Beghelli: Post 1H23 Results Update
Beghelli is an Italian company, founded in 1982, primarily specializing in civil, industrial, and emergency lighting.
Following the release of 1H23 results, our equity research confirms the BUY rating and maintains the Target Price at €0.35.
Learn more in the analysis by Francesca Romana Sabatini, Head of Equity Research, and Eleonora Chetrì, Equity Research Analyst at Banca Profilo.
Download the research here.
China-United States: the technological Cold War
With the September Back To School season, the technological Cold War between China and the United States has resurfaced. China has banned Apple phones for its state employees, just days before the launch of the new iPhone 15.
The response from US authorities was swift. They launched an investigation into the Pro-60, Huawei’s latest smartphone, alleging that it uses a state-of-the-art microprocessor that could only have been designed with American technology.
Now, as Huawei is regaining lost ground (with some improper state aid), Apple has lost 10% of its market capitalization and is at risk of losing 10 million Chinese smartphones. A real tug-of-war is beginning between the White House and the Politburo, especially with the upcoming American elections next year.
In this long, grueling tennis match that risks having only losers, what will happen?
Lorenzo Fuscà, Head of Wealth Management, and Francesco Menini, Head of Investment Advisory at Banca Profilo, explain in the video.
Autumn Investor Conference
On September 14, 2023, the Autumn Investor Conference was held at the Milan headquarters of Banca Profilo. It was a pleasant late afternoon of meetings between investors and companies. More than 30 investors were in attendance, and there were over 40 meetings.
10 companies selected for the EGM were: Cofle Group; COMAL SpA; Energy S.p.A.; Franchetti Spa; Health Italia; HOMIZY; Riba Mundo Tecnología SA; Sciuker Frames; SVAS Biosana S.p.A.; TMP Group SpA.
Riba Mundo Tecnología: Initial Coverage
Riba Mundo is a Tech Company established in 2018 operating as a B2B trader of Consumer Electronics. The Company launched its proprietary Big Data software, MarVin, to radically change Business-to-Business (B2B) distribution, mainly in Consumer Electronics. The Company’s aim is to progressively expand its products range, leveraging on MarVin capacity to Big Data analysis and spotting the most prospectively requested SKUs.
Following the IPO on 28th July 2023, Banca Profilo Research starts Initial coverage of Riba Mundo Tecnología with BUY and a TP €35.8.
Find out why in the analysis by Francesca Romana Sabatini, Head of Equity Research and Eleonora Chetrì, Equity Research Analyst.
Download the research here.
First half 2023 results
Record results in the first 6 months of 2023 and above the Business Plan targets. In June 2023, the Banca Profilo Group closed the first half with net revenues of 41 million euro (+16.8% y/y) and a net profit of 9.6 million euro (41.6% y/y ).
The operating margin increased, amounting to 15 million euro (+35.5% y/y) and the Cost Income improved, which stood at 63.4%. Customer deposits consolidate at €5.8 billion (+5.2% y/y) and the CET 1 ratio at 24.3%. These results confirm the effectiveness of the work carried out every day and the capital and financial solidity of Banca Profilo, among the highest on the market.
In the meantime, the work focused on defining the new 2024-26 Business Plan continues.
Read the press release to find out more.
Health Italia: Initial Coverage
The Italian group operates in the health and wellness market through the promotion of supplementary healthcare solutions in the retail and corporate sectors and manages welfare plans and services for companies and entities. The Group is also active in the provision of healthcare services at its own facilities, including through the most modern telemedicine systems.
Banca Profilo Research starts Initial coverage of Health Italia with BUY and a TP of €4.5.
Find out why in the analysis by Francesca Romana Sabatini, Head of Equity Research.
Riba Mundo Tecnología’s Listing
Banca Profilo supported Riba Mundo Tecnología during its listing, the fifteenth in 2023 on the EGM market and the first Spanish company on the Milan Stock Exchange. During the IPO, a total of €5.5 million was raised. With a market price of €19.70 per share, the market capitalization is approximately €40 million.
Riba Mundo Tecnología is a multinational technology company in the field of Big Data, engaged in the trading of consumer electronics in the B2B segment internationally. Its core business focuses mainly on smartphones and tablets, with a progressive expansion into entertainment and computer devices. Established in 2018 with legal, operational, and logistical headquarters in Valencia (Spain), the company has developed MarVin, proprietary big data software designed according to data-driven criteria to optimize purchasing, sales, and demand forecasting processes, ensuring efficient management of consumer goods inventory. Present in over 45 countries, with a team of approximately 70 employees and a base of over 1,500 international clients. In 2022, total revenues exceeded €329 million, with a CAGR of +109% from 2019 to 2022, and EBITDA reached €7.4 million, a 92% increase from 2021.
This operation was supported by the Investment Banking team as Global Coordinator and by the Analysis and Research team as Corporate Broker. Banca Profilo will continue to support Riba Mundo Tecnología in its growth journey as EGA, Corporate Broker, and Specialist.
