El.en. S.p.a. · MIL:ELN
El.en — Investor Presentation (January 2017)
38 slides from El.en's investor presentation, Jan 25, 2017
Slide 1: Company Presentation
COMPANY PRESENTATION Frankfurt, 25.01.2017
Slide 2: Disclaimer
DISCLAIMER Certain statements in this slide show, including those addressing the Company’s beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward‐looking statements. Forward‐looking statements involve known or unknown risks, including general economic
Slide 3: Summary
SUMMARY 1 El.En. Group 2 LASER: Applications & Markets 3 9 months 2016 financial results 4 2016 targets 5 El.En. stock, multiples & comparables 3
Slide 4: 1 - El.En. Group
1‐ El.En. Group 4
Slide 5: History
HISTORY 2002 1981 2000 2005 2007 2016 2004 El.En. Acquistion of: WH Penta Chutian Exit from established El.En. IPO Cynosure listed Cynosure, on the Nasdaq established in Cynosure in Florence Asclepion, in PRC Quanta, ASA 1998 2006 2014 Smartepil Smartlipo Monalisa 5
Slide 6: Group Overview
GROUP OVERVIEW Hi‐Tech company Hi‐Tech industrial group active in opto‐electronics with proprietary technology and know how developed over 35 years International Group More than 30 companies active worldwide in complementary markets and application segments. Listed on the Milan Stock Exchange Among
Slide 7: Division
DIVISION El.En. designs, manufactures ad sells worldwide: MEDICAL laser devices – INDUSTRIAL laser solutions – laser systems for CONSERVATION OF THE CULTURAL HERITAGE 7
Slide 8: El.En. Worldwide
EL.EN. WORLDWIDE SALE SUBSIDIARIES PRODUCTION SITES HEADQUARTER 8
Slide 9: Strategic Strengths
STRATEGIC STRENGTHS MULTIDISCIPLINARY AND MULTIFACILITY R&D ACTIVITY: SOURCES – SYSTEMS ‐ APPLICATIONS INDUSTRIAL Combine High tech laser source development with flexible production facilities focusing on applications MEDICAL Technological and clinical innovation improving performances and broadenin
Slide 10: Consolidated Revenue and EBIT
CONSOLIDATED REVENUE AND EBIT SALES EBIT 250 38 225 33 200 28 175 23 150 18 125 13 100 8 75 3 50 25 (2) 0 (7) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (E)
Slide 11: R&D Activity
R&D ACTIVITY CLINICAL TRIALS AND VALIDATIONS OF NEW THERAPEUTIC LASER TREATMENTS AND RESEARCH ON NEW APPLICATIONS OF LASER‐TISSUE INTERACTION Broadening Mona Lisa Touch Clinical studies New Pico second laser platform Clinical studies on cutaneous ulcers Painless laser hair removal Patents
Slide 12: New Factory in Samarate
aT | Te NEW FACTORY IN SAMARATE | ee ae
Slide 13: ...and in Wenzhou (PRC)
Pea (PRC) 1 ey! AND IN W ENZHOU Lm at
Slide 14: 2 - Laser: Applications and Markets
2‐Laser: Applications and Markets
Slide 15: Laser Target
LASER Light Amplification by Stimulated Emission of Radiation Laser Source Beam Delivery TARGET Control User Interface
Slide 16: Medical Applications
| MEDICAL APPLICATIONS Asclepien UH) Mi
Slide 17: Surgical Laser Systems
SURGICAL LASER SYSTEMS
Slide 18: Aesthetic Applications
AESTETIC APPLICATIONS lL. «| SS Z , io e Quanta System a1 Yesthelogue Asclepien ] ‘|
Slide 19: Aesthetic Laser Systems
AESTHETIC LASER SYSTEMS MEDIOSTAR MOTUS AX DISCOVERY PICO
Slide 20: The Medical Laser Market
THE MEDICAL LASER MARKET Global market for medical lasers by end use, through 2019 ($ millions) Market Segment 2014 2019 CAGR% 2014‐2019 Surgical 813 1.219 8,4% Cosmetic 1.024 2.097 15,4% Dental 244 623 20,7% Veterinary 115 247 16,5% Total 2.195 4.185 13,8% Source: BCC research
Slide 21: Industrial Lasers Applications
INDUSTRIAL LASERS APPLICATIONS AUTOMOTIVE LABELING DIGITAL CONVERTING PACKAGING EASY OPENING DECORATION 21
Slide 22: Industrial CO2 Laser Sources
INDUSTRIAL CO2 LASER SOURCES RF177 LASER CUTTING LASER KISS‐CUTTING RF888 LASER MARKING LASER DRILLING 22
Slide 23: Industrial Laser Systems
INDUSTRIAL LASER SYSTEMS curuTe dh PENTA OT-LAS ce.
