Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — H1 2021 Earnings Presentation
43 slides from Moltiply's earnings presentation, Sep 8, 2021
Slide 1: First Half 2021 Results
First Half 2021 Results September 8th, 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 June 30th, 2021 * 2020 average 8
Slide 9: Broking Division structure
Broking Division structure Group structure as of June 30th, 2021 9
Slide 10: BPO Division structure
BPO Division structure Group structure as of June 30th, 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 August 31st, 2021* Treasury shares 4.01% Alma Ventures** 32.10% Free Float 42.08% 21.81% Investmentaktiengesellschaft für langfristige Investoren TGV * Share ownership as registered in last Shareholders’ meetings and as communicated to the company
Slide 15: Share Performance since IPO
Share Performance since IPO 3,000 85.0 80.0 KEY STOCK DATA as of Sept. 7th, 2021 2,750 75.0 2,500 Number of Shares 40,000,000 70.0 Treasury Shares 1,602,585 65.0 2,250 Outstanding Shares 38,397,415 60.0 Price per Share € 50.00 2,000 Market Capitalisation € 1,920 M 55.0 1,750 50.0 Since November 2018
Slide 16: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 16
Slide 17: H1 highlights
H1 highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 180 158.8 Y-o-Y 40 120.1 +32.2% 31.6 120 41% 27.6 Y-o-Y +14.6% 42% 20 64% 60 66% 59% 58% 34% 36% 0 0 H1 2020 H1 2021 H1 2020 H1 2021 EBIT margin 23.0% 19.9% EBITDA Net Income (€m) (€m) 44.6 Y-o-Y 40 34.3 40 +30.2% 52% 23.4 57% 20.4
Slide 18: Broking Division Performance
Broking Division Performance EBITDA Revenues (€m) (€m) 30 100 Y-o-Y 23.1 19.6 20 +17.8% 80 10 65.3 0 Y-o-Y H1 2020 H1 2021 60 50.6 +29.1% EBITDA margin 38.8% 35.4% 40 EBIT (€m) 20 30 Y-o-Y 20.2 20 18.1 0 +11.7% H1 2020 H1 2021 10 0 H1 2020 H1 2021 EBIT margin 35.7% 30.9% 18
Slide 19: BPO Division Performance
BPO Division Performance EBITDA Revenues (€m) (€m) 30 100 93.5 21.5 20 Y-o-Y 14.7 +46.8% Y-o-Y 80 +34.5% 10 69.5 0 60 H1 2020 H1 2021 EBITDA margin 21.1% 23.0% 40 EBIT (€m) 20 30 0 20 H1 2020 H1 2021 9.5 Y-o-Y 11.4 10 +20.3% 0 H1 2020 H1 2021 EBIT margin 13.7% 12.2% 19
Slide 20: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • In Q2 2021, the residential mortgage market significantly grew Y-o-Y due to the comparison with a period largely characterized by the partial block of real estate transactions and notary deeds due to the lock down. The growth progressively decli
Slide 21: Broking Division – Business outlook 1/2
Broking Division – Business outlook 1/2 • Revenues and margins for the Broking Division are up overall in Q2 2021, although the contribution of E-Commerce Price Comparison is down Y-o-Y. For the remainder of 2021, weakness can be expected in the Mortgage Broking Business Line, while the remaining bu
Slide 22: Broking Division – Business outlook 2/2
Broking Division – Business outlook 2/2 • E-Commerce Price Comparison revenues and margins are down significantly Y-o-Y in Q2 2021, as expected, due to the absence of the exceptional favorable effects that had characterized Q2 2020. During June, the organic visibility of the Trovaprezzi.it website i
Slide 23: BPO Division – Business outlook 1/2
BPO Division – Business outlook 1/2 • In H1 2021, when compared to H1 2020, the BPO Division shows a positive development, both in terms of turnover and margins, at EBITDA level. Even excluding the impact of the acquisition of the Lercari Group, revenue would increase over 15% compared to H1 2020, a
Slide 24: BPO Division – Business outlook 2/2
BPO Division – Business outlook 2/2 • Loans BPO, which had posted a record 2020, thanks to the extension of the range of outsourcing offerings to the underwriting services for the origination of business loans, shows only a slight decrease in H1 2021, proving resilient to the normalization of the SM
