Announcement • Jun 11
Credem Private Equity SGR SpA and NB Aurora S.A. SICAF-RAIF (BIT:NBA) completed the offer of Finlogic S.p.A. (BIT:FNL) from Hydra S.p.A. and others. Credem Private Equity SGR SpA and NB Aurora S.A. SICAF-RAIF (BIT:NBA) bid to acquire Finlogic S.p.A. (BIT:FNL) from Hydra S.p.A. and others for approximately €90 million on December 7, 2022. The offer is aimed at the delisting of Finlogic shares from Euronext Growth Milan. Finlogic S.p.A. has decided not to exercise golden power rule on take over bid by Credem Private Equity. The tender offer is financed by recourse to the resources made available by Credem Private Equity, NB Aurora and PM&Partners and, in part, by recourse to the financial resources that will be made available by Crédit Agricole Italia and BPER Banca. As of March 3, 2023, the conditions relating to the tender offer for the acquisition of the entire capital of Finlogic have been met. ACCEPTANCE PERIOD STARTS MAY 11, ENDS JUNE 9.
Credem Private Equity SGR SpA and NB Aurora S.A. SICAF-RAIF (BIT:NBA) completed the offer of Finlogic S.p.A. (BIT:FNL) from Hydra S.p.A. and others for approximately €90 million on June 9, 2023. Upcoming Dividend • May 01
Upcoming dividend of €0.11 per share at 0.9% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 10 May 2023. Trailing yield: 0.9%. Lower than top quartile of Italian dividend payers (5.1%). Lower than average of industry peers (1.7%). Buying Opportunity • Mar 20
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €14.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings is also forecast to grow by 20% per annum over the same time period. Buying Opportunity • Feb 27
Now 20% undervalued Over the last 90 days, the stock is up 73%. The fair value is estimated to be €14.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings is also forecast to grow by 20% per annum over the same time period. Announcement • Dec 08
Finlogic Receives Communication from Credem for Takeover Bid and Delisting Finlogic S.p.A. communicated that it has received from Credem Private Equity SGR Spa the communication of the signing of a framework agreement aimed at acquiring the entire share capital of the issuer through the promotion, by a controlled corporate vehicle, directly or indirectly, by Credem, of a voluntary takeover bid on all the shares at a price per share of EUR 12.00. The offer is aimed at the delisting of Finlogic shares from Euronext Growth Milan. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 69% share price gain to €11.50, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Commercial Services industry in Italy. Total returns to shareholders of 110% over the past three years. Board Change • Nov 16
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. 8 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 02
First half 2022 earnings released: EPS: €0 (vs €0.21 in 1H 2021) First half 2022 results: EPS: €0. Revenue: €31.6m (up 24% from 1H 2021). Net income: €2.12m (up 37% from 1H 2021). Profit margin: 6.7% (up from 6.1% in 1H 2021). The increase in margin was driven by higher revenue. Announcement • Jun 17
Finlogic S.p.A. (BIT:FNL) completed the acquisition of Alfacod Srl for €8.2 million. Finlogic S.p.A. (BIT:FNL) singed an agreement to acquire Alfacod Srl for €4.6 million on April 2, 2022. Under the terms, Finlogic will pay €4.6 million, plus the net financial position calculated as of the closing date. Finlogic appoints Davide Guerra as Chief of sales and Marketing officer.
Finlogic S.p.A. (BIT:FNL) completed the acquisition of Alfacod Srl for €8.2 million on June 15, 2022. Upcoming Dividend • May 09
Upcoming dividend of €0.14 per share Eligible shareholders must have bought the stock before 16 May 2022. Payment date: 18 May 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Italian dividend payers (4.8%). Lower than average of industry peers (2.8%). Board Change • Apr 27
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. 8 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Apr 13
Price target increased to €9.00 Up from €8.35, the current price target is provided by 1 analyst. New target price is 45% above last closing price of €6.20. Stock is up 3.7% over the past year. Announcement • Apr 06
Finlogic S.p.A. (BIT:FNL) singed an agreement to acquire Alfacod Srl for €4.6 million. Finlogic S.p.A. (BIT:FNL) singed an agreement to acquire Alfacod Srl for €4.6 million on April 2, 2022. Under the terms, Finlogic will pay €4.6 million, plus the net financial position calculated as of the closing date. Finlogic appoints Davide Guerra as Chief of sales and Marketing officer. Reported Earnings • Apr 05
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €52.8m (up 21% from FY 2020). Net income: €3.01m (up 17% from FY 2020). Profit margin: 5.7% (down from 5.9% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.2%, compared to a 18% growth forecast for the industry in Italy. Reported Earnings • Oct 03
First half 2021 earnings released: EPS €0.21 (vs €0.10 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €25.4m (up 22% from 1H 2020). Net income: €1.55m (up 108% from 1H 2020). Profit margin: 6.1% (up from 3.6% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 28
Price target decreased to €5.62 Down from €7.69, the current price target is provided by 1 analyst. New target price is 11% below last closing price of €6.30. Stock is up 13% over the past year. Announcement • Sep 25
Finlogic S.p.A. (BIT:FNL) signed a binding agreement to acquire the remaining 49% stake in Mobile Project Srl. Finlogic S.p.A. (BIT:FNL) signed a binding agreement to acquire the remaining 49% stake in Mobile Project Srl on September 24, 2021. As a result of the acquisition, stake of Finlogic S.p.A., in Mobile Project Srl will increase from 51% to 100%. Upcoming Dividend • Jun 01
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 07 June 2021. Payment date: 09 June 2021. Trailing yield: 3.1%. Lower than top quartile of Italian dividend payers (3.7%). Higher than average of industry peers (2.3%). Is New 90 Day High Low • Dec 28
New 90-day high: €6.20 The company is up 8.0% from its price of €5.75 on 29 September 2020. The Italian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 11
New 90-day high: €5.95 The company is up 4.0% from its price of €5.70 on 11 September 2020. The Italian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 13% over the same period. Is New 90 Day High Low • Nov 13
New 90-day low: €5.20 The company is down 11% from its price of €5.85 on 14 August 2020. The Italian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is down 3.0% over the same period. Reported Earnings • Oct 02
First half earnings released Over the last 12 months the company has reported total profits of €1.60m, down 25% from the prior year. Total revenue was €37.4m over the last 12 months, up 19% from the prior year.