El.en. S.p.a. · MIL:ELN
El.en — Intermonte (December 2018)
24 slides from El.en's conference presentation, December 2018
Slide 1: Company Presentation
COMPANY PRESENTATION Intermonte – December 2018
Slide 2: Disclaimer
DISCLAIMER Certain statements in this slide show, 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 economic
Slide 3: Agenda
AGENDA 1 El.En. 2 Our Markets 3 Growth drivers 4 Financial Highlights 5 Multiples & Comparables 3
Slide 4: El.En.
El.En. 4
Slide 5: El.En.: A Primary Player Providing Medical, Industrial, and Conservation Laser Solutions
El.En. A Primary Player Providing Medical, Industrial, and Conservation Laser Solutions Worldwide Hi-Tech company Hi-Tech industrial group active in opto-electronics with proprietary technologies and know how developed over 35 years International Group More than 20 companies active worldwide on seve
Slide 6: El.En. Worldwide
El.En. Worldwide Ethics & People human rights R&D Health & Environment Safety Brasil 22 China 568 1.406 Italy 622 employees Japan 47 SALES SUBSIDIARIES Europe 147 PRODUCTION SITES 6 HEADQUARTER
Slide 7: A Path of Growth
A PATH OF GROWTH Revenues EBIT Cagr: Cagr: +14% +29% 337 307 30 30 253 28 218 180 22 157 151 137 15 10 7 5 2011 2012 2013 2014 2015 2016 2017 2018e 2011 2012 2013 2014 2015 2016 2017 2018e in Euro million 7
Slide 8: Our Markets
MEDICAL INDUSTRIAL CONSERVATION
Slide 9: Medical & Aesth energy-based systems market
Medical & Aesth energy-based systems market US$ million 2014 2016 2021 CAGR CAGR 14-16 16-21 Global non-invasive and minimally invasive medical aesthetic treatment systems 6.932 8.437 13.992 10% 11% Energy-based treatment systems 2.033 2.670 4.380 15% 10% Body shaping & Skin tightening 724 996 1.965
Slide 10: Industrial laser market
Industrial laser market Lasers increasingly adopted in high quality manufacturing for uniqueness, flexibility, environment friendliness, productivity • Sheet metal cutting: technology breakthroughs lead to strong widening of demand • Laser marking for identification: traceability as a quality standa
Slide 11: Growth drivers
Growth drivers 11
Slide 12: Growth drivers
Growth drivers Expected growth in our main markets: Aesthetic , Surgery, Industrial Entering the body contouring and cellulite treatment market Novel dermatologic treatment device: 2019 Diabetic foot ulcers: seeking regulatory clearances worldwide New manufacturing applications for medium power CO2
Slide 13: New systems and devices
New systems and devices ONDA - Body contouring Motus AX expands to Motus AY BPH: Virtual basket and single use morcellator High Power sheet metal cutting systems - 20kW OEM systems for urology – 100 W Ho:YAG New accessories for CO2 surgery MIS - MLS High Peak Pulse for physiotherapy 13
Slide 14: New factories
New factories Jena Wenzhou (2nd) Vicenza 14
Slide 15: Financial Highlights
Financial Highlights 15
Slide 16: Income Statement 9M-2018
Income Statement 9M-2018 Euro '000 30/09/17 % 30/09/18 % Var.% unaudited unaudited Medical 124.007 56,8% 138.837 57,0% 12,0% Industrial 94.405 43,2% 104.600 43,0% 10,8% Total Revenues 218.412 100,0% 243.437 100,0% 11,5% Gross margin 90.899 41,6% 96.306 39,6% 5,9% EBITDA 26.548 12,2% 24.036 9,9% -9,5
Slide 17: Cash Flow 9M-2018
Cash Flow 9M-2018 110.000 New 100.000 buildings 90.000 €12,5 mln 80.000 70.000 60.000 50.000 40.000 Dividend paid €8,4 + - mln 17`
Slide 18: Revenue breakdown by area 9M-2018
Revenue breakdown by area 9M-2018 +6% in Euro million +27% +10% +9% +5% +52% 18
Slide 19: Revenue breakdown 9M-2018
Revenue breakdown 9M-2018 +9% Medical +23% +8% +12% +12% Industrial +0% +0% +41% in Euro million 19
Slide 20: Guidance
Guidance 2018 vs 2017: Revenue: >+10% EBIT 18 > EBIT 17 20
Slide 21: Multiples & Comparables
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Slide 22: Multiples
Multiples Stockholder's Equity per share 9,9 Price / Book Value Adj. 1,5 EV /EBIT (80% EBIT) 10,0 EV / Sales (80% Sales) 0,8 El.En. Market Cap. 279,8 @ € 14,50 Net financial position 54,8 @ 30/09/18 Financial investments m/l term 12,2 @ 30/09/18 Enterprise Value 212,8 22
Slide 23: Comparables
Comparables Amounts in mln Sept. 30th, 2018 Price Revenue Var.% EBIT EBIT % MK.Cap. EV EV/Sales EV/EBIT P/Book Rev. (*) (*) Value Medical/Aesthetic Cutera $20,77 $117 13% $(8) -7% $289 $262 1,7 n.a. 4,1 Sisram Medical (2) $0,62 $78 18% $14 18% $277 $183 1,2 6,5 0,9 Lutronic € 7,22 € 49 -3% -€ 8 -16%
Slide 24: Contacts
Contacts El.En. SPA Enrico ROMAGNOLI Investor Relations Manager tel. +39 055-8826807 E-mail: finance@elen.it POLYTEMS HIR Financial Communication, IR and Press Office Bianca FERSINI MASTELLONI - b.fersini@polytemshir.it Silvia MARONGIU - s.marongiu@polytemshir.it Tel. +39 06-69923324