Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — FY2023 Earnings Presentation
48 slides from Moltiply's earnings presentation, Mar 15, 2024
Slide 1: Full Year 2023 Results
Full Year 2023 Results March 15th, 2024
Slide 2: Disclaimer
Disclaimer Certain statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. The user of such information should recognize t
Slide 3: Presenting Today
Presenting Today Marco Pescarmona Alessandro Fracassi Francesco Masciandaro Group Chairman and Head of Broking Division Group CEO and Head of BPO Division Group CFO • Founder and key shareholder (16.81% • Founder and key shareholder (16.81% • Background in auditing (Arthur indirectly through Alma Ve
Slide 4: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 4
Slide 5: Business portfolio
Business portfolio Online comparison and intermediation Provision of complex Business Process Broking BPO services operating with a portfolio of Outsourcing services for specific verticals Italian and international brands Division Division within the Italian financial services industry Credit Mortga
Slide 6: Broking Division – Italian Brands
Broking Division – Italian Brands Brand Description Market Position Operations Revenue Model Multi-product aggregator Strong number two Focus on marketing activities, Commission on new policy sales for insurance, personal player in insurance mostly TV and Internet. Relies plus (lower) renewal fees f
Slide 7: Broking Division – International Brands
Broking Division – International Brands Brand Description Market Position Operations Revenue Model Multi-product aggregator, # 1 aggregator brand in Operates as regulated Commissions on new with focus on online Spain with strong brand insurance and mortgage broker intermediated policies. Free for in
Slide 8: BPO Division – Main services
BPO Division – Main services Product Life Cycle DISTRIBUTION UNDERWRITING/CLOSING SERVICING • Commercial activities for online • Income Analysis Mortgage lenders (in lenders’ name) • Technical-Legal Analysis BPO • Centralized packaging • Anti-fraud checks • CRM activities for origination • Notary co
Slide 9: Group structure
Group structure Headcount* 3,243 FTE Group structure as of December 31st, 2023 * 2023 average 9
Slide 10: Broking Division structure
Broking Division structure Group structure* as of December 31st, 2023 * In the diagrams, all participations are 100% owned, except those for which a different percentage is indicated. 10
Slide 11: BPO Division structure
BPO Division structure Group structure* as of December 31st, 2023 * In the diagrams, all participations are 100% owned, except those for which a different percentage is indicated. 11
Slide 12: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 12
Slide 13: Transparency and governance standards
Transparency and governance standards Gruppo MutuiOnline is listed since IPO (June 6, 2007) in the STAR Segment of Borsa Italiana’s equity market dedicated to high quality mid-size companies, which voluntarily adhere and comply with a number of strict requirements in line with best international pra
Slide 14: Shareholding Structure
Shareholding Structure Shareholding structure as of March 14th, 2024* Treasury shares 6.47% Alma Ventures** 33.62% Free Float 33.66% 4.01% 22.24% Investmentaktiengesellschaft für Stan Holding S.r.l. langfristige Investoren TGV * Share ownership as registered in last Shareholders’ meetings and as com
