INSEM S.P.A. Corporate Credit Rating (First Issuance)

Press release 9 March 2022

Corporate Credit Rating for INSEM S.P.A.: B2+ (First Issuance)

modefinance published the Solicited Corporate Credit Rating of INSEM S.P.A. on the website and the rating assigned to the entity is B2+ (First Issuance). The analysis revealed it is an adequate company with average capability of repaying financial obligations and it is moderately affected by adverse economic scenarios.

INSEM S.P.A. is a company active in the industry of digital marketing, providing its customers with web services and the planning and implementation of specialized web advertising campaigns, with particular reference to the social media industry. It also develops solutions dedicated to positioning on search engines, statistics, web marketing services and implements e-commerce platforms.

Key Rating Assumption

INSEM S.P.A. (hereinafter also referred to as “the Company)” presents a “sufficient” economic and financial situation, characterized by a good level of capitalization but also an increasing use of third party equity. The management of the balance between short-term assets and liabilities seems adequate, although the lengthening of collection times has negative repercussions on the quality of the monetary cycle.

Profitability, despite a slight reduction over the year, remains at an adequate level. The cash flows analysis shows how the operational activity, due to a significant absorption of resources by working capital, is not yet able to finance investments, which are instead sustained thanks to a substantial increase in financing activity.

The analysis of the Central Credit Register of the Bank of Italy highlights how the Company, during the last period under consideration, managed to eliminate situations related to serious overdrafts and financial tension along self-liquidating lines.

In terms of governance, the Company has a collegial administrative body flanked by a control body, which is also collegial. The corporate structure is easily identifiable, with the control being today easily attributable to the Auxilia S.r.l. and Elteide S.p.A..

The Company is one of the largest within the sample in terms of turnover, while as regards solvency it obtains an adequate positioning. Profitability is positioned slightly above the sector median. Analyzing the performance of the peer group, it shows an adequate state of health with reference to both solvency and profitability, while liquidity management appears sufficient.

The Company operates in the Italian digital market, and more specifically in the digital advertising sector, which in 2021 showed encouraging signs of growth and is expected to perform very well also in the next three years. The macroeconomic picture for Italy shows how the recovery in 2021 has, on the whole, been in line with forecasts, with sustained economic growth that is expected to continue in the coming years. The new variant of coronavirus currently circulating undermines forecasts for economic growth, which together with political stability and correct use of EU funds represent the main levers for 2022.

Sensitivity Analysis

In the following table, the addressing factors, actions or events that could lead to an upgrade or a downgrade are summarized: 


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

The present rating is solicited, and 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 here.

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 here. 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 entity is not a buyer of ancillary services provided by modefinance.

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 – Stefano Chirsich (Rating Analyst)
+39 040 3756740

Assistant Analyst – Eva Vocci (Rating Analyst)
+39 040 3756740

Responsible for Rating Approval – Pinar Dilek
+39 040 3756740