Tech-Value

1/08/2014

On 01 August 2014 Tech-Value obtained from Borsa Italiana admission to listing on the AIM Italia market. Contextual placement on the AIM Italy market of the “Warrant Tech-Value 2014-2017” distributed free of charge to all partners. Integrae SIM is a Nomad and Global Coordinator of the operation. The total collection was equal to € 1.7 million, which was a total increase in capital.

The placement price is equal to € 4.15.

The enterprise. Tech-Value S.p.A., a company based in Milan, is a company active in the provision of IT services for intensive engineering companies in the manufacturing sector. FOLLOW THE TREND OF THE SECURITY

Ultima Ricerca Tech-Value

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.