Slide 15: Share Performance since IPO
Share Performance since IPO 3,000 85.0 80.0 KEY STOCK DATA as of Mar. 14th, 2024 2,750 75.0 2,500 Number of Shares 40,000,000 70.0 Treasury Shares 2,588,021 65.0 2,250 Outstanding Shares 37,411,979 60.0 Price per Share € 33.00 2,000 Market Capitalisation € 1,235 M 55.0 1,750 50.0 Since November 2018
Slide 16: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 16
Slide 17: Full Year Highlights
Full Year Highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 404.2 PPA Amortization 400 Y-o-Y 120 11.1 30.7 +30.1% 310.8 300 47% 42% 80 66.5 Y-o-Y 63.1 -5.2% 200 40 59% 64% 100 58% 53% 41% 36% 0 0 2022 2023 2022 2023 EBIT margin 21.4% 15.6% EBITDA Net Income (€m) (€m) 120 Y-o-Y 108.2 1
Slide 18: Q4 highlights
Q4 highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 150 40 112.5 Y-o-Y 30 100 84.4 +33.3% 46% 20 15.4 Y-o-Y 40% -22.0% 12.0 50 10 57% 45% 60% 54% 43% 55% 0 0 Q4 2022 Q4 2023 Q4 2022 Q4 2023 EBIT margin 18.2% 10.7% EBITDA Net Income (€m) (€m) 40 40 30.7 30 Y-o-Y 30 22.7 +35.6% 20 58%
Slide 19: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • The contraction of the residential mortgage market continued in Q4 2023 and in January 2024, as a result of the increase in market interest rates in the previous months. • Data from Assofin, an association representing the main banks active in t
Slide 20: Broking Division – Key Financials
Broking Division – Key Financials EBITDA Revenues (€m) (€m) 80 Y-o-Y 60.7 250 60 46.8 +29.6% 40 200 188.1 20 Y-o-Y +43.6% 0 150 2022 2023 131.0 EBITDA margin 35.7% 32.3% 100 EBIT (€m) 50 80 60 0 39.3 Y-o-Y 40.7 2022 2023 40 +3.5% 20 0 2022 2023 EBIT margin 30.0% 21.6% 20
Slide 21: Broking Division – Q4 Key Financials
Broking Division – Q4 Key Financials EBITDA Revenues (€m) (€m) 30 70 17.8 20 Y-o-Y 10.9 +63.6% 60 10 51.8 50 Y-o-Y 0 +52.4% Q4 2022 Q4 2023 40 34.0 EBITDA margin 32.0% 34.3% 30 EBIT 20 (€m) 30 10 0 20 Q4 2022 Q4 2023 8.8 Y-o-Y 10 -38.7% 5.4 0 Q4 2022 Q4 2023 EBIT margin 26.0% 10.5% 21
Slide 22: Broking Division – Performance and outlook (1/3)
Broking Division – Performance and outlook (1/3) • The performance of the Broking Division in 2023 has been positive, thanks to the enlargement of the consolidation area with the International Markets and the growth of Insurance Broking and Telco & Energy Comparison. • Expectations for 2024 for the
Slide 23: Broking Division – Performance and outlook (2/3)
Broking Division – Performance and outlook (2/3) Insurance Broking Revenues • Insurance Broking recorded good growth during 2023, supported by (€m) 70 rising insurance premiums. 60 • Growth is likely to continue in 2024. 50 40 Y-o-Y 33.9 28.4 +19.5% 30 20 10 0 2022 2023 Telco & Energy Comparison Rev
Slide 24: Broking Division – Performance and outlook (3/3)
Broking Division – Performance and outlook (3/3) E-Commerce Price Comparison Revenues • E-Commerce Price Comparison saw a deterioration in the last part of (€m) 70 2023, attributable to both weak consumption and a general 60 deterioration at the European level in the visibility of comparison 50 shop
Slide 25: BPO Division – Key Financials
BPO Division – Key Financials EBITDA Revenues (€m) (€m) 80 250 60 47.5 Y-o-Y 41.8 +13.8% 216.1 40 Y-o-Y 200 +20.2% 179.7 20 0 150 2022 2023 EBITDA margin 23.2% 22.0% 100 EBIT (€m) 50 80 60 0 2022 2023 40 27.3 Y-o-Y -17.7% 22.4 20 0 2022 2023 EBIT margin 15.2% 10.4% 25
