Corporate Credit Rating 2025 for DO IT NOW SPA: B1- (First Issuance)

modefinance published the Solicited Corporate Credit Rating of DO IT NOW S.P.A. on the website and the rating assigned to the entity is B1- (First issuance). The analysis indicates that the company’s rating is investment grade, reflecting an adequate financial position and the apparent ability to withstand adverse economic conditions in the medium to long term.

DO IT NOW is a digital technology hub that operates through its three subsidiaries: Supermoney, Blasting News, and Massima Energia. Supermoney is Italy's leading comparison site in the utility sector and is the group's largest in terms of revenue. Blasting News is a generative AI-based publishing platform with millions of monthly readers. Massima Energia, born in 2021, on the other hand, is a next-generation utility company with the goal of developing Italy's first digital “triple offer” (light/gas, mobile, fiber) based on patent-pending proprietary technology.

At an overall level, the DO IT NOW Group demonstrates solid economic and financial health, characterized primarily by a balanced capital structure (leverage of 1.08x) and a sustainable level of net financial debt, as indicated by an NFP/EBITDA ratio of 0.29x and NFP/Equity ratio of 0.12x. The management of the ratio of current assets to current liabilities is summarized in a current ratio significantly above unity (2.45x), as well as the sound balance between cash flow dynamics. In fact, during FY23, the Group generated a positive operating cash flow of +7.21 million euros, supported by substantial self-financing, only partially offset by a negative change in net working capital. Throughout the year, the Company made significant growth investments, while on the financing side, a net cash outflow was recorded due to dividend payments.

In terms of profitability, the Group maintained a positive revenue growth trend (47.50 million euros; +2.14%) and achieved a good EBITDA margin of 18%. However, the net result for the year was negative (-3.93 million euros), impacted by a high level of amortization and depreciation, which was in turn influenced by the revaluation of intangible assets held by Supermoney. This situation, however, has already been resolved during 2024, leading to the recovery of a positive net profit.

The Company has an adequate governance and control structure, consisting of an administrative body made up of two members, chaired by Mr. Andrea Manfredi, who also owns the company through an S.r.l. of which he is the sole shareholder. The Company has duly appointed a Board of Statutory Auditors and has entrusted the auditing of its financial statements to a specialized company.

Compared to its peer group, the Company holds a strong market position, ranking among the largest Italian companies by turnover in its reference sector. It also demonstrates solid solvency, supported by balanced solvency ratios. However, , the negative ROI and ROE recorded in FY23 have resulted in a weaker profitability profile, placing the Company below the 50th percentile of the peer group.

The peer group appears to be sufficiently capitalized and presents a low level of financial leverage. The management of the ratio between current assets and current liabilities also appears to be sound. The most critical issues are related to the area of profitability, where the peer group shows insufficient returns on invested and risk capital.

Economic activity in Italy remained weak in the fourth quarter of 2024, while GDP growth expectations stand at +1% per year over the 2025-2027 period. Nevertheless, these forecasts could be revised downward in view of the growing international climate of uncertainty and instability, both geopolitical and macroeconomic.

The present Corporate Credit Rating is published by modefinance in accordance with EU Regulation No. 1060/2009 and subsequent amendments. 

The present rating is solicited and is based on both private and public information. The rated entity and/or related third parties have provided all private information used. modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available at http://cra.modefinance.com/en

The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on modefinance Rating Scale and Mappings, is available at http://cra.modefinance.com/en/methodologies.

For information on historical default rates of modefinance Corporate Credit Ratings please refer to ESMA Central Repository and ESMA European Rating Platform.

modefinance refers to default as a company under bankruptcy, or under liquidation status, or under administration or for which missed payments on a financial obligation are officially recorded.

The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory.

Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.

In accordance with the Credit Rating Agencies Regulation, this rating has been transmitted to the company evaluated before its publication, so as to allow it to identify any material errors contained in the report. 

No amendments were applied after the notification process.

The rated company purchased ancillary services from modefinance (preliminary rating). Modefinance guarantees that this purchase of ancillary activities does not constitute any conflict of interest.

The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.

The present Credit Rating is an opinion of the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.

Head Analyst - Elisa Graffi, Rating Analyst
elisa.graffi@modefinance.com

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager
pinar.dilek@modefinance.com