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Servizi per il mercato azionario dedicato alle PMI

The week on Aim: 17 – 21 September 2018

MILAN (AIMnews.it) - The total value exchanged during the week is 43.1 million euros; 56 positive shares with an average of + 4.85%. The FTSE AIM Italia scored + 0.52%. The FTSE Italia PIR PMI All recorded a performance of + 1.11%. The 5 best performances of the week: Agatos: 55.4% (CMG Euro 739.749) Blue Financial Communication: 28.6% (CMG Euro 31.188) DigiTouch: 12.6% (CMG Euro 17,226) Leone Film Group: 11.1% (CMG Euro 9,719) Bomi Italia: 9.4% (CMG Euro 85.360) At sector level * the best performance was recorded by the Renewable Energy and Energy sector (+ 5.2% on average), followed by the Media sector (+4 , 2%) and the Food sector (+ 2.9%). Sector Performance Renewable Energy and Energy: 5.2% (CMG Euro 84.697) Average: 4.2% (CMG Euro 45.147) Food: 2.9% (CMG Euro 79.799) Healthcare: 1.7% (CMG Euro 45.603) Telecommunications : 1.6% (CMG Euro 30.328) Services: 0.9% (CMG Euro 47.577) Fashion and Luxury: 0.7% (CMG Euro 29.895) Industry: 0.4% (CMG Euro 49.339) Finance: -0, 1% (CMG Euro 114.349) Technology: -0.1% (CMG Euro 65.822) Chemistry: -1.4% (CMG Euro 1.700.874) * Sector classification by the IR TOP Osservatorio (www.pmicapital.it) The main News of the week Lugano IR Top Investor Day: 13 companies with over 750 mln in capitalisation The capital of the thirteen leading companies of the 9th edition of the 'Lugano IR Top Investor Day', listed on STAR/AIM Italia, is over 750 million euros. Total revenues, referring to 2017, amounted to 552 million euros, up 19% on the previous year. EBITDA also grew, with a 44% increase compared to 2016. The Ebitda margin is 14%. In the first half of 2018 profit margins increased for companies that already approved the half-year report, on average the increase is 20%. Among the 13 there are six which distributed dividends in 2018 (DigiTouch, Elettra Investimenti, Equita Group, FOPE, Notorious Pictures). Lambiase (IR Top): Switzerland's first foreign investor on AIM There were 102 institutional investors in the capital, including AIM companies as protagonists, for the 'Lugano Ir Top Investor Day'. Of these 25 were Italian (24%) and 77 foreign (76% vs. 62% in 2017). Switzerland is the first foreign investor in AIM with a stake of 18% and 200 million invested. The total investment amounts to 720 million euros. The average value of a single equity investment is 1.03 million euros (the average value is 0.32 million euros). "Switzerland - comments Anna Lambiase, Chief Executive Officer of IR Top Consulting - is the first foreign investor in AIM Italy with a stake of 18% and 200 million euros invested in our SME's. This is a further confirmation of the interest of Swiss investors towards companies pursuing a value strategy aimed at internationalisation and growth, with a focus on transparency. The AIM market has more than tripled in terms of companies from 36 in 2014 to 114 in 2018 with a medium size in terms of capitalisation, which has increased by 60% in the last 4 years, consolidating its role as an important investment asset for Italian SMEs." Fope: revenues in the first half of 2018 at 15.28 million euros, Ebitda Margin 21% FOPE is a historical Italian goldsmith company founded in Vicenza in 1929, a leading player in the high-end jewelry sector. Revenues of € 15.28 million for Fope in the first half of 2018, up 13% over the same period of 2017. The Board of Directors have approved the 2018 Half-Year Report, which also shows an EBITDA at 3.16 million euros (+ 79% from the same period in 2017), corresponding to an EBITDA margin of 20.7% (13.1% from the same period in 2017), and a net profit of 1.90 million, an increase of 137% from the first six months of 2017. The Net Financial Position is equal to 2.88 million (1.17 million in 31 December 2017), the Net Equity is equal to 13.13 million (11.92 million in 31 December 2017). In March, Fope established the English company Fope Jewellery Limited. "The results for the first six months - explains Diego Nardin, CEO of FOPE - confirm the positive forecasts for the year, with an expected increase in sales volume and a positive economic result. The figure confirms the initial budget expectations and the path of sales growth supported always by an important development of foreign markets (in particular Europe and America) and by the domestic market which has consolidated and increased the position. The new collections presented at the beginning of the year have obtained excellent feedback from the market, which has contributed to the achievement of positive commercial results registered in the early months." Fope, IR Top Research raises the target price to 9.05 euros IR Top Research has updated the TP on Fope in light of the results for the first half of 2018. The target price on the stock passes from 8.85 to 9.05 euros per share. The analysts' estimates for 2018 have been revised upwards and