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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.

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  • UPDATE – 04.04.2023
    The Group, as at December 31, 2022, recorded a Value of Production of € 33.75 million, up 3.6% compared to € 32.58 million in FY21A. EBITDA came in at € 5.83 million, slightly down on FY21A, when it amounted to € 5.87 million. Similarly, the EBITDA Margin went down from 18.0% in FY21A to 17.3% in FY22A. EBIT amounted to € 1.76 million, down 21.6% on the value of the previous period (€ 2.24 million). As for Net Income, the Group recorded a value of € 0.86 million, down on the € 1.63 million of FY21A, equal to 47.1%. 

    In the light of the results published in the Annual Report for FY22A, and the adoption of IAS/IFRS international accounting standards, we have adjusted our estimates for both the current year and the coming years. In particular, we estimate an FY23E Value of Production equal to € 38.60 million, and an EBITDA equal to € 7.55 million, corresponding to a margin of 19.6%. In the following years, we expect the Value of Production to rise to € 48.15 million (CAGR 22Y-25E: 12.5%) in FY25E, with EBITDA equal to € 12.65 million (corresponding to a margin of 26.3%), up from € 5.83 million in FY22A (corresponding to an EBITDA Margin of 17.3%).

    We conducted our valuation of the equity value of Siav 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 € 75.9 million. Using market multiples, the equity value of Siav was calculated as equal to € 67.2 million (including a 25% discount). The result is an average equity value of approximately € 71.5 million. The target price is € 7.80, BUY rating, and MEDIUM risk.
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