Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q3 2023 Earnings Presentation
43 slides from Moltiply's earnings presentation, Nov 15, 2023
Slide 1: Third Quarter 2023 Results
Third Quarter 2023 Results November 15th, 2023
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 (16.35% • Founder and key shareholder (16.35% • 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* 2,555 FTE Group structure as of September 30th, 2023 * 2022 average 9
Slide 10: Broking Division structure
Broking Division structure Group structure* as of September 30th, 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 September 30th, 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 November 14th, 2023* Treasury shares 7.06% Alma Ventures** 32.71% Free Float 33.98% 4.01% 22.24% Investmentaktiengesellschaft für Stan Holding S.r.l. langfristige Investoren TGV * Share ownership as registered in last Shareholders’ meetings and as
Slide 15: Share Performance since IPO
Share Performance since IPO 3,000 85.0 80.0 KEY STOCK DATA as of Nov. 13th, 2023 2,750 75.0 2,500 Number of Shares 40,000,000 70.0 Treasury Shares 2,822,138 65.0 2,250 Outstanding Shares 37,177,862 60.0 Price per Share € 28.95 2,000 Market Capitalisation € 1,076 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: 9M Highlights
9M Highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 350 100 291.7 300 80 Y-o-Y 250 226.4 +28.9% 200 47% 60 51.2 Y-o-Y 51.1 43% -0.1% 150 40 59% 69% 100 57% 53% 20 50 41% 31% 0 0 9M 2022 9M 2023 9M 2022 9M 2023 EBIT margin 22.6% 17.5% EBITDA Net Income (€m) (€m) 100 100 77.5 80 Y-o-Y
Slide 18: Q3 highlights
Q3 highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 120 40 94.6 90 Y-o-Y 30 69.4 +36.4% 50% 60 20 14.8 Y-o-Y 16.4 43% +10.6% 30 10 62% 75% 57% 50% 0 38% 25% 0 Q3 2022 Q3 2023 Q3 2022 Q3 2023 EBIT margin 21.3% 17.3% EBITDA Net Income (€m) (€m) 40 40 30 25.1 30 Y-o-Y 19.6 +27.9% 20 20
Slide 19: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • During 9M 2023, the Italian mortgage market recorded a sharp Y-o-Y drop, caused by a collapse in purchase mortgage flows, only minimally offset by limited but large percentage growth in remortgages flows (switches from variable to fixed rates).
Slide 20: Broking Division – 9M Key Financials
Broking Division – 9M Key Financials EBITDA Revenues (€m) (€m) 50 42.9 Y-o-Y 40 36.0 +19.4% 200 30 20 150 10 136.4 0 Y-o-Y 9M 2022 9M 2023 +40.5% 97.1 EBITDA margin 37.0% 31.5% 100 EBIT 50 (€m) 50 40 35.2 30.4 Y-o-Y 0 30 +15.8% 9M 2022 9M 2023 20 10 0 9M 2022 9M 2023 EBIT margin 31.4% 25.8% 20
Slide 21: Broking Division – Q3 Key Financials
Broking Division – Q3 Key Financials EBITDA Revenues (€m) (€m) 20 14.8 50 47.1 11.0 Y-o-Y +34.5% 10 40 Y-o-Y +57.8% 29.9 0 30 Q3 2022 Q3 2023 EBITDA margin 36.7% 31.3% 20 EBIT (€m) 10 20 12.3 0 Y-o-Y 10 9.2 Q3 2022 Q3 2023 +33.8% 0 Q3 2022 Q3 2023 EBIT margin 30.7% 26.0% 21
Slide 22: Broking Division – Performance and outlook
Broking Division – Performance and outlook • In Q3 2023, the Broking Division’s results display significant Y-o-Y growth, mainly due to the enlargement of the consolidation area, despite the continued weakness in Credit Broking, attributable to the sharp contraction in the mortgage market. • For the
Slide 23: BPO Division – 9M Key Financials
BPO Division – 9M Key Financials EBITDA Revenues (€m) (€m) 50 200 40 34.6 29.9 Y-o-Y 30 +15.4% 155.3 20 150 Y-o-Y 10 129.3 +20.2% 0 9M 2022 9M 2023 100 EBITDA margin 23.2% 22.2% EBIT 50 (€m) 50 40 0 30 9M 2022 9M 2023 20.7 20 Y-o-Y 15.9 -23.4% 10 0 9M 2022 9M 2023 EBIT margin 16.0% 10.2% 23
Slide 24: BPO Division – Q3 Key Financials
BPO Division – Q3 Key Financials EBITDA Revenues (€m) (€m) 20 50 47.5 10.4 Y-o-Y 10 8.7 Y-o-Y +20.1% +19.4% 39.5 40 0 30 Q3 2022 Q3 2023 EBITDA margin 21.9% 21.8% 20 EBIT (€m) 10 20 0 Q3 2022 Q3 2023 10 5.6 Y-o-Y 4.1 -27.2% 0 Q3 2022 Q3 2023 EBIT margin 14.2% 8.6% 24
Slide 25: BPO Division – Performance and outlook
BPO Division – Performance and outlook • Q3 results of the BPO Division are in line with management’s expectations, with an increase in revenues and operating margins compared to Q3 2022. Growth is largely due to the expansion of the consolidation area. • The individual business lines maintain the t
Slide 26: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 26
Slide 27: Net Financial Position