forecast revenues of 30.8 million euro, up 10% compared to 2017; an increase of EBITDA margin of 140 base points, from 13.9% in 2017 to 15.3% in 2018 (€ 4.7 million in absolute terms). For 2020 IR Top Research expects 37.3 million euros of revenues, 6.3 million euros of EBITDA (16.9% EBITDA margin) and 3.4 million euros of net profit. The average annual growth in revenues in the period 2018-2020 should therefore be 10%, while that of EBITDA at 17%, thanks to the increase in turnover and the consequent improvement in the operating leverage. Clabo: revenues of 31 million euros (65% from abroad) in the first half of 2018, +24% from the same period of 2017 Clabo, heir to an industrial tradition founded in 1958 and an international leader in the furniture sector for catering, specialises in the production and marketing of display cabinets for ice cream parlors, confectioners and bars, as well as coffee shops, thanks to the acquisition of HMC, for convenience and variety store. The Board of Directors of Clabo have approved the half-year report as of 30th June 2018. With respect to the financial statements on 31st December 2017, the company is signalling the entry of the American company Howard McCray Enterprises LL and JVG Srl, in preparation for the future merger. Furthermore, on October 5th, shareholders will be called to discuss a capital increase intended to finance further international growth and to facilitate the rebalancing of the financial structure. Meanwhile, the report of June 30th shows pro forma revenues close to 31 million euros (+ 24% from the first half of 2017). Foreign sales account for 65% of the total figure. Adjusted EBITDA is 3.6 million euros, with EBITDA margin on pro forma net sales of 13.33% (3 million euros and 12.50% on 30/06/2017). The adjusted net result is equal to 1.2 million euros (in the same period of 2017 it was 0.7 million), the Net financial position is 23.4 million euros and the Net Equity is equal to 18.0 million euros. TPS: revenues 9.8 mln in the first half of 2018 (+10% from the first half of 2017), Ebitda margin 20.4% TPS, an 'Elite' company of Borsa Italiana, is the operating holding company of the TPS Group, a leader in the field of technical services in the aeronautical field, with particular focus in the helicopter segment. The half-yearly report for TPS has been approved by the TPS Group's holding company. Revenues grew from 8.9 million in the first half of 2017 to 9.8 million in the first half of 2018 (+ 10%) and margins also increased, with Ebitda at 2 million from 1.96 million a year earlier (+3 percent) and Ebitda Margin of 20.4 percent. The net profit shows a year-on-year increase of 4% (from 0,96 million in the first half of 2017 to 1 million in the first half of 2018). The net financial position stands at -1.5 million euro, from 0.1 million on 31st December 2017; shareholders' equity amounted to € 9.1 million, up compared to € 8.0 million on 31 December 2017. The Board of Directors of TPS have also approved the plan to integrate the activities of the Satiz TPM Group with those of the TPS group, to be realised through the acquisition by TPS of Satiz Technical Publishing & Multimedia. The project will be implemented through the conferment of investments held by the shareholders of Satiz TPM to free up a special capital increase that has been reserved for this type of project. The preparation of a pro-forma consolidated financial statement of the new integrated group with reference to the data from 31st December 2017 and 30th June 2018 shows a value of consolidated production, in the 2017 financial year, of approximately 31.1 million euros, with an Ebitda of approximately € 5.7 million and a net financial position of around € 2.1 million. The consolidated production value of the integrated group amounts to approximately Euro 15.7 million on 30th June 2018, a consolidated Ebitda of approximately Euro 2.7 million and a negative net financial position (registered) of approximately Euro 0.5 million. Bomi: production value of 62 million euro in the first half of 2018 (58.6 million in the first half of 2017), plus forecasts for the plan Bomi Italia is the holding company of the Bomi Group, a leader in the field of biomedical logistics and management of high-tech products for the protection of health. The Bomi Italia Board have examined the main consolidated figures up to 30th June 2018, and subject to approval on 28th September. In the first half of 2018 the value of consolidated production amounted to about 62 million euros, with a growth of around 6% compared to 58.6 million in the first half of 2017. Growth at the euro/currency exchange rate for the first half of 2017 would have been around 15%. The value of consolidated production in the first half of 2018 is about 2% higher than expected in the 2018 - 2020 business plan. Consolidated EBITDA is around 5.5 million euro (about 8.8% of consolidated production value). Consolidated EBITDA would have exceeded 6 million