional investors which generated a demand from investors of 3.69x higher than the collection.

The total equivalent of the offer, at the placement price of euro 2.00 per share, is approximately equal to euro 3.6 million

The enterprise. Sebino Antincendio, founded in Bergamo (BG) in 1982, is an Italian company active in the design, development, and installation of fire and security systems. The Company integrates these activities with a coordinated maintenance service through a 24/7 control room.

Ultima Ricerca Sebino S.p.A.

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.