Analysts at KT& Partners have released research on our company, an innovative SME active in the digital transformation sector with a focus on ERP, Cloud and AI.
Fair Value revised to €4.05p.a. (from €5.39), potential upside of +100% on market price, ADD rating.
After the close of the first warrant exercise period (17 to 21 June), 964,891 warrants out of 2,388,000 (approx. 40%) were converted, and an equivalent number of new shares were subscribed for at a price of €2.185 for a value of €2.1mn. Post conversion, the total number of shares outstanding increased to 5,319,891, with Finaime Srl at 42.3% (51.5% voting rights), Eiffel Investment Group at 8.4%, Algebris Investments at 6.4%, treasury shares at 2.8% (buy-back completed in October) and free float at 40.1%. The final exercise window is scheduled for June 2025, with strike price at €2.85.
In May 2024, we inaugurated in Valencia, Spain, the new Innovation Hub, a reference point for innovation and professional training for internationalisation. Through the Academy project, launched in Messina in 2021 and replicated in cooperation with the University of Valencia, new junior members of the team were recruited.
In 1H24 we recorded sales revenue of €3.1mn, +6% y/y. Total revenues were €4.2mn, +24% y/y, due to the increased focus on direct sales to customers (73% of total sales vs. 45% in 1H23). EBITDA was €0.5mn, impacted by higher governance and personnel costs resulting from the IPO and expansion. Net profit was €0.33mn, +45% y/y after deferred tax assets. NFP improved to €1.5mn net cash, due to the exercise of the Greenshoe option and the conversion of warrants.
