Unidata S.p.a. · MIL:UD
Unidata — Investor Presentation (June 2023)
46 slides from Unidata's investor presentation, June 2023
Slide 1: Investor Presentation June 2023
JUNE 2023 INVESTOR PRESENTATION
Slide 2: Today's Speakers
TODAY’S SPEAKERS Renato Brunetti Roberto Giacometti Chairman & CEO CFO & Investor Relations Officer Expert in IT systems and software projects. Expert in Administration, Finance, Planning and In 1985, he founded Unidata together with Control. He held the position of General Manager two partners, gui
Slide 3: Index
INDEX COMPANY OVERVIEW ACQUISITION OF TWT GROUP MAIN PROJECTS SUSTAINABILITY KEY FINANCIALS GROWTH STRATEGY INVESTMENT HIGHLIGHTS
Slide 4: Company Overview
COMPANY OVERVIEW
Slide 5: History
HISTORY 1985 1994 1999 - 2002 2002 2017 2020 Foundation Unidata Unidata was Beginning of the Unidata extends Listing on Unidata starts revolutionizes its sold to construction of the its activities to Euronext operating as an core business and Cable&Wireless proprietary Cloud services Growth Milan Ha
Slide 6: History
HISTORY 2020 2022 2022 2023 2023 2023 JV with CEBF to Agreement with JV with Azimut to Unidata win the Closing of the Listing on deploy high-quality Azimut to build a build 900 km of tender for the IoT acquisition of Euronext FTTH networks in green neutral Tier submarine optical system managing TWT
Slide 7: Fiber & Networking
FIBER & NETWORKING The Unidata Fiber Network infrastructure is concentrated in the most important cities of Lazio Region, where Unidata offers complete coverage of the territory with Gigafiber: direct FTTH (Fiber to the Home) connectivity (100% Fiber optic). OVER 5,700 KM OF FIBER OPTIC CABLING LAUN
Slide 8: Cloud & Data Center
CLOUD & DATA CENTER The Unidata Data Center was built in line with the conditions required by certification standards Rating 4 (formerly TIER IV) with additional features to ensure the highest level of infrastructure security and reliable continuity of service provision. The Data Center occupies a s
Slide 9: IoT & Smart Solutions
IoT & SMART SOLUTIONS LoRa™ is the new wireless technology to support IoT solutions wide communication range (several Km) to reach devices high penetration to reach any object wherever it is installed low power consumption (many years with a single battery) open standard to create private public col
Slide 10: Additional Key Services
ADDITIONAL KEY SERVICES In addition to the three main areas, Unidata develops some additional key services: Fiber infrastructure construction Unidata directly builds the fiber optic network for Unidata and Unifiber in some key areas, as for instance in the grey areas of Latium, Apulia, Molise. Manag
Slide 11: Acquisition of TWT Group
ACQUISITION OF TWT GROUP
Slide 12: Acquisition of TWT Group
ACQUISITION OF TWT GROUP • Founded in 1995 in Milan, TWT Group is a primary Italian TLC, connectivity and ICT services operator specialized in the B2B segment1 • TWT Group’s vision is to become a recognized “atelier of telecommunications” with a bespoke B2B offering Proprietary optic fiber in Propri
Slide 13: Unidata & TWT: Strong Complementarity
UNIDATA & TWT: STRONG COMPLEMENTARITY Central Italy & recent Domestic reach, with a strong Geography expansion in Puglia presence in entire Italy Corporate / Wholesale White Label / Corporate Commercial B2B & Consumer Only B2B Historical core Asset-light Infrastructure business (focus on services) N
Slide 14: Industrial Synergies 2023-2025
INDUSTRIAL SYNERGIES 2023-2025 The acquisition of TWT Group will allow several business synergies and cost savings that will generate year by year a positive impact on EBITDA and EBITDA Margin: Continuous growth of both Unidata and TWT core business in B2B channels Sale of the offering of Unidata th
Slide 15: Structure of the Transaction
STRUCTURE OF THE TRANSACTION 25 November 2022 28 February 2023 Agreement for the Closing of the purchase of 100% of the acquisition of TWT TWT Group Group STRUCTURE OF THE TRANSACTION Transaction price Eu 58 million Long-term Bank Loan Capital Increase Part of the proceeds of the Capital with a pool
Slide 16: Main Projects
MAIN PROJECTS
Slide 17: Unifiber (JV with CEBF)
UNIFIBER (JV WITH CEBF) Closing signed in 2020 with Connecting Europe Broadband Europe (CEBF)1 and the activity started in 2H 2021. FTTH access network implementation in “gray areas” without FTTH, localized in Lazio region. Unifiber owns the passive FTTH network. INDUSTRIAL ROLE OF UNIDATA ❖ Design,
Slide 18: FTTH for Gray Areas of Lazio
FTTH FOR GRAY AREAS OF LAZIO Objective 193,000 homes 8,000 businesses 2H 2021 1Q 2023 4Q 2025 Start of the State of the art: End of the construction of 76,229 homes & construction of the fiber network 1,824 businesses the fiber connected network
Slide 19: Financial Structure of the Project
FINANCIAL STRUCTURE OF THE PROJECT FINANCIAL INVESTMENT % of Total Investment % of Investment % Shareholders Investment Unidata Eu 7.0 mn ~ 19.0% 30.0% CEBF Eu 30.0 mn ~ 81.0% 70.0% IRR DOUBLE DIGIT Equity Eu 37.0 mn 100% 100% 41.0% Last M&A transactions multiples1 External and Self Financing Eu 53.
