True Energy Wind
Collection of 8.07 million Euros through placement on AIM Italia Alternative Capital Market, of which approximately 3.71 million was through the issuance of ordinary shares and about 4.36 million through a convertible loan capital.
The operation is:
– the first issue of a convertible loan capital listed on the same market.
– The company recorded an opening price of 1.59 Euro with a +27% compared to the placement price of 1.25 Euro and a closing price of 1.337 Euros with a +7% compared to the placement price.
Issuance of a loan capital simultaneously listed on the AIM Italia – Alternative Capital Market, called “Convertible TE Wind S.A. 2013-2018” of Euro 4,365,000.00 consisting of 43,650 bonds with a nominal value of Euro 100.00 each. The debentures bear interest at the nominal fixed annual rate of 6.00%.
From the 48th month following the issue, holders of Convertible Debentures may request the conversion of such instruments into Shares, based on the ratio of 62 Shares for each Debenture presented in conversion; if the right of conversion is not exercised, the Issuer will repay the Convertible Debentures at maturity.
The duration of the Loan Capital is 5 years.
The enterprise. True Energy Wind (TE Wind S.A.), which is headed by IRIS FUND SICAV SIF, is a holding company that through its subsidiaries is a market leader in the production and distribution of electricity from mini-wind power sources. The first development projects involve the production and marketing of electricity through the construction of 120 mini-oil turbines with a nominal power of up to 60 kW for a total of 5.4 MW. True Energy Wind’s business model provides for the management of the entire process of building a mini-wind power plant, from site selection to electricity production. TEW uses qualified advisory structures, both internal and outsourced, to ensure that every single phase of the process is managed optimally while benefiting from a very streamlined structure with significant cost rationalization.
Established in 2013, at the start date of negotiations, through the subsidiary Windmill Srl, it installed 50 turbines for a total power of 1.4 MW.
Ultima Ricerca True Energy Wind
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. |