euros at the same exchange rate as the 2017 euro exchange rate (approximately 9.3% of the value of consolidated production on 30th June 2018, and at constant 2017 exchange rates), the latter growing by around 11% compared with 5.6 million euro realised in the first half of 2017. Consolidated EBITDA in the first half of 2018 is higher than the consolidated EBITDA envisaged by the 2018 - 2020 plan by around 4%. The consolidated net profit is equal to about 1.2 million euro, with the same exchange rate of euro/currencies from 2017 the consolidated net profit would be equal to about 1.5 million euro against 1.56 million euro realised in the first half of 2017. The consolidated net financial position is about 29.5 million euros against 25.5 million euros on 31st December, 2017. Portobello: revenues over 8 million euro in the first half of 2018, EBITDA margin 10.4 percent Portobello is a company that specialises in the supply of quality products at affordable prices and in the distribution of media services also through barter activities. Portobello's semi annual report has been approved. From 30th June 2018 there was strong growth in revenues and an increase both in absolute terms and in relative terms for the EBITDA margin and net profit. Net sales amounted to 8,152 thousand euros (2,756 thousand euros in the first half of 2017), Ebitda reached 849.000 euros (36.000 euros in the first half of 2017), with EBITDA margin at 10.4%. The net result amounted to € 575.000, it was € 22.000 on the 30th June 2017 and the net financial position was € 97.000 (position of € 541.000 on 31st December 2017). The results were driven by: the expansion of the company's business volume across all business areas; achievement of greater operational efficiency and economies of scale; strengthening the company and management structure. "We worked intensively in the first half of the year to turn Portobello into a company that could grow fast and on a solid basis. - comments Roberto Panfili, Co-founder and COO of Portobello - The results show us that we are on the right path and we are confident of being able to continue on this path of development." Portobello: worth € 6.33 per share according to IRTop Research Portobello, founded in 2016 and listed on the AIM Italia market since 13th July 2018 at an IPO price of € 4.40, operates with a business model peculiar to the Italian market through three business units operating in the sectors (i) media & advertising, (ii) B2C and (iii) B2B. The company deals with the resale of advertising space, owned or purchased by third parties, for a monetary fee or alternatively through a barter system. The company has opened and manages 4 retail stores in Lazio (2 of which in Rome), 2 mini-stores (1 in Rome Fiumicino and 1 in Milan Porta Garibaldi) and is owner of an e-commerce channel (www.portobello-club.com). It currently has 25 employees. The company ended 2017 with 10 million euros in revenues, an EBITDA margin of 5.4%, a net profit of 0.3 million and a net cash balance of 0.5 million. Also in the first half of 2018 the results were up sharply, with revenues of 8.2 million, EBITDA margin of 10.4% and net profit of 0.6 million. According to IRTop Research estimates, Portobello is expected to close 2018 with revenues of 19.5 million euros, EBITDA of 2.0 million (EBITDA margin of 10.0%), a net profit of 1.3 million and net cash of 3.0 million. The stock, which capitalises at around 14 million euros, has a multiple EV/ EBITDA 2018 of 5.8x against an average value of 8.5x of the peers considered. WM Capital: revenues at 0.64 mln in the first half of 2018 in line with the data from the same period in 2017 WM Capital, specialising in Business Format Franchising, promotes business growth through the development of franchising systems in Italy and abroad, conferring industrial and operational know-how and providing a qualified and international network. The Board of Directors of WM Capital have approved the half-yearly Financial Report until 30th June 2018. The value of production in the first six months of the year stands at 0.64 million euros, in line with the figure from the first half of 2017, which was equal to 0.68 million. Ebitda is 0.11 million euros (0.17 million in the first half of 2017), following the investments made to register the 'Box della salute' at the Ministry, for its marketing and the identification of new strategies for the promotion of the device in the Italian and international market. The Net Result is equal to -0.01 million euros (0.05 million on 30th June 2017) and the Net Financial Position is negative with 0.25 million euros (negative with 0.27 million euros on 31st December 2017) . "We are satisfied with the results achieved during the first half of 2018, - comments Fabio Pasquali, CEO of WM Capital - which confirm the growth path undertaken last year. In fact, a growth of the Gross Operating Margin of more than 50% was recorded at the parent company thanks to the success