Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q1 2022 Earnings Presentation
37 slides from Moltiply's earnings presentation, May 13, 2022
Slide 1: First Quarter 2022 Results
First Quarter 2022 Results May 13th, 2022
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 (16.05% • Founder and key shareholder • Background in auditing (Arthur indirectly through Alma Ventures S
Slide 4: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Historical Performance 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 leading brands in the Italian market Division Division within the Italian financial services industry Mortgage
Slide 6: Broking Division – Top brands
Broking Division – Top 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 from
Slide 7: 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 8: Group structure
Group structure Headcount* 2,329 FTE Group structure as of March 31st, 2022 * 2021 average 8
Slide 9: Broking Division structure
Broking Division structure Group structure as of March 31st, 2022 9
Slide 10: BPO Division structure
BPO Division structure Group structure as of March 31st, 2022 10
Slide 11: Major milestones
Major milestones START-UP GROWTH RESTRUCTURING NEW GROWTH Revenues (€m) 313.5 259.4 Collapse of 219.9 Italian mortgage 185.1 market 152.8 138.1 120.7 71.8 68.3 46.4 47.9 53.4 51.0 37.7 38.5 13.2 21.8 0.1 1.0 2.7 4.5 7.8 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Slide 12: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Historical Performance 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 mid-size companies with a capitalization less than Euro 1 billion, which voluntarily adhere and comply with a number of strict requirements i
Slide 14: Shareholding Structure
Shareholding Structure Shareholding structure as of May 6th, 2022* Treasury shares 5.24% Alma Ventures** 32.10% Free Float 40.85% 21.81% Investmentaktiengesellschaft für langfristige Investoren TGV * Share ownership as registered in last Shareholders’ meetings and as communicated to the company by r
Slide 15: Share Performance since IPO
Share Performance since IPO 3,000 85.0 80.0 KEY STOCK DATA as of May 11th, 2022 2,750 75.0 2,500 Number of Shares 40,000,000 70.0 Treasury Shares 2,095,849 65.0 2,250 Outstanding Shares 37,904,151 60.0 Price per Share € 29.28 2,000 Market Capitalisation € 1,110 M 55.0 1,750 50.0 Since November 2018,
Slide 16: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Historical Performance 4 16
Slide 17: Q1 highlights
Q1 highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 90 30 78.2 Y-o-Y 77.9 80 -0.5% 70 60 41% 44% 20 16.0 Y-o-Y 16.5 50 +3.1% 40 30 10 66% 64% 20 59% 56% 10 34% 36% 0 0 Q1 2021 Q1 2022 Q1 2021 Q1 2022 EBIT margin 20.5% 21.2% EBITDA Net Income (€m) (€m) 30 30 22.0 Y-o-Y -2.9% 21.4 20 2
Slide 18: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • In Q1 2022, in a Y-o-Y comparison, the mortgage market is contracting, as the result of growth in purchase mortgages and strong decline in remortgages. This performance is consistent with that of Q4 2021 and in line with expectations. • Data fro
Slide 19: Broking Division – Key Financials
Broking Division – Key Financials EBITDA Revenues (€m) (€m) 20 50 12.3 Y-o-Y 12.3 +0.6% 10 40 Y-o-Y 34.3 31.9 +7.6% 0 30 Q1 2021 Q1 2022 EBITDA margin 38.5% 36.0% 20 EBIT (€m) 10 20 0 10.6 Y-o-Y 10.5 10 -1.0% Q1 2021 Q1 2022 0 Q1 2021 Q1 2022 EBIT margin 33.4% 30.7% 19
Slide 20: Broking Division – Performance and outlook
Broking Division – Performance and outlook • In Q1 2022, the Y-o-Y evolution of the Broking Division’s results was substantially in line with expectations, with declining results for Mortgage Broking due to the normalization of remortgages and growing results for all other business lines. • Regardin
Slide 21: BPO Division – Key Financials
BPO Division – Key Financials EBITDA Revenues (€m) (€m) 20 50 46.4 Y-o-Y 9.7 Y-o-Y -6.0% 43.6 10 -7.3% 9.0 40 0 30 Q1 2021 Q1 2022 EBITDA margin 21.0% 20.7% 20 EBIT (€m) 10 20 0 Q1 2021 Q1 2022 10 5.4 Y-o-Y 6.0 +11.1% 0 Q1 2021 Q1 2022 EBIT margin 11.6% 13.7% 21
Slide 22: BPO Division – Performance and outlook
