Tamburi Investment Partners S.p.a. · MIL:TIP
Tamburi Investment Partners — Investor Presentation (November 2021)
31 slides from Tamburi Investment Partners's investor presentation, Nov 19, 2021
Slide 1: Investor presentation
Investor presentation Milan November 19, 2021 We should all feel nothing but shame for the reputation that finance has earned itself in the last few years, but if you manage to guide healthy capital from successful businesses and the assets of families that wish to invest them intelligently in compa
Slide 2: Disclaimer
DISCLAIMER The information contained herein, particularly the ones regarding any possible or assumed future performance of the TIP Group, are or may be forward looking statements and in this respect they involve some risks and uncertainties. Any reference to past performances shall not be taken as a
Slide 3: Table of contents
TABLE OF CONTENTS page INVESTMENT OVERVIEW 4 2021 DYNAMISM 6 2021 TREND 7 TIP AT 25% OF LIMONTA GROUP 8 PARTIAL SALE OF PRYSMIAN SHARES 10 NEW EQUITY FOR COMPANIES IN TURNAROUND 11 TIP ACQUISITION OF TIPO AND BETA 12 TIP SHARE PERFORMANCE 13 THE ITALIAN DIGITAL HUB 14 NET INTRINSIC VALUE 16 2015 – 2
Slide 4: Tamburi Investment Partners S.p.A.
Tamburi Investment Partners S.p.A. 5 billion of direct investments and club deals in leading companies 1) Limited risk thanks to light 2) Outstanding long term diversification and great quality returns for shareholders > 20 +643,1 %1 12,57 euro per share (10 worldwide leaders) total return T.I.P. Ne
Slide 5: An independent and diversified industrial group
an independent and diversified industrial group Listed companies Listed companies ~560 mln Euro ~150 mln Euro ~45 mln Euro ~60 mln Euro ~ 1,6 bln Euro ~ 320 mln Euro ~ 130 mln Euro ~ 200 mln Euro ~ 450 mln Euro ~120 mln Euro (TIP+club deal) (club deal) (init. 105) (club deal) (init. 120) (club deal)
Slide 6: 2021 Dynamism
2021 DYNAMISM > 615 MILLION OF INVESTMENT – DIVESTMENT ACTIVITY UNTIL NOVEMBER 2021 292,5 mln divestment 323 million investments 134,5 89 38 36,6 13,5 5 3,4 3 Clubtre ABB on Pry. shares Acquisition of NEW INVESTMENT Treasury shares + Capital increase TIP investment TIP further TIP further Aliment
Slide 7: 2021 Trend
2021 TREND 9M revenues 2021 9M revenues 2021 vs 9M 2020 vs 9M 2019 vs 9M 2020 vs 9M 2019 1 +28,2% +11,7% +59,5% -7,9% +37,4% +17,6% +24,1% +7,6% +30,5% +49,9% +34,9% +20,3% +31,7% +14,3% +29,2% +14,4% +29,6% +9,2% +28,4% +20,3% +38,0% -8,6% +8,7% +15,9% +21,0% +12,5% 2 +54% +20% +13,3% +25,6% 1H1 fi
Slide 8: TIP at 25% of Limonta Group
TIP AT 25% OF LIMONTA GROUP strategic partnership to accelerate growth ▪ Investment of 89 million euros, partly through a capital increase and partly through the purchase of shares. ▪ Limonta is one of the leading European player in the high-end of the textile sector: a complete textile supply chain
Slide 9: Limonta is one of the European leaders in high-end textile
▪ Limonta is one of the European leaders in the high-end textile sector, able to carry out both warping, weaving, ennobling processes, as well as coating, resin coating, coagulation and printing processes. ▪ The coexistence of these two productive and technological “souls” makes Limonta unique in th
Slide 10: Partial sale of Prysmian shares
PARTIAL SALE OF PRYSMIAN SHARES ▪ January 11th 2021: Clubtre S.p.A. (company in which TIP held a 66.226% stake) announced the successful completion of the sale of 10 million ordinary shares of Prysmian S.p.A., representing 3.729% of Prysmian’s share capital, for a total consideration of 292.5 millio