Slide 25: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 25
Slide 26: 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 27: 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 28: 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 29: EBITDA by Division
EBITDA by Division EBITDA EBITDA margin (€m) (%) 80 76.6 50% 40.5% 64.0 40% 60 35.0% 59% 30% 47% 29.1% 29.5% 40 25.3% 20% 21.3% 20 10% 53% 41% 0% 0 2019 2020 2019 2020 BPO Division Broking Division Broking Division BPO Division Group 29
Slide 30: 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 31: 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 32: 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 33: Appendix
beh Appendix
Slide 34: H1 Profit & Loss
H1 Profit & Loss (€000) H1 2021 H1 2020 % Var. Revenues 158,789 120,096 32.2% Other income 2,407 1,909 26.1% Capitalization of internal costs 2,134 1,935 10.3% Service costs (69,014) (49,329) 39.9% Personnel costs (44,950) (35,664) 26.0% Other operating costs (4,726) (4,661) 1.4% Depreciation and am
Slide 35: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Revenues 80,559 78,230 80,674 58,616 61,954 Other income 1,413 994 1,308 939 1,069 Capitalization of internal costs 1,181 953 906 778 1,166 Services costs (34,526) (34,488) (32,169) (23,273) (24,389) Personnel costs (23,383) (21,
Slide 36: Q2 Profit & Loss
Q2 Profit & Loss (€000) Q2 2021 Q2 2020 % Var. Revenues 80,559 61,954 30.0% Other income 1,413 1,069 32.2% Capitalization of internal costs 1,181 1,166 1.3% Service costs (34,526) (24,389) 41.6% Personnel costs (23,383) (17,971) 30.1% Other operating costs (2,589) (2,150) 20.4% Depreciation and amor
Slide 37: Q2 highlights
Q2 highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 100 30 80.6 80 Y-o-Y 62.0 +30.0% 20 60 42% 16.4 Y-o-Y 15.6 45% -4.9% 40 10 69% 61% 20 58% 55% 31% 39% 0 0 Q2 2020 Q2 2021 Q2 2020 Q2 2021 EBIT margin 26.5% 19.4% EBITDA Net Income (€m) (€m) 30 30 22.7 19.7 Y-o-Y 20 +15.1% 20 48% 12.
Slide 38: Q2 Broking Division Performance
Q2 Broking Division Performance EBITDA Revenues (€m) (€m) 20 11.9 Y-o-Y 10.9 10 -8.6% 40 33.5 Y-o-Y 0 27.7 +20.8% Q2 2020 Q2 2021 EBITDA margin 42.9% 32.5% 20 EBIT (€m) 20 0 11.3 Y-o-Y -15.6% 9.6 Q2 2020 Q2 2021 10 0 Q2 2020 Q2 2021 EBIT margin 40.9% 28.6% 38
Slide 39: Q2 BPO Division Performance
Q2 BPO Division Performance EBITDA Revenues (€m) (€m) 20 47.1 11.8 Y-o-Y 10 7.8 +51.3% Y-o-Y 40 +37.5% 34.2 0 Q2 2020 Q2 2021 EBITDA margin 22.7% 25.0% 20 EBIT (€m) 20 0 Q2 2020 Q2 2021 10 5.1 Y-o-Y 6.1 +19.0% 0 Q2 2020 Q2 2021 EBIT margin 14.9% 12.9% 39
Slide 40: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of June 30, December 31, (€000) Change % 2021 2020* ASSETS Intangible assets 206,762 209,283 (2,521) -1.2% Property, plant and equipment 26,895 27,841 (946) -3.4% Associates measured with equity method 1,072 2,320 (1,248) -53.8% Non-current financial assets at fair valu
Slide 41: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of June 30, December 31, (€000) Change % 2021 2020* LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the Issuer 263,895 233,257 30,638 13.1% Minority interests 4,367 3,575 792 22.2% Total shareholders' equity 268,262 236,832 31,4
Slide 42: Net Financial Position
Net Financial Position As of June 30, December 31, (€000) Change % 2021 2020 A. Cash and cash equivalents 126,020 122,371 3,649 3.0% B. Other cash equivalents - - - N/A C. Financial assets held to maturity or for trading 1,523 4,588 (3,065) -66.8% D. Liquidity (A) + (B) + (C) 127,543 126,959 584 0.5
Slide 43: 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