SEC

26/07/2016

On 26 July 2016 SEC S.p.A. obtained the admission of the shares on the AIM UK market organized and managed by the London Stock Exchange. The start of negotiations took place on 26 July 2016. Integræ SIM acted as a joint book-runner of the private placement. The total amount of the collection in the IPO was approximately equal to £ 3,355,182.25 entirely in a capital increase.

The placement price is equal to 151 pence. On the first negotiating day, the security traded volumes of 62,975 for an equivalent of approximately equal to £97,562

The enterprise. SEC S.p.A. is an independent agency founded in Milan in 1989, specializing mainly in public and institutional relations. Today it is present with offices in Italy and Europe.

Ultima Ricerca SEC

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.