Slide 11: New equity for companies in turnaround
NEW EQUITY FOR COMPANIES IN TURNAROUND ITACA EQUITY HOLDING has been established by TIP to provide equity to distressed companies and turnaround. ITACA EQUITY HOLDING has been conceived to support companies facing difficult periods, helping them to solve, in an integrated and flexible way, problems
Slide 12: TIP acquisition of TIPO and Beta
TIP ACQUISITION OF TIPO AND BETA In March 2021 TIP has acquired 100% of the shares of TIPO S.p.A., of which held 29.29%. TIPO was a club deal established in 2014 that, after the sale of the equity in AAA - Advanced Accelerated Application S.A. and in iGuzzini Illuminazione S.p.A. directly and indire
Slide 13: TIP share performance
TIP SHARE PERFORMANCE 5 years performance vs main indexes 12,5 5 years total return TIP: +194,3% Nasdaq +203.6% 10,5 +188.0% 8,5 IT Star +159.8% 6,5 S&P 500 +116.3% Dow Jones 4,5 +91.3% FTSE MIB +66.2% 2,5 MSCI Eur +40.3% 0,5 ▪ TIP has over performed the main italian and european indexes while maint
Slide 14: The Italian Digital Hub
THE ITALIAN DIGITAL HUB 54 million directly invested 230 million euro of aggregate > 110 million including clubdeal 2020 revenues without considering aggregate sales of Digital Magics portfolio Digital and innovation Coworking, education App developer Digital incubator Co-living consultancy and even
Slide 15: The Italian Digital Hub
THE ITALIAN DIGITAL HUB ▪ First results of the industrialization of business 2020: 75 mln sales and 6 mln Ebitda model registered in marginality and business resiliency: EBITDA up 23% compared to FY 2019 Year of first investment: 2017 Digital and innovation ▪ Listed on Star segment of Borsa Italiana
Slide 16: Net Intrinsic Value per share: 12,57 euro
NET INTRINSIC VALUE PER SHARE: 12,57 EURO Net invested Bloomberg Med term intr. capital estimates (1) value(2) Technology and innovation 258 1.460 ~1.656 63% Healthcare and industrial 143 1.006 ~1.145 43% IT services and innovation 115 454 ~511 19% StarTIP Tamburi Investment Partners Welcome Italia
Slide 17: TIP Net Intrinsic Value
TIP NET INTRINSIC VALUE TIP price, target price and Net Intrinsic Value last Assets breakdown 5 years trend Startups Net Intrinsic Value per 2% 14,0 share of 12,57 euro Unlisted companies 12,0 14% 10,0 8,0 6,0 4,0 Treasury shares, > 3,0 Large cap listed 45% 2,0 cash invested & billion advisory 0,0 1
Slide 18: 2015 - 2021 Investments
2015 - 2021 INVESTMENTS 1.535 MILLION StarTIP Tamburi Investment Partners S.p.A. 648 million1 509 million 111 million 267 million 644 mln in listed companies and 891 mln in private companies TOTAL INVESTMENTS, INCLUDING CLUB DEALS, at cost 830 129 46 124 279 175 1912 265 325 204 335 2.906
Slide 19: TIP 2019 - 2021 Investments
TIP 2019 - 2021 INVESTMENTS Leader in the high-end of the Italian leader in the clothing textile sector sector ▪ TIP Group investment of 89 million Euro for 25% stake in the ▪ TIP, with shares acquisitions in 2018, 2019, 2020 and 2021 company. has now 25% stake in the company. Leader in design and
Slide 20: Divestments
DIVESTMENTS DIVESTMENTS FROM «COMPLETE EXIT»1 275 MILLION (2016 – 2021) 2019 Loan conversion into shares acquired by majority shareholder 2019 100% tender offer Ebitda at Ebitda at mln euro Amount cashed purchase exit 2018 Furla 41 84 35 Equity and convertible bond Nice 41 45 5 FCA* 2.972 6.668 90
Slide 21: Recent years results comparison
RECENT YEARS RESULTS COMPARISON NET EQUITY AND INVESTMENTS (MLN EURO) 3 1.593 1.588 1.306 864 817 623 644 426 431 1.070 1.118 902 151 181 647 666 449 437 360 354 175 211 31/12/2011 31/12/2012 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 30/09/2021 1 Net equ
