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27 Jan 2021

Vantea Smart / 27.01.2021

On 25 January 2021, Vantea Smart 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 27 January 2021.

Integrae SIM acted as Nomad, Global Coordinator, and Issuer Specialist.

The total equivalent of the resources raised amounted to equal to Euro 5.06 million, with demand more than 5 times higher than the Offer, subscribed by leading Italian institutional investors. The free float of the post-listing Company will be equal to 16.67% of the share capital after the capital increase reserved for the IPO. The security closed the first session at 3.10 Euro, registering a +40.9% compared to the price of the IPO (2.20 Euro), with a share volume of 1,057,000 shares, for an exchange equivalent of approximately 3.15 million Euro.
The Warrant “Vantea SMART 2021-2022” at the end of the day ended at 0.28 Euro, +700%

The enterprise In the IT sector, Vantea SMART operates mainly in the field of Cybersecurity, but not only. The Company is also active in the management software market (with SuiteX, a cloud-native ERP with microservices), in the distribution of Food & Beverage in the Ho.Re.Ca sector. (through a digital platform that has allowed the complete outsourcing of logistics and that will put producers and clients in direct contact) and in the Personal Concierge (through the Paspartù APP, which allows easier client involvement and better structuring of data). The Company currently has about 130 employees, with three offices in Italy (Rome, Milan, Naples) and one in Spain (Tenerife), and can count among its technology partners as the largest global players.

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  • UPDATE – 26.06.2023
    The value of production came in at € 51.95 million, compared to a value of € 36.32 million reported at the end of 2021, and € 56.40 million estimated in our previous report. Adjusted EBITDA, equal to € 3.83 million, saw an increase of 5.3% compared to the € 3.63 million of the previous year, and was below our previous estimate of € 6.00 million. The adjusted EBITDA margin, equal to 7.6%%, was lower than the figure for the previous year of 10.5%, and our estimate of 10.9%. EBIT, after amortization and depreciation of € 1.07 million, came in at € 2.20 million (€ 2.18 million in 2021), down on our previous estimate of € 2.60 million. The NFP showed a deterioration from € 4.15 million to € 7.14 million of debt.

    In light of the results published in the annual report for FY22A, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate an FY23E value of production equal to € 72.00 million, and an Adjusted EBITDA equal to € 5.20 million, corresponding to a margin of 7.4%. Over the following years, we expect the value of production to rise to € 142.00 million (CAGR 22Y-25E: 39.8%) in FY25E, with an Adjusted EBITDA equal to € 10.70 million (corresponding to a margin of 7.6%), up from € 3.83 million in FY22A (corresponding to an adjusted EBITDA margin of 7.6%).

    We conducted our valuation of the equity value of Vantea 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 € 77.9 million. Using market multiples, the equity value of Vantea is equal to € 76.7 million (including a discount of 25%). The result gives an average equity value of approximately € 77.3 million. The target price is € 6.00, with a BUY rating, and MEDIUM risk.
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