Corporate Credit Rating 2025 for DO IT NOW SPA: B1 (Upgrade)

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 (Upgrade). The analysis shows that the rating of the Company is investment grade, which shows an adequate situation, appearing to be able to cope with adverse economic conditions in the medium and long term.

DO IT NOW is a digital technology hub operating through 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 revenue contributor. Blasting News is a generative AI-based publishing platform with millions of monthly readers. Massima Energia, founded in 2021, is a next-generation utility company aiming to develop Italy's first digital “triple offer” (light/gas, mobile, and fiber) based on patent-pending proprietary technology.

DO IT NOW Group, overall, demonstrates an adequate economic and financial standing, primarily characterized by a balanced capital structure (leverage of 1.22x) and a level of net financial debt of €6.67 million (vs. €2.47 million the prior year), which, although increasing, remains sustainable, as shown by the PFN/EBITDA ratio of 0.78x and the PFN/Equity ratio of 0.30x. The management of current assets and liabilities is also sound, as reflected in a current ratio well above one (2.14x), as well as in balanced cash flow dynamics. Indeed, the Group generated positive operating cash flow (+€7.71 million), thanks to substantial self-financing only partly offset by the negative change in net working capital. In FY 2024, the Company continued to implement significant growth investments (around €10 million), while on the financing side, cash inflows from the banking channel were partly offset by repayments and dividend payments.

In terms of profitability, the Group sustained strong revenue growth, reaching €54.62 million (+15% year-on-year) and a solid gross operating margin over revenues (16%). In 2024, following the elimination of amortization charges from the revaluation of certain Supermoney assets, which had significantly weighed on 2023 results, the Group returned to positive results both at the operating profit level (€2.63 million) and at the bottom line (€2.87 million).

The Company has adequate governance and control structure, consisting of a two-member administrative body, chaired by Mr. Andrea Manfredi, the sole shareholder of the company through his Srl. The Company has duly appointed a Board of Statutory Auditors and has entrusted the auditing of its financial statements to a specialized company. Within the Group, DO IT NOW effectively acts as the holding company, controlling the majority of the capital of Supermoney S.p.A., Massima Energia S.p.A., and Blasting SA.

Compared to its reference peer group, DO IT NOW shows a strong dimensional positioning, ranking among the largest Italian companies in its sector by revenue. It also demonstrates solid solvency and profitability, both above the 50th percentile of the sample distribution.

Overall, sector peers group appear to be adequately capitalized and to maintain a low level of financial leverage. The management of the relationship between current assets and current liabilities also appears sound. The area of greatest weakness, however, lies in profitability, where sector companies show weak returns on both invested and risk capital.

In the first quarter of 2025, the Italian economy recorded moderate growth, mainly driven by household consumption, supported by stable employment and rising real incomes. Services were the main engine of growth, while manufacturing showed signs of recovery that could, however, be curbed in the coming months by higher tariffs and geopolitical uncertainties. The construction sector also made a positive contribution thanks to projects linked to the NRRP, which offset the weakness in the residential segment. Private investment, on the other hand, remained subdued, held back by low capacity utilization and still restrictive financial conditions. According to the latest projections from the Bank of Italy, GDP is expected to grow by 0.6% in 2025, 0.8% in 2026, and 0.7% in 2027, mainly supported by domestic demand and the implementation of public investment under the PNRR. 

The present Corporate Credit rating is issued by modefinance under EU Regulation 1060/2009 and following 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.

The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation.

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