Delta Plus starts the year “beautifully” with the acquisition of Italian Maspica

Delta Plus jumped 6.07% on the Paris Stock Exchange, 92.60 euros per share, following the announcement of a great acquisition in Italy. The specialist in protective equipment announced last night that it had acquired Maspica, a designer and manufacturer of high-end safety shoes under the Sixton Peak brand. The amount of the transaction has not been disclosed, but Midcap Partners says it represents the biggest in Delta Plus’ history, with the Italian company’s long-awaited turnover around 38 million euros. for 2021.

“With this new acquisition, the first since January 2021, Delta Plus is strengthening its foot protection offer (72 million euros in 2020, or 25% of sales) and positioning itself as one of the European leaders in this field. category,” Midcap partners wrote.

The integration of Maspica will also allow the group to increase its presence in important markets such as Germany, Benelux and Italy, says the analyst.

From an economic point of view, its operating profitability is close to that of Delta Plus, with an EBITDA margin of around 16%, while that of the French is expected to be 15.5% in 2021.

“This news is a magnificent launch of Delta Plus’ 2022 financial year,” rejoices Midcap. The broker took advantage of this announcement to revise its expectations upwards and is now targeting a turnover of 401 million euros this year (against 365 million previously) as well as an EBITDA margin of 14.3%.

After taking these adjustments into account, Midcap went back to Buy on the Delta plus share, whereas it had been Hold until now, and raised its price target from 102 to 110 euros.