Slide 26: BPO Division – Q4 Key Financials
BPO Division – Q4 Key Financials EBITDA Revenues (€m) (€m) 30 70 20 60.7 11.8 Y-o-Y 13.0 60 Y-o-Y +9.8% +20.4% 10 50.4 50 0 Q4 2022 Q4 2023 40 EBITDA margin 23.4% 21.4% 30 EBIT 20 (€m) 30 10 0 20 Q4 2022 Q4 2023 10 6.5 Y-o-Y 6.6 +0.5% 0 Q4 2022 Q4 2023 EBIT margin 13.0% 10.8% 26
Slide 27: BPO Division – Performance and outlook (1/4)
BPO Division – Performance and outlook (1/4) • The performance of the BPO Division in 2023 has been substantially in line with the forecasts communicated during the year with revenues and EBITDA growing double-digit compared to 2022. This increase is largely attributable to the positive effect of ac
Slide 28: BPO Division – Performance and outlook (2/4)
BPO Division – Performance and outlook (2/4) Real Estate Services BPO Revenues • In spite of forecasts, services related to Ecobonus incentives have (€m) contributed significantly for the whole 2023, with a run-off phase 70 beginning only in the last few months. 60 50 • Remaining activities are expe
Slide 29: BPO Division – Performance and outlook (3/4)
BPO Division – Performance and outlook (3/4) Insurance BPO Revenues • 2023 was distinguished by substantial growth in the insurance segment, (€m) both through enlarged scope of business and organic growth 70 stimulated by demand for appraisal services in response to weather- 60 related damages. 50 4
Slide 30: BPO Division – Performance and outlook (4/4)
BPO Division – Performance and outlook (4/4) Leasing & Rental BPO/IT Revenues • The performance of Leasing & Rental BPO/IT in 2023 was remarkable, (€m) with strong revenue growth partially due to the consolidation of the IT 70 61.7 business of Trebi Generalconsult S.r.l. acquired at the end of 2022.
Slide 31: Dividend Payout
Dividend Payout Earnings per share, consolidated (€) 4.00 3.42 3.00 2.23 2.00 1.07 1.14** 1.24 0.89 0.93 1.00 0.59 0.58 0.69 0.56 0.71 0.41 0.25 0.38 0.38 0.24 1.19* 0.09 0.09 0.43 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Earnings per share Dividends
Slide 32: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 32
Slide 33: Net Financial Position
Net Financial Position As of December 31, September 30, June 30, March 31, December 31, (€000) 2023 2023 2023 2023 2022 A. Cash and current bank accounts 150,097 136,750 132,090 139,881 269,647 B. Cash equivalents - - - - - C. Other current financial assets 1,761 2,504 2,118 8,845 7,430 D. Liquidity
Slide 34: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 34
Slide 35: Major milestones
Major milestones Revenues (€m) 404.2 313.5 310.8 Collapse of 259.4 Italian mortgage 219.9 market 185.1 138.1 152.8 120.7 71.8 68.3 37.7 46.4 47.9 53.4 38.5 51.0 0.1 1.0 2.7 4.5 7.8 13.2 21.8 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 36: Revenue trends by Division
Revenue trends by Division Group Revenues (€m) 450 404.2 400 350 313.5 310.8 47% 300 58% 259.4 250 43% 40% 42% 219.9 200 61% 185.1 43% 39%45% 152.8 150 138.1 43% 120.7 44% 44% 53% 100 47% 71.8 68.3 57% 58% 53.4 51.0 57% 47.9 61% 50 37.7 46.4 58% 38.5 37% 57% 21.8 66% 61% 40% 56% 56% 60% 60% 45% 53%
Slide 37: Revenue Breakdown by Business Line – Broking Division
Revenue Breakdown by Business Line 240 Broking Division Revenues (€m) 200 188.1 160 28%, Other Revenues 134.2 131.0 International Markets 7% 120 8% 9% Telco & Energy Comparison* 111.1 61% 3% E-Commerce Price Comparison 25% 45% 29% Insurance Broking 86.8 19% 31% Credit Broking 79.1 2% 80 67.2 27% 18%