Net Financial Position As of September 30, June 30, March 31, December 31, (€000) 2023 2023 2023 2022 A. Cash and current bank accounts 136,750 132,090 139,881 269,647 B. Cash equiv alents - - - - C. Other current financial assets 2,504 2,118 8,845 7,430 D. Liquidity (A) + (B) + (C) 139,254 134,208
Slide 28: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 28
Slide 29: Major milestones
Major milestones Revenues (€m) 313.5 310.8 259.4 Collapse of 219.9 Italian mortgage 185.1 market 152.8 138.1 120.7 71.8 68.3 53.4 37.7 46.4 47.9 38.5 51.0 1.0 2.7 4.5 7.8 13.2 21.8 0.1 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 30: Revenue trends by Division
Revenue trends by Division Group Revenues (€m) 350 313.5 310.8 300 259.4 250 43% 42% 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% 58% 68.3 53.4 57% 46.4 47.9 51.0 61% 50 37.7 58% 38.5 37% 57% 66% 61% 40% 56% 21.8 60% 60% 45% 53% 56% 58% 42% 55% 60% 63% 0
Slide 31: Revenue Breakdown by Business Line – Broking
Revenue Breakdown by Business Line 200 Broking Division Revenues (€m) 160 134.2 131.0 Other Revenues 7% Telco & Energy Comparison* 120 8% 111.1 E-Commerce Price Comparison 3% 25% Insurance Broking 29% Credit Broking 86.8 61% 31% 45% 79.1 2% 80 67.2 18% 27% 61.0 24% 22% 57.2 18% 30% 19% 18% 41.9 28%
Slide 32: Revenue Breakdown by Business Line – BPO
Revenue Breakdown by Business Line 200 BPO Division Revenues (€m) 179.2 179.7 Other revenues 160 20% 148.3 22% Leasing & Rental BPO/IT Investment Services BPO 133.1 6% 22% Insurance BPO 6% 120 Loans BPO 24% 17% 106.0 6% Real Estate Services BPO* 19% 5% Mortgage BPO 21% 7% 61% 85.6 4% 17% 14% 45% 77.
Slide 33: EBITDA by Division
EBITDA by Division EBITDA EBITDA margin (€m) (%) 150 50% 40.5% 120 40% 37.8% 35.0% 35.7% 92.6 88.6 29.1% 30% 90 76.6 29.5% 29.5% 28.5% 64.0 25.3% 55% 53% 20% 23.3% 23.2% 60 21.3% 59% 47% 10% 30 53% 45% 47% 41% 0% 0 2019 2020 2021 2022 2019 2020 2021 2022 BPO Division Broking Division Broking Divisio
Slide 34: Operating Income by Division
Operating Income by Division EBIT (€m) 69.0 66.5 63.1 60 50.8 46.1 39.7 65% 59% 40 35.2 66% 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% 67% 64% 43% 33% 23% 22% 7% 16% 23% 0 2006 2007 (a) 2008 2009 2010 2011 2012 2013 2014
Slide 35: Net Income
Net Income Net income (€m) 150 130.7 120 Tax benefit from the 90 revaluations 85.1 60 47.5** 47.5 40.6 34.4 23.5 24.8 27.5 15.3 20.9 30 29.7 5.2 9.7 14.8 14.4 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 Net income margin (%) 60% 50.4%
Slide 36: 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 1.00 0.59 0.69 0.56 0.58 0.71 0.38 0.38 0.41 1.19* 0.25 0.24 0.09 0.09 0.43 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Earnings per share Dividends per outsta
Slide 37: Appendix
beh Appendix
Slide 38: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Rev enues 94,607 103,185 93,911 84,397 69,383 Other income 1,953 2,188 2,918 4,280 1,889 Capitalization of internal costs 3,003 3,639 2,240 3,605 1,167 Serv ices costs (41,436) (41,755) (40,692) (35,305) (29,521) Personnel costs
Slide 39: Q3 Profit & Loss
Q3 Profit & Loss (€000) Q3 2023 Q3 2022 % Var. Rev enues 94,607 69,383 36.4% Other income 1,953 1,889 3.4% Capitalization of internal costs 3,003 1,167 157.3% Serv ice costs (41,436) (29,521) 40.4% Personnel costs (29,066) (20,517) 41.7% Other operating costs (3,954) (2,764) 43.1% Depreciation and a
Slide 40: 9M Profit & Loss
9M Profit & Loss (€000) 9M 2023 9M 2022 % Var. Rev enues 291,703 226,373 28.9% Other income 7,059 5,368 31.5% Capitalization of internal costs 8,882 3,909 127.2% Serv ice costs (123,883) (92,708) 33.6% Personnel costs (96,689) (68,835) 40.5% Other operating costs (9,600) (8,206) 17.0% Depreciation a
Slide 41: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of September 30, December 31, (€000) Change % 2023 2022 ASSETS I ntangible assets 444,360 299,516 144,844 48.4% Property, plant and equipment 31,395 26,763 4,632 17.3% Participation measured w ith equity method 1,408 942 466 49.5% Financial assets at fair v alue 134,222
Slide 42: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of September 30, December 31, (€000) Change % 2023 2022 LIABILITIES AND SHAREHOLDERS' EQUITY Equity attributable to the shareholders of the Issuer 317,940 270,325 47,615 17.6% M inority interest 2,367 1,999 368 18.4% Total shareholders' equity 320,307 272,324 47,983
Slide 43: 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