Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q1 2021 Earnings Presentation
35 slides from Moltiply's earnings presentation, May 17, 2021
Slide 1: First Quarter 2021 Results
First Quarter 2021 Results May 17th, 2021
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 (16.05% • Founder and key shareholder • Background in auditing (Arthur indirectly through Alma Ventures S
Slide 4: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 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 leading brands in the Italian market Division Division within the Italian financial services industry Mortgage
Slide 6: Broking Division – Top brands
Broking Division – Top 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 from
Slide 7: 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 8: Group structure
Group structure Headcount* 1,944 FTE Group structure as of March 31st, 2021 * 2020 average 8
Slide 9: Broking Division structure
Broking Division structure Group structure as of March 31st, 2021 9
Slide 10: BPO Division structure
BPO Division structure Group structure as of March 31st, 2021 10
Slide 11: Major milestones
Major milestones START-UP GROWTH RESTRUCTURING NEW GROWTH € 259.4M € 219.9M € 185.1M Collapse of Italian mortgage € 152.8M market € 138.1M € 120.7M € 71.8M € 68.3M € 46.4M€ 47.9M€ 53.4M € 38.5M € 51.0M € 37.7M € 21.8M € 13.2M € 0.1M € 1.0M € 2.7M € 4.5M € 7.8M 2000 2001 2002 2003 2004 2005 2006 2007
Slide 12: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 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 mid-size companies with a capitalization less than Euro 1 billion, which voluntarily adhere and comply with a number of strict requirements i
Slide 14: Shareholding Structure
Shareholding Structure Shareholding structure as of May 14th, 2021* Treasury shares 4.95% Alma Ventures** 32.10% Free Float 36.09% 5.05% 21.81% Kayne Anderson Rudnick Investmentaktiengesellschaft für Investment Management LLC langfristige Investoren TGV * Share ownership as registered in last Shareh
Slide 15: Share Performance since IPO
Share Performance since IPO 3,000 75.0 70.0 KEY STOCK DATA as of May 14th, 2021 2,750 65.0 Number of Shares 40,000,000 2,500 60.0 Treasury Shares 1,980,370 2,250 Outstanding Shares 38,019,630 55.0 Price per Share € 43.75 2,000 50.0 Market Capitalisation € 1,663 M 45.0 1,750 Since November 2018, MOL
Slide 16: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 16
Slide 17: Q1 highlights
Q1 highlights EBIT Revenues (€m) (€m) 20 90 15 Y-o-Y +43.4% 16.0 80 10 11.2 70 Y-o-Y 78.2 5 +34.5% 60 0 Q1 2020 Q1 2021 50 58.1 EBIT margin 19.2% 20.5% 40 30 Net Income (€m) 20 15 10 Y-o-Y 10 +64.9% 13.1 0 Q1 2020 Q1 2021 5 7.9 0 Q1 2020 Q1 2021 NI margin 13.6% 16.7% 17
Slide 18: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) 20 16.0 90 Y-o-Y 15 11.2 +43.4% Y-o-Y 80 78.2 10.6 +57.5% 10 Y-o-Y 6.8 70 +34.5% 5 Y-o-Y Y-o-Y 58.1 31.9 +39.0% 4.4 5.4 21.8% 60 0 Q1 2020 Q1 2021 50 22.9 40 Broking Division BPO Division 30 Y-o-Y +31.6% 20 46.4 35.2 EBIT margin 10 (percent of revenues
Slide 19: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • In the first two months of 2021, in a Y-o-Y comparison, the mortgage market is essentially stable, as a result of growing purchase mortgages and declining remortgages. March 2021 instead shows a strong Y-o-Y growth, due to the freezing of most o
Slide 20: Broking Division – Business outlook
Broking Division – Business outlook • Broking Division revenues continued to grow Y-o-Y in Q1 2021, thanks to the contribution of all the business lines. • Mortgage Broking revenues are up significantly Y-o-Y, in part because March 2020 performance was already impacted by the lockdown. Applications
Slide 21: BPO Division – Business outlook