BPO Division – Performance and outlook • The BPO Division’s performance in Q1 2022 was in line with management’s expectations. • Revenues are down compared to 2021, due to the significant impact of the reduction in volumes of para-notary services related to mortgage refinancing, which was already pr
Slide 23: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Historical Performance 4 23
Slide 24: Revenue trends by Division
Revenue trends by Division Group Revenues (€m) Collapse of the Italian Mortgage Market 350 313.5 300 259.4 250 43% 58% 219.9 200 185.1 43% 40% 39% 152.8 150 61% 138.1 43% 45% 120.7 44% 100 44% 71.8 47% 57% 68.3 53.4 57% 46.4 47.9 51.0 61% 50 37.7 58% 38.5 37% 57% 66% 61% 40% 56% 56% 21.8 60% 45% 53%
Slide 25: Revenue Breakdown by Business Line
Revenue Breakdown by Business Line 180 Broking Division Revenues (€m) 150 134.2 1% 8% 120 Other Revenues 111.1 Telco & Energy Comparison* 4% 26% E-Commerce Price Comparison 86.8 Insurance Broking 90 31% 79.1 3% Consumer Loan Broking 61% 45% 3% 18% Mortgage Broking 67.2 27% 61.0 24% 3% 60 57.2 18% 3%
Slide 26: Revenue Breakdown by Business Line
Revenue Breakdown by Business Line BPO Division Revenues 179.2 180 1% (€m) 20% 148.3 150 Other revenues 133.1 6% BPO Leasing/Rental 22% Investment Services BPO 120 Insurance BPO 24% 17% 106.0 6% Loans BPO 5% Real Estate Services BPO* 21% 7% 90 85.6 4% Mortgage BPO 17% 14% 61% 77.1 10% 8% 45% 8% 17%
Slide 27: EBITDA by Division
EBITDA by Division EBITDA EBITDA margin (€m) (%) 150 50% 40.5% 120 40% 37.8% 35.0% 92.6 30% 90 29.1% 76.6 29.5% 29.5% 64.0 25.3% 55% 20% 23.3% 60 21.3% 59% 47% 10% 30 53% 45% 41% 0% 0 2019 2020 2021 2019 2020 2021 BPO Division Broking Division Broking Division BPO Division Group 27
Slide 28: Operating Income by Division
Operating Income by Division EBIT (€m)80 Collapse of the 69.0 Italian Mortgage 63.1 Market 60 + 50.8 46.1 Launch of 39.7 64% 40 Segugio.it 35.2 66% 30.9 32.0 52% 51% 21.9 21.5 22.0 46% 17.6 47% 20 14.5 57% 77% 8.5 78% 84% 5.6 36% 48% 36% 77% 93% 3.6 53% 54% 49% 34% 67% 32% 64% 43% 0 33% 23% 22% 7% 1
Slide 29: Net Income
Net Income Net income (€m) 150 130.7* 120 Tax benefit from the 90 revaluations 85.1 60 47.5** 40.6 34.4 23.5 24.8 27.5 Recalculation of 14.8 14.4 15.3 20.9 30 29.7 DTA due to 9.7 9.9 45.6 regulatory changes 5.2 3.6 3.8 17.8 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 30: Dividend Payout
Dividend Payout Earnings per share, consolidated (€) 4.00 3.42* 3.50 3.00 Tax benefit 2.50 from the revaluations 2.23 2.00 1.50 1.14** 1.07 0.89 1.00 0.59 0.69 Recalculation of 0.56 0.58 0.71 DTA due to 0.38 0.38 0.41 1.19 0.50 0.25 0.24 regulatory changes 0.09 0.09 0.43 0.00 2007 2008 2009 2010 201
Slide 31: Appendix
beh Appendix
Slide 32: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Rev enues 77,865 83,231 71,444 80,559 78,230 Other income 1,417 1,704 971 1,413 994 Capitalization of internal costs 1,153 1,915 804 1,181 953 Serv ices costs (32,405) (34,087) (27,534) (34,526) (34,488) Personnel costs (23,776)
Slide 33: Q1 Profit & Loss
Q1 Profit & Loss (€000) Q1 2022 Q1 2021 % Var. Revenues 77,865 78,230 -0.5% Other income 1,417 994 42.6% Capitalization of internal costs 1,153 953 21.0% Services costs (32,405) (34,488) -6.0% Personnel costs (23,776) (21,567) 10.2% Other operating costs (2,903) (2,137) 35.8% Depreciation and amorti
Slide 34: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of March 31, December 31, (€000) Change % 2022 2021 ASSETS Intangible assets 214,463 202,758 11,705 5.8% Property, plant and equipment 24,847 24,669 178 0.7% Participation measured with equity method 1,058 1,058 - 0.0% Financial assets at fair value 56,561 40,410 16,151
Slide 35: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of March 31, December 31, (€000) Change % 2022 2021 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the Issuer 262,258 264,399 (2,141) -0.8% Minority interest 4,774 4,671 103 2.2% Total shareholders' equity 267,032 269,070 (2,03
Slide 36: Net Financial Position
Net Financial Position As of March 31, December 31, (€000) Change % 2022 2021 A. Cash and current bank accounts 134,190 165,857 (31,667) -19.1% B. Cash equivalents - - - N/A C. Other current financial assets 1,510 1,510 - 0.0% D. Liquidity (A) + (B) + (C) 135,700 167,367 (31,667) -18.9% E. Current f
Slide 37: 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