The company is “a digital tailoring” says the CEO Emanuele Galtieri
Monday debuts at Star (the tech segment of Borsa Italiana) Cy4gate, a company active in the cyber intelligence and security market. The announcement was greeted today by an increase of 3.72% to 9.19 euros. As the managing director Emanuele Galtieri says, what is about to arrive on the main list coming from the Egm is “a technological tailoring”, capable of ensuring “proximity support to customers by consolidating the company to make it sustainable in the long term”
Two years ago the debut at the Egm
Cy4Gate was listed on the EGM in June 2020 at a price of 3.19 euros, raising 18 million. It was the second listing of that year after the long break imposed by Covid.
The story begins in 2014
Cy4Gate was founded in 2014 as a joint venture between Elettronica Spa (active for over 60 years in the field of electronic countermeasures, majority shareholder with about 80%) and Expert System (development of semantic intelligence algorithms, with a stake of about 17% ), specialized in cyber security.
For Websim, the title is worth €14.20
The stock is covered by the analysts of WebSim according to which the transfer to the STAR segment of the major market of Piazza Affari will guarantee greater visibility and liquidity to the stock. The Very Interesting judgment, TP €14.20.
First quarter results
The company recorded revenues of €14.1 million in the first quarter of 2023, up by approximately 13% compared to the first quarter of 2022 (€12.5 million). The result, underlines the company, reflects the high seasonality that characterizes the market. Operating costs show a significant increase and thus the gross operating margin is negative for €301 thousand, in contrast with the positive figure of the previous year, equal to €1.5 million. This figure discounts the combined effect of the seasonality of revenues and the progressive growth of costs linked to the hiring of new professional figures intended to support the expected growth. Today there are 407 employees in the group.
The merger with RCS and the Pnrr
Margins will normalize by the end of the year, benefiting from the seasonal effects on the last quarter of the year. In essence, as at 31 March 2023 “the costs and revenues of the group are substantially in line with the budget forecast”, underlines Cy4Gate. Furthermore, most of the operational synergies deriving from the merger with RCS or the revenues deriving from the projects connected to the PNNR have not yet been released.