Board Change • May 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Lead Independent Director Maria Mosconi was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Aankondiging • Mar 06
OEP IX Master Coöperatief U.A., a fund managed by OEP Capital Advisors L.P. completed the acquisition of 59.29% stake in Digital Value S.p.A. (BIT:DGV) from DV Holding S.p.A. OEP IX Master Coöperatief U.A., a fund managed by OEP Capital Advisors L.P. signed a sale and purchase agreement to acquire 59.29% stake in Digital Value S.p.A. (BIT:DGV) from DV Holding S.p.A. for approximately €175 million on October 20, 2025. A cash consideration valued at €29 per share will be paid by OEP Capital Advisors L.P. The purchase price is fixed and will not be subject to any adjustments after the closing of the transaction.
The Closing is subject to the fulfilment of certain conditions precedent regarding, inter alia, (a) the obtainment of all authorizations and consents required by law, including those authorizations required by the EU antitrust authority and Compliance with the Golden Power legislation (FDI clearance), and (b) the lack of occurrence of certain material events between the date of signing of the Sale and Purchase Agreement and the Closing date which impact (or may impact) or disrupt (or may disrupt) the business and/or financial conditions/prospects of the Digital Value companies. Following the Closing, pursuant to the Sale and Purchase Agreement, the Purchaser (or BidCo, as the case may be) will hold the Controlling Interest, representing a percentage of the corporate capital of Digital Value not lower than 57.8%. Upon completion of such acquisition, a mandatory public tender offer will be launched by OEP IX Master Coöperatief U.A. (either directly or through an affiliate) on the remaining outstanding share capital of Digital Value S.p.A., aimed at obtaining the delisting.
The closing of the transaction is expected to take place by January 2026. On February 5, 2026, the transaction has been approved by the European Union.
Vittorio Palladino, Andrew Dunn and Tim Borneck. Giulio Godi and Edoardo Schiavina of Equita SIM S.p.A. acted as financial advisor for OEP Capital Advisors L.P. Allen Overy Shearman Sterling - Studio Legale Associato acted as legal advisor for OEP Capital Advisors L.P. Bonelli Erede Pappalardo Studio Legale acted as legal advisor for DV Holding S.p.A. DGPA & Co. S.r.l. acted as financial advisor for DV Holding S.p.A. Monia Giustozzi, Melchiorre Sorrentino and Marta Simionato of PricewaterhouseCoopers Advisory S.p.A. acted as due diligence advisor to OEP Capital Advisors L.P. PWC TLS Associazione Professionale di Avvocati e Commercialisti acted as legal advisor to OEP Capital Advisors L.P. Clairfield International acted as financial advisor to OEP Capital Advisors L.P.
OEP IX Master Coöperatief U.A., a fund managed by OEP Capital Advisors L.P. completed the acquisition of 59.29% stake in Digital Value S.p.A. (BIT:DGV) from DV Holding S.p.A. on March 5, 2026. Aankondiging • Oct 21
Funds managed by OEP Capital Advisors L.P. signed a sale and purchase agreement to acquire 57.81% stake in Digital Value S.p.A. (BIT:DGV) from DV Holding S.p.A. for approximately €170 million. Funds managed by OEP Capital Advisors L.P. signed a sale and purchase agreement to acquire 57.81% stake in Digital Value S.p.A. (BIT:DGV) from DV Holding S.p.A. for approximately €170 million on October 20, 2025. A cash consideration valued at €29 per share will be paid by OEP Capital Advisors L.P. The purchase price is fixed and will not be subject to any adjustments after the closing of the transaction.
