Sourcesense
On 9 August 2019, Sourcesense 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 11 August 2020.
Integrae SIM acted as Nomad, Global Coordinator, and Specialist of the Issuer.
The share capital of Sourcesense S.p.A. will be represented by a total of 7,872,500 ordinary shares (8,275,500 assuming the full fiscal year of the greenshoe option) with a free float of 29.08% (32.53% assuming the full fiscal year of the greenshoe option), for a planned capitalization of approximately equal to € 10.2 million.
The enterprise. Sourcesense is a company, operating in the IT sector in the Italian and English markets, a leader in cloud-native solutions based on “Open Source” technologies and an ideal partner to face a path of digital evolution that also goes through the transformation of organizational structures, working methods and operating practices. Offering itself as a technology provider, Sourcesense supports enterprise-class companies, leaders in their reference markets, and belonging to all business sectors (Industry & Services, Telco & Utilities, Publishing & Media, Banking & Insurance, Fashion & Gaming, and Public Administration).
Ultima Ricerca Sourcesense
UPDATE| In the first half of 2026, the Group reported sales revenues of € 10.63 million, up 4.6% compared to € 10.16 million in 1H25A, while Value of Production stood at € 10.71 million (€ 10.21 million in 1H25A). EBITDA amounted to € 1.13 million, down 16.1% compared to € 1.34 million in 1H25A, with an EBITDA margin of 10.6% (13.2% in 1H25A). After depreciation, amortization and impairment charges of € 0.23 million, EBIT stood at € 0.89 million, down 20.5% compared to € 1.13 million in 1H25A, with an EBIT margin of 8.4% (11.1% in 1H25A). Net Income amounted to € 0.57 million, declining from € 0.75 million in 1H25A. At the balance sheet level, Net Financial Position (NFP) stood at € 3.50 million of net debt, increasing from € 2.39 million of net debt at year-end 2025. In light of the results published in the 1H26A interim financial report and the acquisition of Plastilux Srl, we revise our estimates for both the current year and the following years. In particular, we estimate FY26E revenues of € 20.00 million and EBITDA of € 2.25 million, corresponding to an EBITDA margin of 11.3%. Looking ahead, we expect revenues to increase to € 27.00 million (CAGR 25A-28E: 11.4%) in FY28E, with EBITDA reaching € 3.55 million (corresponding to an EBITDA margin of 13.1%), compared to € 2.17 million in FY25A (corresponding to an EBITDA margin of 11.1%). At the balance sheet level, finally, we expect Net Financial Position (NFP) to improve from € 2.39 million of net debt in FY25A to € 1.50 million of net debt in FY26E. We conducted our valuation of the equity value of Saccheria F.lli Franceschetti 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 € 20.5 million. Using market multiples, the equity value of Saccheria F.lli Franceschetti was calculated as € 22.0 million (including a 25.0% discount). The results give an average equity value of approximately € 21.2 million. The target price is € 2.40, with a BUY rating and MEDIUM risk. |