Slide 38: Revenue Breakdown by Business Line – BPO Division
Revenue Breakdown by Business Line 240 BPO Division Revenues (€m) 216.1 200 Other revenues 179.2 179.7 Leasing & Rental BPO/IT 29% Investment Services BPO 160 20% Insurance BPO 148.3 22% 5% Loans BPO 133.1 6% 22% Real Estate Services BPO* 6% 120 21% Mortgage BPO 106.0 24% 6% 17% 61% 19% 45% 5% 85.6
Slide 39: EBITDA by Division
EBITDA by Division EBITDA EBITDA margin (€m) (%) 150 50% 40.5% 120 40% 37.8% 108.2 35.0% 35.7% 32.3% 92.6 88.6 29.1% 30% 90 76.6 29.5% 29.5% 28.5% 56% 26.8% 64.0 25.3% 55% 53% 20% 23.3% 23.2% 60 21.3% 22.0% 59% 47% 10% 30 45% 47% 44% 53% 41% 0% 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 BPO
Slide 40: Operating Income by Division
Operating Income by Division EBIT (€m) 69.0 66.5 63.1 63.1 60 50.8 46.1 39.7 65% 59% 40 35.2 66% 64% 30.9 32.0 52% 51% 46% 21.9 21.5 22.0 47% 20 17.6 57% 77% 14.5 8.5 78% 93% 84% 36% 48% 35% 41% 77% 3.6 5.6 53% 54% 49% 34% 36% 67% 64% 43% 33% 23% 22% 7% 16% 23% 0 2006 2007 2008 2009 2010 2011 2012 2
Slide 41: Net Income
Net Income Net income (€m) 150 130.7 Tax benefit 120 from the revaluations 90 85.1 60 47.5**47.5 40.6 35.4 34.4 30 20.9 23.5 24.8 27.5 29.7 5.2 9.7 14.8 14.4 15.3 3.6 3.8 9.9 45.6* 17.8 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Net income margin (%)
Slide 42: Appendix
beh Appendix
Slide 43: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Rev enues 112,484 94,607 103,185 93,911 84,397 Other income 2,662 1,953 2,188 2,918 4,280 Capitalization of internal costs 3,804 3,003 3,639 2,240 3,605 Serv ices costs (47,735) (41,436) (41,755) (40,692) (35,305) Personnel costs
Slide 44: Q4 Profit & Loss
Q4 Profit & Loss (€000) Q4 2023 Q4 2022 % Var. Rev enues 112,484 84,397 33.3% Other income 2,662 4,280 -37.8% Capitalization of internal costs 3,804 3,605 5.5% Serv ices costs (47,735) (35,305) 35.2% Personnel costs (37,307) (30,835) 21.0% Other operating costs (3,176) (3,475) -8.6% Depreciation and
Slide 45: Full Year Profit & Loss
Full Year Profit & Loss (€000) FY 2023 FY 2022 % Var. Rev enues 404,187 310,770 30.1% Other income 9,721 9,648 0.8% Capitalization of internal costs 12,686 7,514 68.8% Serv ices costs (171,618) (128,013) 34.1% Personnel costs (133,996) (99,670) 34.4% Other operating costs (12,776) (11,681) 9.4% Depr
Slide 46: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of December 31, December 31, (€000) Change % 2023 2022 ASSETS I ntangible assets 446,292 299,516 146,776 49.0% Property, plant and equipment 31,253 26,763 4,490 16.8% Participations measured w ith equity method 1,776 942 834 88.5% Financial assets at fair v alue 150,107
Slide 47: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of December 31, December 31, (€000) Change % 2023 2022 LIABILITIES AND SHAREHOLDERS' EQUITY Total group shareholders' equity 327,528 270,325 57,203 21.2% Minority interests 2,603 1,999 604 30.2% Total shareholders' equity 330,131 272,324 57,807 21.2% Long-term debts
Slide 48: Declaration of the manager responsible for preparing the Company’s financial reports
Declaration of the manager responsible for preparing the Company’s financial reports Declaration Pursuant to Art. 154/bis, Paragraph 2 – Part IV, Title III, Chapter II, Section V-bis, of Italian Legislative Decree No. 58 of 24 February 1998: “Consolidation Act on Financial Brokerage Pursuant to Arti