Type of ratings: Corporate

Rating value: BB+

Outlook: Stable

License: EthiFinance Ratings


Izertis, S.A., founded in 1996, and its subsidiaries (hereinafter Izertis,'the company' or 'the group') operates in the technology consulting sector with the aim of facilitating the digital transformation of companies. The group has offices in nine countries, with projects in more than 50. For 2022 the company reported revenues of € 88.4m (+36.0% YoY) with EBITDA of € 12.1m (EBITDA margin of 13.6%) and an adjusted NFD/EBITDA ratio of 3.2x. First-half 2023, revenues amounted to € 57.8m (+45.5% vs. 1H22) with EBITDA of € 9.0m (EBITDA margin of 15.6%) and an adjusted NFD/EBITDA ratio of 3.5x. The group has been listed on Spain's BME Growth since November 2019, with a market capitalization of € 208.8m as of 05/10/2023.


Rating action: Upgrade

Action date: 2023-10-18

Date last rating: 2023-10-18

Date first rating: 2020-12-30


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