Planetel S.p.a. · MIL:PLN
Planetel — IPO Roadshow (February 2021)
32 slides from Planetel's IPO roadshow presentation, Feb 10, 2021
Slide 1: Project Stargate Roadshow
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Slide 2: Disclaimer
DISCLAIMER Certain statements in this presentation, including those addressing the Company’s beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward-looking statements. Forward-looking statements involve known or unknown risks, including general econom
Slide 3: Today's Presenting Team
TODAY’s PRESENTING TEAM 56 1986 46 2010 Professional Experience Professional Experience o Entrepreneur since the age of o Chief Operations Officer for 22, when he founded SITIS different multinationals in the S.r.l., the first company of the TLC sector in the early 2000s current Planetel Group. (RSL
Slide 4: Introduction to Planetel
Introduction to Planetel 4
Slide 5: Who We Are
WHO WE ARE We are an independent and integrated broadband network services provider, offering voice, internet and data services for retail clients – as well as the development of IT solutions and integrated networks for medium and large companies. Planetel natively integrates connectivity with cloud
Slide 6: A Snapshot of Planetel Today
A SNAPSHOT OF PLANETEL TODAY Planetel at a glance Key stats of Planetel’s operating model Other relevant information € 20m 67.4% 16.8 €/meter 1985 2020B Total Revenues Average Capex requirement of Recurring revenues in 2019(2) Year of establishemnt ‘19-’20 yoy growth of 13% per each meter of fibre(3
Slide 7: What We Offer
WHAT WE OFFER Other Reselling 3.3% Office automation 5.8% Connectivity xDSL 7.3% 10.9% Radio 13.3% ASP-Cloud 13.5% € 17.8m € 9.0m 50.4% 19PF Total Revenues Connectivity FTTH 13.5% FTTCAB 62.3% 19.6% Connectivity Infrastructure In 2019, 50% of the Group’s revenues were generated by the Connectivity b
Slide 8: Our Competitive Edge
OUR COMPETITIVE EDGE Big players only provide the infrastructure, outsourcing other auxiliary services that cause the final client to have: Higher costs and delays Scarce accountability Scarce weight of single client A single integrated service solution provider thanks to a solid commercial structur
Slide 9: Corporate Structure
CORPORATE STRUCTURE SIGNIFICANT SHAREHOLDERS: 9 Private and Confidential
Slide 10: Key Investment Highlights
Key investment highlights 10
Slide 11: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS STRONG REVENUES VISIBILITY 1 OPEN FIBER DELAY SCALABLE FIBRE BOOSTS GROWTH 5 2 NETWORK PROFITABLE EFFICIENT CROSS-SELL 4 3 CAPITAL BETWEEN DEPLOYMENT BUSINESS LINES 11 Private and Confidential
Slide 12: A Clear Trajectory for Future Growth
1 A CLEAR TRAJECTORY FOR FUTURE GROWTH 18.7 9.6 3.7 3.8 5.6 779.6 1.7 1.7 1.9 1.7 1.7 1.9 1.9 2.0 2.1 2.2 2.5 2.6 2.7 3.3 3.4 643.3 460.6 Legend 362.3 Total revenues (€m) 23.4 53.7 17.8 Recurring revenues (%) (1) Fibre network (Km) 14.8 Clients (k) 13.5 12.2 12.1 12.1 12.5 11.7 11.9 11.1 10.3 10.4 9
Slide 13: Higher Capital Deployment to Trigger Efficiency
3 HIGHER CAPITAL DEPLOYMENT TO TRIGGER EFFICIENCY Planetel is benefitting from high economies of scale Capex requirement by province (€/meter) 2015-1H20 Capex per meter vs. Revenues per meter in laying fibre Legend Fibre network (Km) 8.4 8.3 Revenues (€/meter) - rebased Capex (€/meter) - rebased Rev
Slide 14: Well Integrated Business Lines Create Superior Value for Planetel
WELL INTEGRATED BUSINESS LINES CREATE SUPERIOR 4 VALUE FOR PLANETEL 21.5% 5.8% € 9.0m € 5.3m Original vs. new revenues (€’000) 0.1x 1,591 1.5x 118 1,922 0.8x 1,050 € 9.0m 242 308 11.7% Other Cross-sell to Fibre Cross-sell to Fibre Up-sell to services Fibre Other services Fibre Source: management. 14
Slide 15: Planetel's Superior Approach
Planetel’s superior approach 15
Slide 16: Indicative Timeline from Installation of Fibre to Break-even
INDICATIVE TIMELINE FROM INSTALLATION OF FIBRE TO BREAK-EVEN Pre-sales activities Capex Allocation End of Acquisition of Excavation Installation & permissions & diggings Configuration Request for Project Approval End of Marketing Reaching utilities by BoD fieldworks & Sales Break-even ( to ENEL ) 2-
Slide 17: Fibre Network Expansion Plan
