Websolute S.p.A.
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 1H26A, Websolute reported a Value of Production of € 13.37 million, up 13.6% compared to € 11.77 million in 1H25A, while productive revenues increased by 5.5% to € 11.01 million. Adjusted EBITDA amounted to € 2.03 million, up 26.3% from € 1.61 million, with the Adjusted EBITDA margin increasing to 15.2% from 13.7%, benefiting from an improved revenue mix and cost-efficiency measures. EBIT rose to € 0.74 million from € 0.17 million, while Net Income returned to positive territory at € 0.23 million, compared to € -0.12 million in 1H25A. From a balance sheet perspective, net financial position improved to € 4.68 million of net debt from € 6.36 million at year-end 2025. Finally, the backlog, amounting to € 8.47 million and up 18.6%, strengthens visibility on 2H26, with management confirming the 2026 targets set out in the Business Plan. Following the publication of the 1H26A interim financial results, we leave our estimates broadly unchanged. Specifically, we forecast FY26E revenues of € 23.80 million and Adjusted EBITDA of € 3.80 million, corresponding to a margin of 15.0%. For the following years, we expect revenues to increase to € 27.15 million by FY28E (CAGR 25A-28E: 8.4%), with Adjusted EBITDA reaching € 6.15 million (corresponding to a margin of 21.5% on Value of Production), up from € 2.48 million in FY25A (corresponding to an Adjusted EBITDA margin of 10.9%). From a balance sheet perspective, we estimate a net debt position of € 0.70 million by FY28E. 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 € 37.7 million. The market multiples approach results in an equity value of € 17.0 million. Consequently, the average equity value stands at approximately € 27.4 million. The target price is set at € 3.00, with a BUY rating and a MEDIUM risk level. |
