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.
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UPDATE – 24.09.2024
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At the end of the first half of 2024, the Group recorded revenues of € 11.09 million, an increase of 7.5% compared to 1H23A, where revenues amounted to € 10.32 million. EBITDA stood at € 2.02 million, showing a sharp increase (+46.3%) compared to € 1.38 million in 1H23A. Similarly, the EBITDA margin improved from 13.4% in 1H23A to 18.3% in the current period. EBIT as of June 30, 2024, was positive at € 0.91 million, showing a significant increase compared to the 1H23A result of € 0.21 million. Net Income for 1H24A also grew, reaching € 0.41 million, compared to a negative result of € -0.10 million in 1H23A. The NFP for the period under review stood at € 4.51 million, compared to € 3.56 million in FY23A.
In light of the results published in the half-year report for 1H24A, we are revising our estimates for both the current year and the upcoming years. Specifically, we estimate FY24E sales revenue to be € 22.40 million, with an EBITDA of € 4.00 million, corresponding to a margin of 17.9%. For the following years, we expect sales revenue to increase to € 28.10 million (CAGR 23A-26E: 12.4%) by FY26E, with an EBITDA of € 7.00 million (corresponding to a margin of 24.9%). On the balance sheet side, we estimate a cash-positive NFP of € 2.31 million for FY26E.
We conducted our valuation of the equity value of Websolute 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 € 50.8 million. Using market multiples, the equity value of Websolute was calculated to be € 35.2 million. The result gives an average equity value of approximately € 43.0 million. The target price is € 4.20, with a BUY rating and MEDIUM risk.
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