Moltiply Group S.p.a. · MIL:MOL
Moltiply — Q1 2023 Earnings Presentation
39 slides from Moltiply's earnings presentation, May 16, 2023
Slide 1: First Quarter 2023 Results
First Quarter 2023 Results May 16th, 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 March 31st, 2023 * 2022 average 9
Slide 10: Broking Division structure
Broking Division structure Group structure* as of March 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 March 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 May 12th, 2023* Treasury shares 6.48% Alma Ventures** 32.71% Free Float 34.56% 4.01% 22.24% Investmentaktiengesellschaft für Stan Holding S.r.l. langfristige Investoren TGV * Share ownership as registered in last Shareholders’ meetings and as commu
Slide 15: Share Performance since IPO
Share Performance since IPO 3,000 85.0 80.0 KEY STOCK DATA as of May 12th, 2023 2,750 75.0 2,500 Number of Shares 40,000,000 70.0 Treasury Shares 2,592,480 65.0 2,250 Outstanding Shares 37,407,520 60.0 Price per Share € 27.60 2,000 Market Capitalisation € 1,032 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: Q1 Highlights
Q1 Highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 150 50 120 40 Y-o-Y 93.9 90 77.9 +20.6% 30 44% 20 16.5 Y-o-Y 17.2 60 44% +4.1% 30 10 64% 58% 56% 56% 36% 42% 0 0 Q1 2022 Q1 2023 Q1 2022 Q1 2023 EBIT margin 21.2% 18.3% EBITDA Net Income (€m) (€m) 50 50 40 40 30 30 21.4 Y-o-Y 23.4 +
Slide 18: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • In Q1 2023, in a Y-o-Y comparison, the mortgage market, both for purchase mortgages and remortgages, is down significantly. This performance is consistent with that of Q4 2022 and in line with expectations. • Data from Assofin, an industry assoc
Slide 19: Broking Division – Key Financials
Broking Division – Key Financials EBITDA Revenues (€m) (€m) 20 100 12.3 Y-o-Y 12.3 -0.3% 10 80 0 60 Q1 2022 Q1 2023 EBITDA margin 36.0% 29.7% Y-o-Y 41.3 40 34.3 +20.7% EBIT (€m) 20 20 0 10.5 Y-o-Y 9.9 Q1 2022 Q1 2023 10 -5.9% 0 Q1 2022 Q1 2023 EBIT margin 30.7% 24.0% 19
Slide 20: Broking Division – Performance and outlook
Broking Division – Performance and outlook • In Q1 2023, the Y-o-Y evolution of the Broking Division’s results was substantially in line with expectations, with sharply decreasing results for Credit Broking due to the continued drop in the purchase mortgage and remortgage market and growing results
Slide 21: BPO Division – Key Financials
BPO Division – Key Financials EBITDA Revenues (€m) (€m) 20 100 Y-o-Y 11.1 10 9.0 +23.5% 80 0 60 Q1 2022 Q1 2023 Y-o-Y 52.6 43.6 +20.6% EBITDA margin 20.7% 21.2% 40 EBIT (€m) 20 20 0 Q1 2022 Q1 2023 10 Y-o-Y 7.3 6.0 +21.7% 0 Q1 2022 Q1 2023 EBIT margin 13.7% 13.8% 21
Slide 22: BPO Division – Performance and outlook
BPO Division – Performance and outlook • The performance of the BPO Division in Q1 2023 was solid, showing a Y-o-Y growth in both revenues and EBITDA margin. The growth is primarily attributable to the change in the consolidation area, but even on a like-for-like basis, revenues would have shown an
Slide 23: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 23
Slide 24: Net Financial Position
Net Financial Position As of March 31, December 31, (€000) Change % 2023 2022 A. Cash and current bank accounts 139,881 269,647 (129,766) -48.1% B. Cash equiv alents - - - N/A C. Other current financial assets 8,845 7,430 1,415 19.0% D. Liquidity (A) + (B) + (C) 148,726 277,077 (128,351) -46.3% E. C
Slide 25: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 25
Slide 26: 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 27: 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 28: Revenue Breakdown by Business Line – Broking Division
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 29: Revenue Breakdown by Business Line – BPO Division
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 30: 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 31: 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 32: 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 33: 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 34: Appendix
beh Appendix
Slide 35: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Rev enues 93,911 84,397 69,383 79,125 77,865 Other income 2,918 4,280 1,889 2,062 1,417 Capitalization of internal costs 2,240 3,605 1,167 1,589 1,153 Serv ices costs (40,692) (35,305) (29,521) (30,782) (32,405) Personnel costs (
Slide 36: Q1 Profit & Loss
Q1 Profit & Loss (€000) Q1 2023 Q1 2022 % Var. Rev enues 93,911 77,865 20.6% Other income 2,918 1,417 105.9% Capitalization of internal costs 2,240 1,153 94.3% Serv ices costs (40,692) (32,405) 25.6% Personnel costs (31,960) (23,776) 34.4% Other operating costs (2,985) (2,903) 2.8% Depreciation and
Slide 37: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of March 31, December 31, (€000) Change % 2023 2022 ASSETS I ntangible assets 441,507 299,516 141,991 47.4% Property, plant and equipment 30,358 26,763 3,595 13.4% Participation measured w ith equity method 1,297 942 355 37.7% Financial assets at fair v alue 136,449 106
Slide 38: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of March 31, December 31, (€000) Change % 2023 2022 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 306,192 270,325 35,867 13.3% Minority interest 1,991 1,999 (8) -0.4% Total shareholders' equity 308,183 272,324 35,8
Slide 39: 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