WM Capital
23/12/2013
Collection of 1.37 million Euros through placement on AIM Italy/Alternative Capital Market. The operation was structured partly in a capital increase (80.0%) and the remaining part in the sale.
The placement price is equal to Euro 1.00.
The enterprise. WM Capital is a leader in Italy in the creation and development of franchised networks in sectors with high growth potential, boasting a track record matured in over 20 years in the Business Format Franchising, a mode of commercial expansion that allows rapid development on the domestic and foreign markets.
Ultima Ricerca WM Capital
UPDATE| In FY25A, E-Globe reported Sales Revenues of €32.62 million, up 21.8% compared to €26.78 million in FY24A, confirming the progressive strengthening of its competitive positioning in the air conditioning and climate control market. EBITDA in FY25A was negative at € -0.80 million, improving compared to the negative figure of € -1.39 million recorded in FY24A. EBIT, after depreciation, amortization, and write-downs of €0.75 million, improved from € -2.09 million in FY24A to € -1.55 million in FY25A, with the EBIT margin improving from -7.6% to -4.7%. As a result, Net Income also remained negative at € -2.26 million, compared to the negative result of € -2.12 million recorded in the previous year. From a balance sheet perspective, Net Financial Position (NFP) stood at €5.18 million of net debt, worsening compared to €4.05 million recorded as of December 31, 2024. In light of the results published in the FY25A annual report, we have revised our estimates for both the current year and the coming years. In particular, we estimate FY26E Value of Production at €28.50 million and EBITDA at €0.60 million, corresponding to a margin of 2.1%. For the following years, we expect the Value of Production to increase up to €34.50 million (25A–28E CAGR: 1.4%) in FY28E, with EBITDA reaching €2.10 million (corresponding to a margin of 6.1%), up compared to € -0.80 million recorded in FY25A (corresponding to an EBITDA margin of -2.4%). From a balance sheet perspective, we finally estimate FY26E Net Financial Position (NFP) at €3.17 million of net debt. We conducted our valuation of the equity value of E-Globe based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 14.5 million. The target price is € 0.80, with a BUY rating and MEDIUM risk |