BPO Division – Business outlook • The BPO Division’s performance in Q1 2021 was positive. As anticipated, the growth in revenues and margins compared with Q1 2020 was primarily due to the acquisition of Gruppo Lercari. Even on a like-for-like basis, however, the Division would have experienced reven
Slide 22: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 22
Slide 23: Revenue trends by Division
Revenue trends by Division Group Revenues (€m) Collapse of the Italian Mortgage Market 259.4 240 219.9 200 43% 185.1 58% 39% 160 152.8 138.1 43% 40% 120.7 120 61% 44% 44% 45% 47% 80 71.8 68.3 57% 53.4 61% 46.4 47.9 51.0 58% 37% 57% 37.7 38.5 40 66% 40% 56% 56% 21.8 60% 61% 45% 53% 60% 63% 58% 42% 55
Slide 24: Revenue Breakdown by Business Line
Revenue Breakdown by Business Line 150 Broking Division Revenues (€m) 120 111.1 4% Other Revenues Telco & Energy Comparison* 90 86.8 31% 3% E-Commerce Price Comparison 79.1 3% Insurance Broking 67.2 27% Consumer Loan Broking 61% 24% 45% 61.0 3% Mortgage Broking 57.2 18% 60 3% 2% 30% 19% 18% 4% 28% 3
Slide 25: Revenue Breakdown by Business Line
Revenue Breakdown by Business Line 150 BPO Division Revenues 148.3 (€m) 133.1 22% Other revenues 120 24% BPO Leasing/Rental 106.0 6% Investment Services BPO 5% Insurance BPO 21% 7% 90 85.6 Loans BPO 4% 17% 77.1 10% Real Estate Services BPO* 8% 11% 8% 17% Mortgage BPO 9% 61% 63.6 8% 12% 45% 20% 60 10
Slide 26: Operating Income by Division
Operating Income by Division EBIT (€m) Collapse of the 63.1 60 Italian Mortgage Market 50.8 + 46.1 39.7 40 Launch of 35.2 66% 30.9 Segugio.it 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% 77% 3.6 5.6 53% 54% 49% 34% 67% 32% 64% 43% 33% 23% 22% 7% 16% 23% 0 68% 2006
Slide 27: Net Income
Net Income Net income (€m) 150 130.7* 120 Tax benefit 90 85.1 from the revaluations 60 40.6 34.4 23.5 24.8 27.5 30 9.7 14.8 14.4 15.3 20.9 9.9 45.6 5.2 3.6 3.8 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Net income margin (%) 60% 50.4%* 50% 40% 31.9% 30.1% 28.7% 29.1
Slide 28: Dividend Payout
Dividend Payout Earnings per share, consolidated (€) 4.00 3.42 3.50 3.00 2.50 2.00 1.50 1.07 0.89 1.00 0.59 0.69 0.56 0.58 0.38 0.38 0.41 0.50 0.25 0.24 0.09 0.09 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Earnings per share Dividends per outstanding share (€) 1.20 1.
Slide 29: Appendix
beh Appendix
Slide 30: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Revenues 78,230 80,674 58,616 61,954 58,142 Other income 994 1,308 939 1,069 840 Capitalization of internal costs 953 906 778 1,166 769 Services costs (34,488) (32,169) (23,273) (24,389) (24,940) Personnel costs (21,567) (23,851)
Slide 31: Q1 Profit & Loss
Q1 Profit & Loss (€000) Q1 2021 Q1 2020 % Var. Revenues 78,230 58,142 34.5% Other income 994 840 18.3% Capitalization of internal costs 953 769 23.9% Services costs (34,488) (24,940) 38.3% Personnel costs (21,567) (17,693) 21.9% Other operating costs (2,137) (2,511) -14.9% Depreciation and amortizat
Slide 32: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of March 31, December 31, (€000) Change % 2021 2020 ASSETS Intangible assets 192,698 196,217 (3,519) -1.8% Property, plant and equipment 27,133 27,841 (708) -2.5% Participation measured with equity method 2,308 2,320 (12) -0.5% Financial assets at fair value 62,750 60,5
Slide 33: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of March 31, December 31, (€000) Change % 2021 2020 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the Issuer 257,258 233,258 24,000 10.3% Minority interests 3,932 3,575 357 10.0% Total shareholders' equity 261,190 236,833 24,3
Slide 34: Net Financial Position
Net Financial Position As of March 31, December 31, (€000) Change % 2021 2020 A. Cash and cash equivalents 153.823 122.371 31.452 25,7% B. Other cash equivalents - - - N/A C. Securities held for trading 1.513 4.588 (3.075) -67,0% D. Liquidity (A) + (B) + (C) 155.336 126.959 28.377 22,4% E. Current f
Slide 35: 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