Geox skids in Bag, with the stock loses more than 6%, but remained above 50 cents per share. This decline follows theapproval, on the part of the Venetian company, of a financial plan in support of the new industrial plan for 2029The plan includes a capital increase of 30 million euros, scheduled to be completed by June 2025, and a second increase of 30 million in 2026. capitalization the stock market value of the Venetian company thus falls below 130 million euros.
To further complicate the picture, Banca Akros has suspended its recommendation on Geox, previously set at “neutral”, and placed the target price under review, following the new uncertainties linked to the capital increase and the industrial plan.
Geox extends debt with banks, but Banca Akros revises target price
On December 30, Geox signed an agreement with a pool of banks (including Mps, Bnp Paribas, Bper, Banco Bpm, Credit Agricole Italia, Intesa Sanpaolo, Unicredit and Deutsche Bank) for a financial maneuver that includes the Renegotiation of loan repayment plans medium-long term, with the extension of the maturities and the injection of new capital for 60 million euros. The reference shareholder Lir, which holds 71% of the capital, has committed to cover both its share and any unsubscribed portion.
The industrial plan aims to achieve 850 million euros in turnover by 2029, with an operating margin (Ebit on revenues) above 7%. In 2023, turnover stopped at 720 million, with an Ebit margin of 2,2%. For 2024, Geox expects a contraction in revenues (-5%) but with an improvement in the Ebit margin of approximately 50 basis points. The net financial position at 30 September 2024 was negative for 145,8 million euros.
Geox has plans investments overall equal to 120 million euros, aimed at expanding and renewing its customer base, focusing above all on digital channels and on expanding product quality. In addition, in mid-December a partnerships with a Chinese operator for the exclusive distribution of Geox collections in China, starting from the spring/summer 2025 season.