FIBRE NETWORK EXPANSION PLAN Fibre network TODAY Legend Layed fibre To be layed before Fibre network TOMORROW 1Q2021 Backbone Expansion areas(1) Post IPO PLAN Source: management. 17 1) Projects have been already pre-approved by municipalities. Private and Confidential
Slide 18: Business Model Success: Dalmine Municipality
A CLEAR EXAMPLE OF PLANETEL BUSINESS MODEL’s SUCCESS: DALMINE MUNICIPALITY Bergamo province Potential Market November 2017 – Marketing plan and pre-sale activities(1) o Population: 23,338 The commercial and marketing plan provided for the distribution of o Number of Households: 9,724 advertising fly
Slide 19: FTTH Planetel Coverage vs Fibercop Future Coverage
A FTTH focus between Planetel coverage and Fibercop future coverage on the same area 19 Source: https://storage.googleapis.com/tim_media_prod/2021/01/Allegato_1-Piano_di_Copertura_Co_investimento.pdf Private and Confidential
Slide 20: Contribution by Business Line
CONTRIBUTION BY BUSINESS LINE 20.4% 49.9% 7 43.2% 35.3% Office autom. Other 0.3 0.3 2019 Management Gross Margin(2) Connectivity Infrastructure ASP-Cloud 3.9 1.2 1.2 Reselling 0.2 50.3% 19.0% Connectivity represents the ...and with ASP-Cloud, are the most biggest share ( 55%)... profitable business
Slide 21: Focus on Cloud Services
FOCUS ON CLOUD SERVICES Infrastructure 1,200Ghz 7.8TB Ram 1.4PtB 1,100Ghz 6.5TB Ram 1.4PtB 120Ghz 1.2TB Ram 300TB current utilization Total capacity & 100% 85.0% 31.0% 36.0% 38.0% 23.0% 38.0% 24.0% 10.0% 18.0% vCPU vRAM vDISC vCPU vRAM vDISC vCPU vRAM vDISC Brands 3.2% Housing 1.5% Virtual nets 1.4%
Slide 22: Financial
Financial 22
Slide 23: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS Total Revenues EBITDA Net Income EBITDA margin 17,761 INCOME STATEMENT (€’000) 19.2% 18.0% 9,982 14.7% 9,797 2,619 1,915 1,761 571 1,196 1,141 2018A 2019PF 1H20PF BALANCE SHEET (€’000) 4,522 6,669 6,814 8,283 11,894 12,636 NFP Net Capital Invested Source: 2018 financial stat
Slide 24: Net Working Capital
NET WORKING CAPITAL Net Working Capital (1,645) (1,653) (1,775) 807 920 175 5,890 5,926 Inventory 2,759 Trade receivables Trade payables Other assets Other liabilities (3,238) (4,158) (4,871) (753) (2,180) (589) (1,491) (1,988) (2,283) 2018A 2019PF 1H20PF Source: 2018 financial statement (consolidat
Slide 25: Planetel Group Companies: Key Financials
PLANETEL GROUP COMPANIES: KEY FINANCIALS Planetel SITIS 25.6% 4.1% 3.8% 19.6% 22.0% 4,687 4,431 2.7% 10,773 9,219 6,195 1,879 1,808 2,375 1,583 555 614 455 193 68 170 44 52 2 2018A 2019A 1H20A 2018A 2019A 1H20A Trifolio Servizi Internet Enjoip 11.4% 19.9% 22.7% 23.6% 4.1% 4.2% 13.2% 13.9% 14.3% 1,69
Slide 26: Future Strategy
Future strategy 26
Slide 27: Pipeline of Capex in Proprietary Fibre-Optic Network
PIPELINE OF CAPEX IN PROPRIETARY FIBRE-OPTIC NETWORK 3.8 11.0 Data in €m 0.8 0.5 0.3 2.8 2.2 3.6 1.4 1.1 0.2 Monza Brianza - 1.2 0.5 0.2 Lecco 0.6 25.6% 1.2 3.6 Verona Bergamo 12.8% 49.3% 0.9 Mantova 5.4 0.4 1.8% 0.3 Brescia 10.5% 2.0 2021 2022 2023 21-'23 Source: management. 27 Private and Confiden
Slide 28: Potential M&A Targets Active on Cloud Services & Connectivity
POTENTIAL M&A TARGETS ACTIVE ON CLOUD SERVICES & CONNECTIVITY Revenues: € 2 – 3m Revenues: € 1.0 – 1.2m Revenues: € 2 – 3m Revenues: € 5 – 8m EBITDA margin: 13 – 18% EBITDA margin: <10% EBITDA margin: 5 – 8% EBITDA margin: >14% Clients: 1.2 – 2.0k Clients: 10.0k Clients: 1.2 – 2.0k Clients: >5,000 P
Slide 29: Structure
Structure 29
Slide 30: Board of Directors and Statutory Board
BOARD OF DIRECTORS AND STATUTORY BOARD Planetel’s Board of Directors Planetel’s Statutory Board Bruno Pianetti Chairman Sergio Mazzoleni Chairman of statutory board Michele Iori Standing statutory auditor Paolo Saita Standing statutory auditor Massimo Accorsi Substitute statutory auditor Giancarla B
Slide 31: Contacts
CONTACTS MICHELE PAGANI INVESTOR RELATION email: ir@planetel.it MANAGER tel: +39 035.204094 ALANTRA CAPITAL MARKETS ALFIO ALESSI NOMAD & CORPORATE Via Borgonuovo, 16 email: alfio.alessi@alantra.com BROKER 20121 Milano tel: +39 334.3903007 Tel. +39 02.63671601 POLYTEMS HIR S.R.L. Bianca Fersini Maste
Slide 32: Thank you for your attention
Thank you for your attention Q&A Private and Confidential