The Closing is subject to the fulfilment of certain conditions precedent regarding, inter alia, (a) the obtainment of all authorizations and consents required by law, including those authorizations required by the EU antitrust authority and Compliance with the Golden Power legislation (FDI clearance), and (b) the lack of occurrence of certain material events between the date of signing of the Sale and Purchase Agreement and the Closing date which impact (or may impact) or disrupt (or may disrupt) the business and/or financial conditions/prospects of the Digital Value companies. Following the Closing, pursuant to the Sale and Purchase Agreement, the Purchaser (or BidCo, as the case may be) will hold the Controlling Interest, representing a percentage of the corporate capital of Digital Value not lower than 57.8%. Upon completion of such acquisition, a mandatory public tender offer will be launched by OEP IX Master Coöperatief U.A. (either directly or through an affiliate) on the remaining outstanding share capital of Digital Value S.p.A., aimed at obtaining the delisting.
The closing of the transaction is expected to take place by January 2026.
The One Equity Partners team was led by Vittorio Palladino, Andrew Dunn and Tim Borneck. Giulio Godi and Edoardo Schiavina of Equita SIM S.p.A. acted as financial advisor for OEP Capital Advisors L.P. Allen Overy Shearman Sterling - Studio Legale Associato acted as legal advisor for OEP Capital Advisors L.P. Bonelli Erede Pappalardo Studio Legale acted as legal advisor for DV Holding S.p.A. DGPA & Co. S.r.l. acted as financial advisor for DV Holding S.p.A. Aankondiging • May 17
Digital Value S.p.A. announces Annual dividend, payable on July 09, 2025 Digital Value S.p.A. announced Annual dividend of EUR 0.8000 per share payable on July 09, 2025, ex-date on July 07, 2025 and record date on July 08, 2025. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to €14.52, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 15x in the IT industry in Germany. Total loss to shareholders of 71% over the past year. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €13.72, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 15x in the IT industry in Germany. Total loss to shareholders of 69% over the past year. Reported Earnings • Sep 27
First half 2024 earnings released First half 2024 results: Revenue: €450.7m (up 8.4% from 1H 2023). Net income: €22.3m (up 31% from 1H 2023). Profit margin: 4.9% (up from 4.1% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the IT industry in Germany. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €55.20, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the IT industry in Germany. Total loss to shareholders of 1.5% over the past year. Aankondiging • Jul 31
Digital Value S.p.A. (BIT:DGV) signed a binding offer to acquire Italtel S.p.A. for €120 million. Digital Value S.p.A. (BIT:DGV) signed a binding offer to acquire Italtel S.p.A. for €120 million on July 30, 2024. Nextalia has committed to procure the sale of, for a total fixed consideration, not subject to adjustments, of €120 million, to be paid as follows: €90 million, on the closing date of the transaction; and €30 million on June 20, 2025. The binding offer includes the acquisition of 100% of Italtel’s share capital, currently held approximately 71.38% by Nextalia, and approximately 28.62% by Clessidra Capital Credit SGR S.p.A., on behalf of the fund named Clessidra Restructuring Fund. The completion of the transaction will be subject to the transaction being approved, not prohibited, or otherwise permitted under exemption by the competent antitrust and golden power authorities and the signing of a financing agreement with one or more credit institutions and the subsequent disbursement on the closing date in favor of Digital Value of an amount not exceeding the consideration of the sale. Italtel has reported revenues of €270 million and EBITDA of €11.1 million in 2023. Digital Value has, for this purpose, initiated negotiations with some leading Italian credit institutions. the signing of the sale and purchase agreement (“SPA”) will take place in the coming days, while the closing of the transaction will occur after the fulfillment of the aforementioned suspensive conditions. Upcoming Dividend • Jun 24
Upcoming dividend of €0.95 per share Eligible shareholders must have bought the stock before 01 July 2024. Payment date: 03 July 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.3%). Reported Earnings • May 02
Full year 2023 earnings released Full year 2023 results: Revenue: €847.4m (up 20% from FY 2022). Net income: €38.4m (up 13% from FY 2022). Profit margin: 4.5% (down from 4.8% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the IT industry in Germany. New Risk • Apr 17
New minor risk - Dividend sustainability The company has a short dividend paying track record. Continuous dividend paying years: 1 Dividend yield: 1.7% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risk Short dividend paying track record (1 year of continuous dividend payments). Buy Or Sell Opportunity • Feb 21
