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4 Aug 2022

SIAV S.p.A. /04.08.2022

On 2 August 2022, Siav S.p.A. announces that it has received 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 04 August 2022.

The total equivalent of the resources collected through the placement is approximately Euro 5.0 million.

The enterprise Siav S.p.A. is a software company established in 1989 in Rubano (PD), a leader in the field of Enterprise Content Management (ECM) and Business Process Outsourcing (BPO). Since 2021, the Issuer has assumed the status of a Benefit Company.

Ultima Ricerca SIAV S.p.A.

  • UPDATE – 09.10.2024
    Revenues amounted to € 16.12 million, essentially in line with the € 16.52 million recorded in 1H23A. EBITDA stood at € 3.06 million, registering a growth of 38.2% compared to € 2.22 million in the same semester of the previous year. The EBITDA margin increased by 5 percentage points compared to 1H23A, reaching 18.3%. EBIT amounted to € 0.73 million, representing an increase of 256.8% compared to 1H23A. The Net Income was € -0.48 million, essentially in line with the negative figure of € -0.47 million in 1H23A. On a balance sheet level, the NFP decreased from € 19.63 million at the end of FY23A to € 18.93 million in 1H24A.

    In light of the results published in the half-year report for 1H24A, we are revising estimates for both the current year and the following years. Specifically, we estimate FY24E production value at € 34.10 million, with EBITDA of € 6.80 million, corresponding to a margin of 19.9%. For subsequent years, we expect production value to increase to € 43.00 million (CAGR 23A-26E: 8.3%) in FY26E, with EBITDA of € 9.90 million (corresponding to a margin of 23.0%), up from € 5.34 million in FY23A (corresponding to an EBITDA margin of 15.8%).

    We conducted our valuation of the equity value of Siav on the basis of 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 € 59.9 million. Using market multiples, the equity value of Siav was calculated to be € 59.4 million (including a 25% discount). The result gives an average equity value of approximately € 59.6 million. The target price is € 6.50, with a BUY rating and MEDIUM risk.
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