Soges Group is a rapidly expanding company specialized in the high-end hotel facilities management. Its portfolio currently includes 8 properties (with one additional property announced), all located in Tuscany and operated under the "Place of Charme" brand. 2024E-2028E Estimates Confirmed: VoP growing at 14.8%; EBITDA margin converging to 13.0%; FCF progressively increasing and leading to €2.0mn Net Cash. Soges Fair Equity Value at €4.05 p.s.