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| In 1H25A, the Group recorded revenues of € 11.04 mln, broadly stable compared to € 11.09 mln in 1H24A (-0.5%). Productive revenues with margin contribution grew by +1.8% to € 10.40 mln, with a recurring component of 46.0%. By business area, Digital, Social and Media Marketing reported growth of +4.8% to € 5.40 mln, and Platform & Technology Services rose by +9.9% to € 4.30 mln, while Consulting (€ 0.20 mln, -63.0%) and Digital Academy (€ 0.50 mln, -24.4%) declined. EBITDA stood at € 1.22 mln (vs € 2.02 mln in 1H24A), with the EBITDA margin decreasing from 17.2% to 10.4%; adjusted EBITDA was € 1.61 mln (vs € 1.87 mln in 1H24A). EBIT amounted to € 0.17 mln (vs € 0.91 mln), while Net Income was € – 0.12 mln (vs € 0.41 mln). From a balance sheet perspective, NFP improved from € 5.71 mln to € 4.84 mln of net debt. In light of the results published in the 1H25A half-year report, we revise our estimates for both the current year and the following years. Specifically, we estimate FY25E revenues of € 22.80 mln and adjusted EBITDA of € 3.78 mln, corresponding to a margin of 16.6%. For the following years, we expect revenues to grow to € 28.50 mln (CAGR 24A-27E: 7.9%) in FY27E, with adjusted EBITDA of € 6.60 mln (margin of 23.2%), compared to € 4.04 mln in FY24A (adjusted EBITDA margin of 17.8%). At the balance sheet level, we forecast a cash positive NFP of € 0.89 mln by FY27E. The equity value of Websolute has been assessed using both the DCF methodology and market multiples of a selected peer group. The DCF method, incorporating a prudential specific risk of 2.5% in the WACC calculation, yields an equity value of € 45.7 million. The market multiples approach results in an equity value of € 30.0 million. Consequently, the average equity value stands at approximately € 37.9 million. The target price is set at € 3.70, with a BUY rating and a MEDIUM risk level. |
