Alantra has been appointed Corporate Broker to SIAV
SECTORTechnology
ServiceCorporate Broker
Milan – Alantra is pleased to announce its appointment as Corporate Broker to SIAV, a leading Italian software vendor in Content Services Platforms, and the initiation of coverage by the Alantra Italian Equity Research team.
With a heritage spanning over three decades, SIAV offers a comprehensive suite of proprietary platforms tailored to address complex content and process digitalization needs across both public and private sectors, from document digitisation to AI-integrated document management. The business model is supported by a high share of recurring revenues (55% in FY24) and a resilient client base.
Future growth is expected to be driven by increased adoption of the suite’s AI-powered modules. SIAV has initiated a strategic repositioning centered on: 1) M&A; 2) organic international expansion; and 3) a shift to a TIER II sales model, enabling greater market reach through specialized partners.
We forecast mid-single-digit top-line growth over 2024A-27E, reaching €40.1mn, supported by the company’s pivot toward higher-value segments. EBITDA margin is expected to expand by 710bps, also reflecting cost discipline. Operating cash flow generation is set to gain traction, supporting deleveraging, with NFP projected to improve to €18.3mn by FY27E (2x EBITDA).
Alantra initiates coverage with a “Buy” recommendation and target price of €3.2/share.