of our business model. We expect that the business-unit consulting will continue to produce positive results in the coming months." The results of the half-year report also show an important increase for the parent company's Gross Operating Margin: to 0.37 million euro, compared to the figure of the first six months of 2017, which was 0.11 million euro. Meaning for the company that this result is the optimisation of overheads in general. Ebit is € 0.30 million from € 0.17 million in the first half of 2017. Expert System alongside Crédit Agricole for PanOptes Expert System, leader in the cognitive computing and text analytics market, offers the most innovative artificial intelligence solutions for process automation and information management. Crédit Agricole Corporate & Investment Bank chooses Cogito of Expert System for PanOptes. The portal, active in France, uses artificial intelligence based on semantic understanding to automate the analysis of large data streams and provide users with information of interest. "We are proud of the project carried out in collaboration with Crédit Agricole CIB - comments Alain Biancardi, VP Sales & Marketing of Expert System France - which stands out for its innovative scope. Our software Cogito does not simply consist of a set of algorithms of semantic analysis for treating texts, it is a tool that promotes the sharing of knowledge and a collaborative management." Digital Magics: Value of Production at 1.82 Eu m in the first half of 2018, +54.6% fromt he same period in 2017 Digital Magics is a business incubator for digital projects: it offers consulting and acceleration services for startups and companies, to facilitate the development of new technological businesses. The Value of Production for Digital Magics grew by 54.6% in the first half of 2018. The figure goes from 1.18 million as of June 30th 2017 to 1.82 million as of June 30th 2018. The increase was driven by revenues (1.43 Eu m) deriving from the new Open Innovation programs and the 'Magic Wand - FinTech and InsurTech' acceleration program, as shown in the half-year report as of June 30th 2018 approved by the Board. The EBITDA stands at 36,000 Eu, an improvement of about 450,000 Eu vs. 1H 2017, benefiting from a constant and careful management of operating costs. A change in EBIT, albeit negatively: from 0.6 to 0.3 Eu m. Net Financial Position is 1.4 Eu m (vs. 2.4 Eu m as of 12/31/2017). There are 63 operating companies in the portfolio, of which 31 are Innovative Startups and 9 Innovative SMEs. Notorious: revenues up 133% in the first half of 2018 compare to the same period in 2017, increasing margins Notorious Pictures, an independent company established in July 2012 with headquarters in Rome, operates in the production, acquisition and marketing of film rights (full rights) through all distribution channels (cinema, home video, paid TV and free TV, new media). Notorious Pictures semi-annual report approved. Revenues are up 133% in the first half of 2018 compared to 2017, and reached 21.3 million euros. Ebitda is 8.0 million, an increase of 110% since 30th June 2017, while EBIT also increased to 3.4 million euros (+ 114% since the first half of 2017). Net Profit is at 3.0 million euros, + 160% from the previous year; the Net Financial Position is equal to € 5.1 million (it was € 6.2 million on 31st December 2017). "The result for the first half of the year- commented Guglielmo Marchetti, Notorious Pictures president and CEO - is perfectly in line with the company's expectations and accurately reflects the structural growth path that the company has planned since its establishment. In the last three years we have started a new phase of systematic development of new business areas such as the marketing of audiovisual content on digital and television channels and international executive productions, which to date represent lines of business at full capacity. At the same time we have continued to consolidate the 'core' activities, such as the distribution and production of films a priority. The mix of these activities, combined with additional ones that the company is implementing, including the production of television series, has definitively transformed Notorious from a distribution company to a Digital Media Company." Elettra Investimenti: IRTop Research raises the target price to € 14.73 IRTop Research has updated the TP on Elettra Investimenti in light of the results for the first half of 2018, going from 13.16 to 14.73 euros per share. The analysts' estimates for 2018 foresee a production value equal to 53.6 million euros, up 14% compared to 2017, an EBITDA of 10 million, corresponding to an EBITDA margin of 18.7% and a group net profit of 3.5 million. For 2020 IRTop Research is expecting a production value of 65.2 million, an EBITDA of 14.8 million (22.7% of EBITDA margin) and 6.2 million euros of group net profit. The average annual growth in revenues in the period 2017-2020 should therefore be 11.5%.