Smart Capital S.p.a. · MIL:SMCAP
Smart Capital — Investor Presentation (February 2025)
20 slides from Smart Capital's investor presentation, February 2025
Slide 1: Company presentation
Company presentation February 2025
Slide 2: Index
Index 1 Chapter 1: Smart Capital at a glance 2 Chapter 2: Portfolio 2
Slide 3: Smart Capital at a glance
Smart Capital at a glance Company Description ➢ Smart Capital S.p.A. is an evergreen investment holding company specializing in minority private equity investments, focusing on Italian SMEs, both listed and unlisted. ➢ The Group, led by two experienced managers, operates since 2020, it aims for a lo
Slide 4: Investment strategy
Investment strategy ➢ Strong support to investee companies through its advisory division (M&A, strategic advisory, management support) Investment Approach Smart Capital Key Investment Portfolio Direct Investments Club Deal investment approach Direct Club Investment Investments Deal Size <€5m € 3 – 1
Slide 5: Generalist investor with well-defined sector targets
Generalist investor with well-defined sector targets … MANUFACTURING SPECIALTY LOGISTICS TECHNOLOGY INVESTEE COMPANIES INVESTEE COMPANIES INVESTEE COMPANIES Source: Management Information 5
Slide 6: Fragmented and growing market with many investment opportunities
Fragmented and growing market with many investment opportunities # 199 k € 1.600 bn 48% >30% Italian SMEs Turnover of Italy’s export of the workforce ➢ Italian SME segment is densely populated with investment opportunities ➢ Geographically, ~ 60% of Italian SMEs are located in the north of Italy and
Slide 7: Shareholding structure
Shareholding structure Agrati Holding S.p.A. 20,69% Smart Capital’s subscribed and paid-up capital consists of 29.467.617 shares, of which 27.802.362 listed ordinary shares (ISIN Free Float 49,70% IT0005621070) and 1.665.255 multiple-vote shares not admitted for Costantini Investments Share S.r.l. t
Slide 8: Outstanding experienced management team
Outstanding experienced management team SENIOR MEMBERS A. Costantini - Managing Partner, A. Faraggiana - Managing Partner R. Francani - Partner, Advisory & L. Pedrinazzi - General Manager Chairman & CEO & General Manager Business Development Director Smart4Tech EXECUTION TEAM MEMBERS I. Fiori - CFO
Slide 9: Solid and decorrelated portfolio
Solid and decorrelated portfolio Smart Capital NAV has registered +73% since inception (NAV at inception date equal to €1.01 per share and at 30/06/2024 equal to €1.75 per share) overperforming all the Italian market indexes FTSE Italia Small Cap FTSE Italia STAR Target Price IMI 200 180 180 175 161
Slide 10: Key Financials
Key Financials ➢ In 1H 2024, Smart Capital continued its growth, reaching the economic and financial results achieved in the entire year of 2023 Revenues from advisory Financial Income 2,1m € 2,0m € 0,4m € 0,4m € 1,1m € 0,1m € 0,1m € 0,6m € 2021 Not 2022 Consolidated 2023 Consolidated 1H 2024 Consol
Slide 11: Key Investment Highlights
Key Investment Highlights LEADING ITALIAN PERMANENT CAPITAL INVESTOR FOCUSED ON SMES ACROSS PUBLIC AND PRIVATE TRANSACTIONS LONG TERM SHAREHOLDERS BASE LEVERAGING ON SEVERAL ENTREPRENEURIAL FAMILIES MANAGEMENT TEAM WITH DISTINCTIVE COMPETENCIES AND TRACK RECORD IN BOTH INDUSTRIAL AND M&A / PE FIELDS
Slide 12: Index
Index 1 Chapter 1: Smart Capital at a glance 2 Chapter 2: Portfolio 12
Slide 13: Solid Portfolio @30/06/2024
Solid Portfolio @30/06/2024 … ➢ The portfolio below reported is of June 30, 2024. There have been some changes during 2H 2024, notably the divestments in KNOBS, Venpa and Unieuro (the latter following the public tender offer). The investment in L'Orto di Jack (in October 2024) and in Ferrari Group (
Slide 14: Solid Portfolio @30/06/2024 – co-investment, manufacturing
Solid Portfolio @30/06/2024 … SECTOR REVENUE RANGE EBITDA MARGIN INVESTMENT DATE DIRECT INVESTMENTS - PIPE €250 - 300 million 11% – 13% 2021 LOGISTICS €40 - 50 million 14% – 16% 2022 NEW €60 - 70 million 4% – 7% 2024 TECHNOLOGY €175 - 225 million 25% – 27% 2024 CLUB DEAL €40 - 60 million negative 20
Slide 15: Track record of club deals and main divestments
… with a track record of “club deals” and main divestments Smart Capital gives co-investments rights to its shareholders in order to enhance its firepower Smart Logistics 16 Club Deal Smart Ala Smart Newcleo 13 Smart4Sea 4 Smart4Tech 18 14 Smart Agri Smart Racing 5 Smart4Orto 2 4 Lario Up 4 2021 202
Slide 16: Leading cornerstone investor in the EGM segment
Leading cornerstone investor in the EGM segment July 2021 November 2021 July 2022 May 2024 Company Investment ~ € 4.5 m ~ € 3.0 m ~ € 1.5 m ~ € 11.0 m Key advantages as leading cornerstone investor NEGOTIATION ALLOCATION PRIORITY CHERRY PICKING MONITORING Considering its primary role, Smart Investme
Slide 17: Main Investments (1/2)
Main Investments (1/2) Stake ~4,5%* Stake ~1,1% Stake ~0,7% Stake ~3,9%* 2024A 2024E 2024E 2024E Revenues 291m € Revenues 992m € Revenues 905m € Revenues 57m € EBITDA 36m € EBITDA 125m € EBITDA 120m € EBITDA 7m € EBITDA% 12% EBITDA% 12% EBITDA% 13% EBITDA% 12% A.L.A. S.p.A. is a group specializing i
Slide 18: Main Investments (2/2)
Main Investments (2/2) Stake ~43,6%* Stake 30,0%* Stake ~4,5% Stake ~0,3%* 2023A PF 2023A 2023A Revenues 40m € Revenues 12m € Revenues 60m € Midolini Group S.p.A. specializes in (i) Lifting & Transport: rental of mobile In.Un.Up. S.r.l. operates in the MGM S.p.A. specializes in the Newcleo Ltd desig
Slide 19: Our sustainability strategy
ur sustainability strategy Commitment toward SDGs SUSTAINABILITY In accordance with the Sustainable Development Goals’ scheme provided by the United Nations, Smart Capital recognises the importance of sustainability and promotes actions targeted to SDGs n. 4, 8 and 9. STRATEGY Planning the steps tow
Slide 20: Disclaimer
Disclaimer The information contained in this document, particularly regarding any potential or assumed future performance of Smart Capital, constitutes or may constitute forward-looking statements and, as such, involves certain risks and uncertainties. Any reference to past performance should not be
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