Slide 22: TIP - Value creation
TIP - VALUE CREATION Annual to 22,7 Number of to 102 from 15,0 from 58 +75% +51% billion thousands revenues1 billion in 2020 employees* thousands in 2020 TIP direct investments TIP investments through vehicles Year of Year of Ebitda at 2019 Ebitda Ebitda at 2019 Ebitda Companies first Companies firs
Slide 23: 2020 - 2021 Private companies update
2020 - 2021 PRIVATE COMPANIES UPDATE Although recovering in part, the operations continue to be After a 2019-’20 period in which the value of production decreased as a significantly impacted by the pandemic in 2021. Efforts continue to result of a contraction in demand in response to the impact of C
Slide 24: Annex - Investments details
ANNEX Year of Book value Revenues 2020 Ebitda at 2020 TIP main direct investments % owned first at at revenues purchase Ebitda invest. 31/12/2020 purchase Listed Amplifon 3,3% 2010 251 708 1.555 97 371 Be 27,5% 2007 23 45 179 -5 28 Elica 20,2% 2019 41 472 453 40 42 Hugo Boss 1,5% 2015 29 2.572 1.946
Slide 25: Annex - Investments details
ANNEX ASSET ITALIA investments - TIP owns 20% of Year of Book value Revenues % owned by 2020 Ebitda at 2020 ordinary shares of Asset Italia which owns first at at AI vehicle revenues purchase Ebitda 1% shares of its assets invest. 31/12/2020 purchase Alpitour [TIP 35,8% of tracking shares] 55,9% 201
Slide 26: Annex - A culture of sustainability
ANNEX - A CULTURE OF SUSTAINABILITY For a detailed description of TIP activities related to sustainability please refer to www.tipspa.it/sustainability Corporate responsibility is particularly important to TIP and plays a very significant role in building a better workplace and an increasingly respo
Slide 27: Annex - A culture of sustainability
ANNEX - A CULTURE OF SUSTAINABILITY Update on September 30, 2021 Following the approval by the BoD of the “Culture of sustainability” document, which took place on 12/3/2021, which further confirmed and detailed analytically the commitment – historically consolidated – of TIP on ESG issues, the acti
Slide 28: Annex - Sustainable development objectives
ANNEX – SUSTAINABLE DEVELOPMENT OBJECTIVES Ensuring inclusive and equitable quality education and promoting lifelong learning opportunities for all. TIP has always invested time and energy for the promotion of an economic culture and awareness around the issues of healthy business growth through pub
Slide 29: Annex - Sustainable development objectives
ANNEX – SUSTAINABLE DEVELOPMENT OBJECTIVES Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all. In its capacity as an investor, TIP provides companies with new hires to contribute to long-term sustainable development, thus rendering th
Slide 30: Annex - Where we are
ANNEX – WHERE WE ARE LISTED COMPANIES PRIVATE COMPANIES BoD with at least one third Companies with employee profit female members sharing plans 80% 100% Private companies 10 42% Listed 24 companies 14 58% BoD with at least one fifth BoD with at least one fifth independent directors independent dire
Slide 31: Annex - A culture of sustainability
ANNEX - A CULTURE OF SUSTAINABILITY TIP SUSTAINABILITY PLAN 1 - implement a plan to share information on the company’s ESG initiatives TIP’S 2 - collaborate with the Control, Risks, Related Parties and Sustainability Committee to update the COMMITMENT TO progress of medium-term activities on an ongo
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