(Finance) – Il long-term growth profile Of Spindoxa company listed on Euronext Growth Milan and active in the market of ICT (Information & Communication Technology) services and products appears “untouched”, with “only a temporary inflection in profitability”. The analysts of Banca Akros commented on this after the company’s management participated in the “Appointment at the Columns” investor conference. At the turn of the new year there was a renewal of the Board of Directors and a change at the top of the company, in a turnaround promoted by the shareholder-managers Costa, Marengo and Pellei.
“Management anticipates that the Business turnaround will last approximately 12 months – we read in research – Although revenue growth is expected to slow compared to recent years, in light of a more profit-oriented strategy and the lack of new acquisitions, revenue growth in fiscal 2024 is not expected to suffer any disruption and extraordinary restructuring costs are expected to be marginal. “We believe our current long-term EBITDA margin estimate (close to but below 10%) is still reasonable,” adds the broker, which has a Buy recommendation it’s a target price of 15.5 euros.
It is noted that the former president Foglino holds a stake of approximately 22% in Spindox and the lock-up clause of the IPO expires at the end of July 2024. Costa, Pellei and Marengo (who are also shareholders and have signed an agreement shareholder that binds their shareholdings, and represent just over 24% of the company) are committed to extend the lock-up clause and convince other shareholder-managers to do the same.
Once the business turnaround is complete, management would “welcome a new financial or industrial partner to finance further growth, thus allowing Spindox to enter the €100 million+ cluster in the Italian ICT market,” it is highlighted.
(Photo: © Veerasak Piyawatanakul)