Websolute S.p.A.

26/09/2019

On 26 September 2019 Websolute 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 30 September 2019.

Integrae SIM acted as Nomad, Global Coordinator, Private Placement Bookrunner, and Specialist of the Issuer.

The total equivalent of the resources raised through the operation amounts to Euro 3 million, through the issuance of 2,300,000 newly issued shares without nominal value.

The placement price The unit price of the shares resulting from the placement was set at Euro 1.50; based on this price, the market capitalization at the beginning of the negotiations was equal to Euro 12.9 million.

The enterprise. Websolute is one of the leading Italian digital companies active in the fields of communication and digital technology and digital marketing and commerce. Innovative SME was established in 2001 and participated since May 2018 by Innovative RFK S.p.A. investment company with a focus on investment in start-ups Innovative SMEs, has an average of over 130 employees and a widespread presence throughout Italy, thanks to the Group’s 9 operating offices and a sales network consisting of 18 sales. The Company, also thanks to its subsidiaries, is aimed at medium-large Italian companies with a strong export orientation, offering a wide range of closely integrated services designed specifically for every need: Digital Platforms, Digital Marketing, UX-CX & Customer Journey Brand, Social & Influencer Marketing.

Ultima Ricerca Websolute S.p.A.

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.