Gpi Spa · MIL:GPI
Gpi Spa — Investor Presentation (November 2019)
35 slides from Gpi Spa's investor presentation, November 2019
Slide 1: Investor Presentation
Investor Presentation November 2019
Slide 2: Corporate video
corporate video 2
Slide 3: Healthcare
Healthcare Healthcare is taking on an unrelenting evolution. Improved • ageing and chronicity patient Better health • urbanization experience outcomes • doctors’ and economic resources’ shortage • technological innovation Improved Lower cost staff of care experience 120 B€ Healthcare public expendit
Slide 4: GPI: The Healthcare Partner
30 years’ GPI experience and growth FY2018: 204 M€ Revenue, EBITDA > 14%, 10 M€ Net Profit, > 4,300 Professionals , > 1.900 Clients The Healthcare Partner Italy 1st company in the Healthcare Booking Services. 3rd company in the SW for Health- and Social-care. Being the leading partner in the route t
Slide 5: The Healthcare Partner. The Patient at the Centre
THE HEALTHCARE PARTNER. THE PATIENT AT THE CENTRE
Slide 6: GPI's Value Proposition for Healthcare
45% GPI’s Value Proposition for Healthcare 2% 4% 6% 43% 6
Slide 7: GPI in figures
GPI in figures REVENUE M€ adj. EBITDA M€ +13% +10% Vs 2017 Vs 2017 203.7 28.6 136.2 179.9 20.1 26.1 2016 – 2018 M&A ≈ 65 M€ + 32% CAGR Tot. Rev. NET PROFIT M€ +21% HEADCOUNT +16% CAGR Organic Vs 2017 Average Age 39.5 9.5 7.9 4,377 6.5 3,904 3,675 7
Slide 8: 2019 1H Revenue
YoY HY o HY REVENUE REVENUE ∆ +13% ∆ +18.4% 179.9 M 203.7 M 93.3 M 110.5 M 2017 2018 2018 1H 2019 1H 26.1 M 28.6 M 9.55 M 9.62 M 14.5 % 14.0 % 10.8 % 9.7 % Adj. EBITDA Adj. EBITDA Others Others Others Others 12% 9% 11% 8% Care Care 13% Software 16% 2018 2018 2019 1H 37% 2019 1H Revenue adj. EBITDA R
Slide 9: Software
Offering SOFTWARE HIS ≈ 35% ERP ≈ 15% M % BLOOD ≈ 10% HR ≈ 10% YoY HY o HY Other Solutions≈ 30% REVENUE REVENUE 3° Player ITA ∆ +18% ∆ +3.2% Leader Amm., Blood, HR first 5 players 76.7 M 90.7 M 40.0 M 41.2 M 34% of the market 43 % 45 % 43 % 37 % 2017 2018 2018 1H 2019 1H Market SW & Services 18.1 M
Slide 10: Care
Offering CARE Healthcare Booking Service ≈ 95% Telemedicine, Clinics, other YoY HY o HY ≈ 5% REVENUE REVENUE 1° Player ITA ∆ +6% > 28 M citizens reached ∆ +33.6% GPI sole Big Player 83.2 M 88.2 M 42.7 M 57.0 M 46 % 43 % 46 % 52 % 2017 2018 2018 1H 2019 2H Booking Svc. Market 5.0 M 3.7 M 1.1 M 1.5 M
Slide 11: Remarkable Revenue Growth
Remarkable Revenue Growth Revenue growth driven by SBU Care M€ 1H2019 1H2018 • Revenue 110.5 M€ +18% vs 1H18 Revenue & other income 110.47 93.26 • Organic growth: Adjusted Revenue 99.61 88.77 o Care +33.6% o SW +3.2% > market (2.7%) EBITDA 9.62 9.55 o Altre +15.0% EBITDA % 8.7% 10.2% • Lower margins
Slide 12: Balance Sheet 1H 19
Balance Sheet 1H 19 A3.1 CERVED Rating confirmed A- S&P |A3 Moody’s | A-1 Fitch • Net Working Capital o warehouse at 5.2 M€ from 3.9 M€ in 2018, for the delivery of M€ 2019 2018 machinery in H2 2019 1H FY o increase due to the growth of revenue and to the ramp-up of Region Lazio contract and a 1.6 M
Slide 13: Highlights
Highlights • Region Lazio Contract start - 18 batches: • Revenue Overseas 7.7 M€ +2.7% 72 M€ in 2 years + 1 year extension 1H 2019 vs 1H 2018 6 million more citizens reached • M&A in France • Veneto Tender Awarded: (Blood Bank, 360 Health Facilities) 79 M€ in 5 + 2 years 27.5 M€ GPI’s share • New or
Slide 14: Outlook 2019
Outlook 2019 REVENUE> 230 M€ EBITDA ≈ 14% Others + 5% +25% 10% • new contracts / Care Software extensions • Increase of 18% 72% Automation in the retail markets in Italy and overseas +30% • PA increase by reinforcement of • Strengthening of the business e- target H_PUB - Region payments/collect Lazi
Slide 15: Business Models and Strategic Guidelines 2020-2022
Investor Presentation Business Models and Strategic Guidelines 2020-2022
Slide 16: Business Model
Business Model
Slide 17: Software
SOLUTIONS THAT MAKE DIFFERENCE ERP - Enterprise Resource Planning HR - Human Resources HIS - Hospital Information System Software Population Health Management Veterinary & Food Safety Blood Bank Management Integration Middleware Clinical Data Content Access Portals 20
