Farmahealth S.N.C.

Presentation of the company

Created in 2014, Farmahealth S.n.c. is active in the pharma sector. The company, managed by Alessandro Grilli, has 24 employees and is based in San Giorgio a Cremano.

The company’s main activities are:

• Medicines sale to distributors and pharma stores;
• Management of 5 pharmacies in the area of Naples.

The company works with a quite diversified clients base, mostly Italian drugs distributors, local health authorities and consumers through its own drugs stores in the south of Italy.

Project Description

The company wishes to borrow 500.000 € over 48 months to finance part of the acquisition cost of a pharma store in Capri (for € 250 000), as well as some store refurbishment and the construction costs of a beauty centre in the same pharmacy (for € 250 000). This project will be realised this semester.

This project is a Flexible Bridge Loan, an amortizable loan with a standard commitment for the first 9 months and the possibility of early repayment at no cost for the remainder of the loan term, even in the event of refinancing by other financial institutions.

This project is not covered by the Italian state guarantee.

Like all projects presented to private lenders on Lendix, it is co-financed with institutional investors, sophisticated investors and the management of Lendix, subscribers to the Lendix Fund.

Analyst’s Opinion

With a turnover of 16 914 000 € in 2017 and an experienced team, the company has a good track record combined with a strong operating margin.

The forecast is based on the performance of 2017.

The borrower has a solid repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,53 and a good financial structure, with a forecast net debt / ebitda ratio of 2,01 and a net debt / shareholder equity of 287%.

Farmahealth is a company with no obligation to deposit the financial statements.

The analysis of the project leads to a credit rating of B and a 6,20 % annual interest rate.

Strong Points:

• Good historical performance based on diversified client base;
• Solid repayment ability with a forecasted FCCR of 1,53;
• Good network developed among pharma companies and highly experienced management in the pharma sector.

Point of vigilence:

• Competive market.

*The multiple of FCCR at 1,53 means that the company has a safety margin of 53 % relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (ModeFinance, Crif). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.