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| On June 15, 2026, Doxee announced the approval of its 2026–2028 Business Plan, marking the beginning of a new phase of consolidation and organic growth following the turnaround and integration process achieved through the O³ Strategy. The Plan aims to strengthen the Company’s positioning as a European cloud-sovereign technology vendor for regulated large enterprises, leveraging the scalability of the Doxee Platform® and the evolution of its offering towards integrated, personalized, and compliant solutions. The proprietary platform remains at the core of the strategy, supporting the management of the entire digital communication lifecycle and customers’ mission-critical processes. In this context, artificial intelligence acts as a technological accelerator, enabling controlled and agent-native forms of automation. The Plan also envisages an extension of the core business into adjacent areas, a continued focus on regulated industries, and geographic expansion concentrated on Italy, the DACH region, and France. Following the approval of the 2026–2028 Business Plan, we have revised our estimates for both the current year and the medium term. Specifically, we forecast FY26E Value of Production of € 36.50 million and EBITDA of € 7.00 million, corresponding to an EBITDA margin of 19.2%. Looking ahead, we expect Value of Production to increase to € 49.00 million by FY28E (FY25A–FY28E CAGR of 13.0%), with EBITDA reaching € 13.60 million (corresponding to a 27.8% EBITDA margin), compared to € 6.27 million in FY25A (18.5% EBITDA margin). From a balance sheet perspective, we estimate a net debt position of € 4.04 million by FY28E. We evaluated Doxee’s equity value using both the DCF method and peer group multiples. The DCF method (including a 2.50% company-specific risk in the WACC as a conservative measure) results in an equity value of € 77.2 million. The equity value based on market multiples is € 80.4 million. The average equity value stands at approximately € 78.8 million. The target price is € 6.80, with a BUY rating and MEDIUM risk profile. |
