🔎 Detailed Analysis - "Ligastech" Project (Maclear)

📄 Quick sheet

• Platform : Maclear
• Project name : Ligastech
• Borrower : Ligastech Sp. z o.o.
• Country / sector : Poland / IT infrastructure services (Data centers)
• Objective : Acquisition of 300 new servers and components to double the hosting capacity (increasing from 14 to 30 racks)
• Amount of the envelope : €600,000
• Yield rate : 14.50% APR
• Duration : 13 months
• Repayment : Principal repaid at maturity, interest paid monthly
• Collateral : Existing IT infrastructure and new servers purchased with the loan
  
• Announced collateral value : 700,643 EUR
• Buyback / buyback guarantee : No
• Minimum ticket : 50 EUR

📊 Financial performances

• Aggressive Growth : Revenue is expected to grow by +85% between 2024 (€712,575) and 2025 (projected at €1,321,764)
  
• Strong Improvement in Profitability : Net profit is expected to more than triple (+309%) in 2025, reaching 168,310 EUR
  
• Margin : The gross margin is stable and high (around 68%), thanks to the transfer of variable costs (energy, bandwidth) to the customers
  
• Future Projections : Revenue is projected to be 2.59 million EUR (conservative scenario) in 2026
  
• Debt : The Debt/Equity ratio is 1.58, which is moderate for a company in the investment phase

🔒 Guarantees & Security : Collateral on IT Assets

• Total Collateral : The total liquidation value of the pledged assets (existing and new) is estimated at 700,643 EUR
  
• Conservative LTV : The LTV of 86% is based on this liquidation value. This means that the collateral covers the principal of the loan by 117% (700,643 EUR / 600,000 EUR)
  
• Collateral Composition : The collateral consists of tangible IT assets. The valuation is conservative, applying a discount of 60% to 70% on the purchase or accounting value to obtain the liquidation value

🎯 Opportunities (investment thesis)

• Promising Sector: The Polish data center market is experiencing strong growth (projected CAGR of 14-15%)
  
• Attractive Yield: The rate of 14.5% APR is very good for a secured loan with an LTV of 86% in Europe
  
• Margin Strategy: The business model allows for the passing on of variable costs (energy) to customers, ensuring a stable and high gross margin (68%)
  
• Liquidity: The presence of a secondary market on Maclear allows for early exit, although transaction fees may impact the net return in the event of resale

⚠️ Risk Analysis (home score)

This project has specific features that are crucial to note:

Growth Execution Risk — Moderate

• The company must successfully install the 300 servers and reach its target utilization rate (70%). This risk is mitigated by the fact that the current capacity is already close to saturation (>85%).

Market Risk of Assets (Collateral) — Moderate

• Computer equipment depreciates quickly. However, the LTV of 86% is already calculated on the discounted liquidation value, which makes the guarantee robust.​

Data Center Dependency Risk — Moderate

• The company depends on the rates and policies of the third-party data center, particularly for energy. This risk is well managed through the contractual billing of these costs to the clients.

🧪 Sensitivities & scenarios

• Base scenario : The expansion is completed. Revenues double due to the new capacity and improved margins. The bullet repayment is covered by the accumulated profits.
• Underperformance Scenario : In the event of not reaching the target utilization (70%), debt service is protected by strong growth in core revenues and the margin cushion
• Default Scenario : The LTV of 86% (coverage of 117%) on the IT collateral should allow creditors to recover the principal of the loan after liquidation

✅ Investor Check-list (Due Diligence) ​

• Check the acquisition schedule : The disbursement of the loan is planned in two installments of 300,000 EUR, aligned with the orders and delivery of the servers, which is an excellent management practice
  
• Assessing technological risk : The value of the collateral depends on the ongoing demand for IT equipment. The purchased assets (Dell, HP) are market standards
  
• Analyze the competition : Ligastech smartly positions itself between the giants (Equinix, Atman) and the small resellers, targeting SMEs and mid-sized companies

🧾 Verdict IndexP2P

The Ligastech project is a solid investment opportunity that combines a very attractive return of 14.5% with robust security based on a conservative LTV of 86%. The company is experiencing rapid growth (+85% projected revenue), supported by proven demand (saturation close to 85%) and a promising market (Poland/Data Centers).

Verdict : A high-quality investment, recommended for its excellent growth potential, smart margin strategy (recharging variable costs), and security through well-valued tangible assets.