Slide 24: The Industrial Laser Market
THE INDUSTRIAL LASER MARKET Global market and forecast for high power laser systems, by application (by value) By Value CAGR (%) 2016 2020 2013‐2016 2016‐2020 Cutting 3.014 3.965 7,8 7,1 Welding and Brazing 1.605 2.231 8,7 8,6 Surface treatment and Other 63 86 8,3 8,1 Total 4.682 6.282 8,1 7,6 Sourc
Slide 25: 3 - 9 Months 2016 Financial Results
3‐ 9 MONTHS 2016 FINANCIAL RESULTS
Slide 26: Consolidated P&L - 9 Months
CONSOLIDATED P&L – 9 MONTHS Euro/000 30/09/15 30/09/16 Var.% Revenues 156.006 100,0% 179.565 100,0% 15,1% Gross margin 70.236 45,0% 78.623 43,8% 11,9% Operating Expenses 20.789 13,3% 22.875 12,7% 10,0% Staff espenses 30.136 19,3% 32.785 18,3% 8,8% EBITDA 19.310 12,4% 22.962 12,8% 18,9% Depr., amort.
Slide 27: Net Financial Position and Capex
NET FINANCIAL POSITION AND CAPEX Euro '000 31/12/15 30/09/16 Net financial position : 29.815 72.222 Financial invest. m/l term: 10.643 10.798 Dividend paid 6.384 Proceeds from Cyno shares sale 39.880 Euro '000 30/09/15 30/09/16 Q3/16 Capex 4.934 9.552 5.042 Buildings, lands & plants 3.100 8.100 4.60
Slide 28: Revenue Breakdown by Business
REVENUE BREAKDOWN BY BUSINESS 140 +11% 120 100 80 +24% 60 40 20 Mln ‐ Medical Industrial 09/15 09/16
Slide 29: Revenue Breakdown by Area
REVENUE BREAKDOWN BY AREA 140 +14% 120 100 80 +25% +10% 60 40 20 Mln ‐ Italy Europe Row 09/15 09/16
Slide 30: Medical Lasers Business Revenue
MEDICAL LASERS BUSINESS REVENUE MEDICAL: +11% 70 +11% 60 50 40 +3% 30 +19% 20 +21% 10 ‐ Mln Aesthetic Surgical Physiotherapy Service 09/15 09/16
Slide 31: Industrial Lasers Business Revenue
INDUSTRIAL LASERS BUSINESS REVENUE INDUSTRIAL: +24% 50 +34% 45 40 35 30 25 20 15 +11% ‐22% +4% 10 5 Mln ‐ Cutting Marking Laser sources Service 09/15 09/16
Slide 32: 4 - 2016 Targets
4‐ 2016 TARGETS
Slide 33: 2016 Guidance
2016 GUIDANCE Sales 2016 = +10% -> €239 mln EBIT 2016 = +15% -> €25 mln
Slide 34: 5 - El.En. Stock, Multiples & Comparables
5‐ EL.EN. STOCK, MULTIPLES & COMPARABLES
Slide 35: El.En. Stock
EL.EN. STOCK
Slide 36: El.En. Multiples
EL.EN. MULTIPLES Stockholder's Equity per share 9 Price / Book Value Adj. 2,6 EV /EBIT (85% EBIT) 16,4 EV / Sales (85% Sales) 1,8 El.En. Market Cap. 450,4 @ € 23,34 Net financial position 72,2 @ 30/09/16 Financial investments m/l term 10,8 @ 30/09/16 Enterprise Value 367,4
Slide 37: El.En. Comparables
EL.EN. COMPARABLES Sept. 30th, 2016 Price Revenue Var.% EBIT EBIT % MK.Cap. EV EV/Sales EV/EBIT P/E (*) P/Book Medical/Aesthetic Revenue (*) (*) Value Syneron $8,60 $215.210 8% $3.002 1% $290.080 $207.185 0,7 51,8 201,4 1,4 Zeltiq $40,89 $249.091 41% $(3.034) ‐1% $1.610.000 $1.548.552 4,7 n.a. n.a.
Slide 38: Investor Relations Contacts
El.En. SPA Enrico ROMAGNOLI Investor Relations Manager tel. +39 055‐8826807 E‐mail: finance@elen.it POLYTEMS HIR SRL Bianca FERSINI MASTELLONI Financial Communication Tel. +39 06‐6797849 / +39 06‐69923324 E‐mail: b.fersini@polytemshir.it POLYTEMS HIR SRL Silvia MARONGIU Press office Tel. +39 06‐6797