M&A
confidence high
sentiment neutral
materiality 0.60
Melar/Everli investor deck: $313M pro forma equity, $243.8M EV; FY25 gross profit only ~7% margin
Melar Acquisition Corp. I/Cayman
- Everli FY2025: GTV $77.9M, net revenues $16.7M, gross profit $1.1M (~7% margin) on 769k orders; 104,543 active customers.
- Pro forma equity value $313.0M ($10.00/share on 31.3M shares); enterprise value $243.8M after $69.2M net cash.
- $30M PIPE is not yet committed (illustrative $10.00 price); $10M bridge converts to 750k shares at close.
- Italy online grocery at only 2.5% penetration (2024), projected €12.1B by 2030; Everli claims 95 retail partners, ~21% take rate.
- Everli cites only union agreement in Italian gig delivery (Nidil CGIL 2024); Glovo/Foodinho and Deliveroo Italy under judicial administration since 2026.