Slide 18: Care
PREVENTION, HEALTH, QUALITY OF LIFE Business Process Outsourcing Auxiliary Administrative Services such as: Health Services Booking, Contact & Call Care Centre, Front-end/desk, Secretariat, Cultural Mediation for foreign citizens, etc. Social and Virtual Care Health- and Social-care Services, Te
Slide 19: Customers
Customers +1,900 Public and private customers Hpub Hpri NHpub NHpri 2018 74% 13.4% 6.3% 6.3% 2017 81.2% 6.3% 5.5% 3.9% • Health Authorities • Analytics, Providers • Municipalities • Large-Scale Distributors • Hospitals • Trade Associations, • Provinces • Banking Institutions • Nursing Homes, Insuran
Slide 20: Main Customers
Main Customers LOCAL AUTHORITIES REGIONAL AUTHORITIES PRIVATE ENTITIES INTERNATIONAL AUTHORITIES 23
Slide 21: Italy Worldwide Solutions
ITALY + 40 Branches WORLDWIDE SOLUTIONS + 60 Countries Australia Austria Brazil Chile Germany Hungary Jordan Mexico Peru Poland Russia Saudi Arabia Spain Switzerland Turkey UK United Arab USA Emirates 24
Slide 22: High Visibility: 68% of Revenues from Recurring Fees
High Visibility: 68% of Revenues from Recurring Fees Business Model Business Model ● Revenues = periodic maintenance ● Revenues = fixed annual fee + software development + € 1-3 per contact (or mixed) ● 50% of Revenues from recurring fees ● 95% of Revenues from recurring fees ● 1-3 years average con
Slide 23: Strategic Guidelines 2020-2022
Strategic Guidelines 2020-2022
Slide 24: Guidelines 2020-2022
Guidelines 2020-2022 01 02 03 04 05 MORE GLOBAL PRIVATE HC LEADERSHIP FROM FROM PROVIDER • +300% in the triennium (M&A Software company with GROWTH HEALTHCARE PRODUCTS/SERVICES TO PARTNER 20-30 M€ revenues) • Doubling the % size ITA TO INTEGRATED • Multi-business nature, with each SBU contribution.
Slide 25: M&A Strategies 2019
Investor Presentation M&A Strategies 2019
Slide 26: Vision Mission M&A
VISION MISSION MA & 29
Slide 27: Our M&A Pathway
Our M&A Pathway GPI was incorporated in 1988 acquisitions and strategic alliances has been driving its growth. In 2013 Orizzonte SGR became a shareholder. In december 2016 the SPAC Capital for Progress 1 merged into GPI; stocks and warrants were listed on the AIM Italia. Throughout 2017 GPI followed
Slide 28: M&A Guidelines: Market
M&A Guidelines MARKET MA 1. Slow to decide and to change the & planning (ITA) 2. Software is a commodity of service 3. Fragamentation (ITA) 31
Slide 29: M&A Guidelines: Integration
M&A Guidelines INTEGRATION INTERNAL TEAM • 2 years for internal integration • Immediate Integration Costs • 1 year for the first savings 32
Slide 30: M&A Guidelines: Target
M&A Guidelines TARGET ITALY 1. Software / Services / Area Completion (1-10 M€) 2. Big Player OVERSEAS 1. Software - Structured Companies (20-30 M€) 2. Software Completion 33
Slide 31: M&A Guidelines: Resources
M&A Guidelines RESOURCES • BOND • TRADIZIONAL LOAN • WARRANT • STOCK / STOCK • Big Player • Abroad 34
Slide 32: Investment Opportunity
INVESTMENT OPPORTUNITY GPI IN THE STOCK MARKET Leadership and Uniqueness 15,909,539 Ordinary Shares (ISIN: IT0005221517) Bloomberg: GPI:IM Price: 7.40 € (14 Nov 2019) Growth and Visibility Capitalisation: 117.7 M€ (14 Nov 2019) ANALYST COVERAGE – TARGET PRICE Intermonte SIM (10/10/2019): 11.40 € Tec
Slide 33: investor.relations@gpi.it
investor.relations@gpi.it 36
Slide 34: IR Contacts
IR Contacts Fabrizio Redavid Lorenzo Giollo Maria Antonietta Pireddu C. +39 335 1035499 C. +39 340 8223333 Via C. Cantù, 1 - 20123 Milan fabrizio.redavid@gpi.it lorenzo.giollo@gpi.it Tel. +39 02 45473883/4 m.pireddu@irtop.com Via Ragazzi del '99, 13 - 38123 Trento T +39 0461 381515 investor. relatio
Slide 35: Disclaimer
DISCLAIMER The material in this presentation has been prepared by GPI S.p.A. (“GPI” or “the Company”) without independent verification and it is general background information about GPI’s activities current as at the date of this presentation. This information is given in summary form and does not p