Autumn Investor Conference

On September 14, 2023, the Autumn Investor Conference was held at the Milan headquarters of Banca Profilo. It was a pleasant late afternoon of meetings between investors and companies. More than 30 investors were in attendance, and there were over 40 meetings.

10 companies selected for the EGM were: Cofle Group; COMAL SpA; Energy S.p.A.; Franchetti Spa; Health Italia; HOMIZY; Riba Mundo Tecnología SA; Sciuker Frames; SVAS Biosana S.p.A.; TMP Group SpA.

Riba Mundo Tecnología: Initial Coverage

Riba Mundo is a Tech Company established in 2018 operating as a B2B trader of Consumer Electronics. The Company launched its proprietary Big Data software, MarVin, to radically change Business-to-Business (B2B) distribution, mainly in Consumer Electronics. The Company’s aim is to progressively expand its products range, leveraging on MarVin capacity to Big Data analysis and spotting the most prospectively requested SKUs.

Following the IPO on 28th July 2023, Banca Profilo Research starts Initial coverage of Riba Mundo Tecnología with BUY and a TP €35.8.

Find out why in the analysis by Francesca Romana Sabatini, Head of Equity Research and Eleonora Chetrì, Equity Research Analyst.

Download the research here.

Health Italia: Initial Coverage

The Italian group operates in the health and wellness market through the promotion of supplementary healthcare solutions in the retail and corporate sectors and manages welfare plans and services for companies and entities. The Group is also active in the provision of healthcare services at its own facilities, including through the most modern telemedicine systems.

Banca Profilo Research starts Initial coverage of Health Italia with BUY and a TP of €4.5.

Find out why in the analysis by Francesca Romana Sabatini, Head of Equity Research.

Download the research here

EGM Analysis

The key points of the EGM Analysis update are:

  • In 2Q23 there have been 4 new listings totalling 11 in 1H23 (vs 26 in FY22)
  • The average market capitalization is now close to €50mln
  • 38 M&A deals have been filed in 1H23 (vs 65 in FY22)
  • Our coverage shows an average revenue of €84mln (vs EGM at €52mln) with 22% EBITDA margin (vs EGM at 15%)
  • Over the past 12 months, Consumer Discretionary confirmed as the “cheapest” sector with an average EV/EBITDA 2022 at 5.4x, while Consumer Staples remained the most “expensive” sector in the EGM with an average EV/EBITDA 2022 of 10.9x.
  • Over the past 12 months, there has been a general multiples re-rating with Utilities showing the largest increase of EV/EBITDA (from 6.8x in 2H22 to 8.4x in 1H23) followed by Basic Materials (from 4.8x in 2H22 to 6.0x respectively).

For more details, download the Analysis.

Markets: “Yield is Back”, but with selectivity

The markets seem to be experiencing a re-adaptation of Samuel Beckett’s famous play that we could call “Waiting for Pivot“: they are moving on expectations of an imminent easing of monetary conditions in the wake of signs of a slowdown in US inflation and fears of recession. In general, we are leaving behind a year of pitfalls and unpredictable implications, but also of rediscovered opportunities in terms of asset allocation, with quality bonds once again becoming a profitable component of the portfolio.

So what will happen to the markets? Lorenzo Fuscà Head of Wealth Management and Emanuele Fino Head of Investment Advisory at Banca Profilo explain it in the video.

Banca Profilo’s Internet Banking is renewed

The user experience becomes simpler and more customizable thanks to additional features and an updated, interactive and intuitive interface. The new Internet Banking will be online from 13 December 2022 and you will have the option to switch back to the old view until 13 January 2023. Lots of features and a new design: dashboard, quick actions, team management and lots of other new features such as the ability to customize the Homepage with the content and order you prefer.

MGM buys the Rekord Group

Banca Profilo assisted MGM in the acquisition of the Rekord S.r.l. Group, a leading European manufacturer of high-end technical, sports and outdoor shoes.

The acquisition was carried out through a capital increase carried out by the Foglio/Congiu family jointly with Clessidra Capital Credit, SIP, Smart Capital and Brixia Finanziaria and the issue of a bond loan subscribed by Clessidra Capital Credit, Banca Ifis, Anthilia Capital Partners and the regional finance company Veneto Sviluppo. The new MGM-Rekord Group aims to become the main European production hub in the outdoor technical footwear segment.

Banca Profilo acted as Financial Advisor with a team made up of: Baga Marco, Head of Investment Banking, Alessio Muretti, Deputy Head of Investment Banking, Attilio Domenico Modaffari, Associate and Filippo Serafini, Analyst.

Read more in the press release!