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26 Sep 2019

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 – 02.10.2023
    At the end of the first half-year of 2023, Websolute Group reported revenues of € 10.32 million, a slight decrease of 1.8% compared to the results of 1H22A, in which revenues amounted to € 10.50 million. EBITDA came in at € 1.38 million, showing a marked increase (+54.8%) compared to 1H22A, in which it was equal to € 0.89 million. Similarly, the EBITDA margin went from 8.0% in 1H22A to 12.4% in the half-year under review. EBIT came in positive and equal to € 0.21 million, showing a marked increase compared to the negative result of € 0.08 million reported in 1H22A. The value of Net Income for 1H23A was similarly on the rise, coming in at € -0.10 million, compared to a result for 1H22A equal to € -0.21 million. The NFP for the first half-year of 2022 showed an improvement of 21.7% compared to the FY22A result (equal to € 3.24 million of debt), settling at a value of € 2.53 million of debt.

    In light of the results published in the half-year report for 1H23A, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate FY23E sales revenues of € 21.50 million and an adjusted EBITDA equal to € 4.00 million, corresponding to a margin of 17.4%. In the following years, we expect the sales value to rise to € 26.50 million (CAGR 22A-25E: 7.2%) in FY25E, with adjusted EBITDA equal to € 6 .10 million, corresponding to a margin of 21.8%. As regards the balance sheet, we estimate a cash positive NFP of € 2.87 million for FY25E.

    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 € 52.5 million. Using market multiples, the equity value of Websolute was calculated as € 43.6 million. The result gives an average equity value of approximately € 48.1 million. The target price is € 4.70, BUY rating, and MEDIUM risk.
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