Now 21% undervalued Over the last 90 days, the stock has risen 14% to €60.00. The fair value is estimated to be €76.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 53% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €53.10, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the IT industry in Germany. Total loss to shareholders of 23% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €74.63 per share. Board Change • Oct 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). MD & Executive Director Paolo Vantellini is the most experienced director on the board, commencing their role in 2020. Independent Director Mario Vitale was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €53.30, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the IT industry in Germany. Total loss to shareholders of 10% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €77.87 per share. Buying Opportunity • Sep 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 2.3%. The fair value is estimated to be €76.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 26% in 2 years. Earnings is forecast to grow by 65% in the next 2 years. Aankondiging • Jul 18
Digital Value S.p.A. (BIT:DGV) acquired A 76 SRL. Digital Value S.p.A. (BIT:DGV) acquired A 76 SRL on July 17, 2023.Digital Value S.p.A. (BIT:DGV) completed the acquisition of A 76 SRL on July 17, 2023. Board Change • Jul 12
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). MD & Executive Director Paolo Vantellini is the most experienced director on the board, commencing their role in 2020. Independent Director Mario Vitale was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. New Risk • Jun 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buying Opportunity • May 24
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €82.27, 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 13% per annum. Earnings is also forecast to grow by 20% per annum over the same time period. Buying Opportunity • Mar 24
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €84.18, 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 14% per annum. Earnings is also forecast to grow by 22% per annum over the same time period. Reported Earnings • Mar 17
Full year 2022 earnings released Full year 2022 results: Revenue: €708.5m (up 27% from FY 2021). Net income: €33.9m (up 13% from FY 2021). Profit margin: 4.8% (down from 5.4% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the IT industry in Germany. Board Change • Feb 15
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. 3 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). MD & Executive Director Paolo Vantellini is the most experienced director on the board, commencing their role in 2020. Independent Director Mario Vitale was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Nov 21
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. 3 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). MD & Executive Director Paolo Vantellini is the most experienced director on the board, commencing their role in 2020. Independent Director Mario Vitale was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Oct 28
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. 3 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). MD & Executive Director Paolo Vantellini is the most experienced director on the board, commencing their role in 2020. Independent Director Mario Vitale was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Oct 07
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. 3 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). MD & Executive Director Paolo Vantellini is the most experienced director on the board, commencing their role in 2020. Independent Director Mario Vitale was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Sep 09
First half 2022 earnings released: EPS: €0 (vs €1.36 in 1H 2021) First half 2022 results: EPS: €0. Revenue: €337.2m (up 32% from 1H 2021). Net income: €16.9m (up 24% from 1H 2021). Profit margin: 5.0% (down from 5.3% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 10% growth forecast for the IT industry in Germany. Buying Opportunity • Jul 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be €75.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings is also forecast to grow by 21% per annum over the same time period. Buying Opportunity • Jul 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be €72.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings is also forecast to grow by 21% per annum over the same time period. Aankondiging • Jun 15
Digital Value S.p.A. (BIT:DGV) acquired 19% stake in TT Tecnosistemi S.p.A. for €3.9 million. Digital Value S.p.A. (BIT:DGV) acquired 19% stake in TT Tecnosistemi S.p.A. for €3.9 million on June 13, 2022. The purchase took place through the exercise of the call option defined in the purchase agreement finalized on November 4, 2021. TTT closed the financial year 2021 with revenues of €50.812 million, EBITDA of €3.469 million and Net profit of €1.614 million
Digital Value S.p.A. (BIT:DGV) completed the acquisition of 19% stake in TT Tecnosistemi S.p.A. on June 13, 2022. Board Change • May 13
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 6 non-independent directors. President of Statutory Auditors Roberto Moro was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Mar 18
High number of new directors There are 5 new directors who have joined the board in the last 3 years. President of Statutory Auditors Roberto Moro was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.