お知らせ • Jun 18
I.CO.P. S.p.A. Società Benefit (BIT:ICOP) signed a binding agreement to acquire 61.89% stake in Palingeo S.p.A. (BIT:PAL) from Leonardo Spada, Paolo Franzoni and Gianbattista Lippi for €27.7 million. I.CO.P. S.p.A. Società Benefit (BIT:ICOP) signed a binding agreement to acquire 61.89% stake in Palingeo S.p.A. (BIT:PAL) from Leonardo Spada, Paolo Franzoni and Gianbattista Lippi for €27.7 million on June 16, 2025. A cash consideration €9.23 million valued at €6 per share will be paid by I.CO.P. S.p.A. Società Benefit. As part of consideration, an undisclosed value is paid towards common equity of Palingeo S.p.A. The transaction is supported by the use of own funds and bank financing. The deal is subject to receiving Golden Power authorization and the fairness opinion of I.CO.P. S.p.A. Società Benefit board of statutory auditors. The completion of the agreement will trigger the obligation to launch a mandatory full takeover bid. The closing of the transaction is expected by the end of September 2025.
ADVANT Nctm acted as legal advisor for I.CO.P. S.p.A. Società Benefit. Lega Colucci Morri & Associati acted as legal advisor for Palingeo S.p.A. Reported Earnings • Apr 17
Full year 2024 earnings released Full year 2024 results: Revenue: €65.2m (up 11% from FY 2023). Net income: €7.62m (up 14% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Construction industry in Italy. New Risk • Apr 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. High level of non-cash earnings (37% accrual ratio). Minor Risk Market cap is less than US$100m (€37.4m market cap, or US$42.5m). お知らせ • Apr 08
Palingeo S.p.A., Annual General Meeting, Apr 29, 2025 Palingeo S.p.A., Annual General Meeting, Apr 29, 2025, at 10:30 W. Europe Standard Time. お知らせ • Feb 07
Palingeo S.p.A. to Report First Half, 2025 Results on Nov 30, 2025 Palingeo S.p.A. announced that they will report first half, 2025 results on Nov 30, 2025 Reported Earnings • Oct 02
First half 2024 earnings released First half 2024 results: Net income: €3.30m (up €3.30m from 1H 2023). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Italy. New Risk • Jun 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risk Market cap is less than US$100m (€40.8m market cap, or US$44.4m). Buy Or Sell Opportunity • May 10
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €5.80. The fair value is estimated to be €7.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Buy Or Sell Opportunity • Apr 22
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €5.90. The fair value is estimated to be €7.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 14% per annum over the same time period.