presented by October Italy
lent to this project, means…
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Building & public Works
Created in 1983, Valsecchi Armamento Ferroviario S.r.l. is active in the contruction and maintenance of railways sector. The company, managed by Alberto Valsecchi, has 102 employees and is based in Merone. Historical fundation is dated back to 1917 and today the company is managed by the third generation of Valsecchi family.
Mr. Alberto Valsecchi, managing director, has overall more than 30 years of professional experience in the sector.
The company’s main activity is the construction, renovation and maintenance of railways.
The company works with the main public and private clients in the railways sector. Valsecchi works mainly in north of Italy and has all required certifications to be able to attend to all the tenders issued in this market.
The company requests a loan of 2 050 000 € for 36 months with 3 months of deferred repayment to finance the expenses related to existing and newly acquired orders such as: purchase of specific equipment for new sites (diesel tank and its filling station, generator sets, hydraulic lifts, containers for warehouses and offices), machinery rental, work force related to existing works as well as new workforce for forthcoming orders, miscellaneous worksite supplies, maintenance of vehicles, traction fuel, purchase and transport of crushed stone. This project will be realized by the end of the year.
This project is not covered by the Italian state guarantee.
The amount offered on the platform is limited to 1 000 000 €, which is in line with the regulatory limits.
With a turnover of 25 893 754 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.
In 2018 the company is confirming the increase of sales with a slightly lower marginality driven by the investment done for the new tenders awarded. The forecast is based on the performance of 2017 and 2018 taking into consideration the order portfolio already acquired.
The borrower has a solid repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,54 and a good financial structure, with a forecast net debt / ebitda ratio of 2,8 and a net debt / shareholder equity of 151%.
The financial debt has been restated considering a discounted value of the liquid assets invested.
The analysis of the project leads to a credit rating of B and a 5,8% annual interest rate.
*The multiple of FCCR at 1,54 means that the company has a safety margin of 54% 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 (External data provider). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.
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