Slide 20: Unitirreno (JV with Azimut)
UNITIRRENO (JV WITH AZIMUT) Closing signed in 2023 with Azimut - Fondo Infrastrutture per la Crescita ESG1 and the activity already started. Submarine cable system in Tirreno Sea of about 900 km from Mazara del Vallo to Genova, with a junction point near Rome-Fiumicino and one in Sardinia. INDUSTRIA
Slide 21: The Shortest and Most Reliable Path to Northern Europe
THE SHORTEST AND MOST RELIABLE PATH TO NORTHERN EUROPE 4Q 2022 – 2Q 2024 – 1Q 2025 2Q 2025 1Q 2024 4Q 2024 Marine Survey Subsea and System Ready for Process & Permits Equipment Cable Deployment Service Application Manufacturing KEY INDUSTRIAL PARTNERS Marine Deployment System vendor
Slide 22: Financial Structure of the Project
FINANCIAL STRUCTURE OF THE PROJECT FINANCIAL INVESTMENT % of Total Investment % of Equity Investment Unidata Eu 12.0 - 18.0 mn ~ 33.3 - 51.0% Azimut Eu 18.0 - 24.0 mn ~ 49.0 - 67.7% IRR DOUBLE DIGIT Equity Eu 36.0 mn 100% 45.0% Last M&A transactions multiples1 External and Self Eu 44.0 mn 55.0% Fina
Slide 23: Unicenter (JV with Azimut)
UNICENTER (JV WITH AZIMUT) Investment Agreement signed in 2022 with Fondo Infrastrutture per la Crescita - ESG1. Green and neutral Tier IV datacenter in Rome about 20 MW and 3,200 rack capacity, for a total area of 20,000 sqm UNICENTER INDUSTRIAL ROLE OF UNIDATA ❖ Support in the design and construct
Slide 24: Financial Structure of the Project
FINANCIAL STRUCTURE OF THE PROJECT FINANCIAL INVESTMENT % of Total Investment % of Investment % Shareholders Investment Unidata Eu 5.7 mn 10.0% 25.0% IRR DOUBLE DIGIT Azimut Eu 51.3 mn 90.0% 75.0% Market trading multiples1 Equity Eu 57.0 mn 100% 100% 100% 16-18x Total Investment EV/EBITDA 2024E Eu 5
Slide 25: Sustainability
SUSTAINABILITY
Slide 26: Unidata: A Benefit Company
UNIDATA: A BENEFIT COMPANY IN THE LAST THREE YEARS, UNIDATA HAS ACCELERATED ITS JOURNEY TOWARDS SUSTAINABILITY In 2022, Unidata became a Benefit Company and published its 1st Impact Report and 3rd ESG Report Unidata developed its ESG Strategy based on 3 macro-purposes of common benefit: ENVIRONMENTA
Slide 27: Results and Goals
RESULTS AND GOALS ENVIRONMENTAL SOCIAL GOVERNANCE Reduction of energy consumption Wire gray and black fiber Ensure training consistent and emissions areas with individual needs Goals 2023 Results 2022 Results 2022 Training for at least 80% of the company Total energy consumption: 2,525,216 kWh New r
Slide 28: Key Financials
KEY FINANCIALS
Slide 29: Financial Highlights FY 2022
Financial FINANCIALHighlights HIGHLIGHTSFY2021 FY 2022 +39% +15% 8.5 M€ Revenues EBITDA NFP 51.3 M€ 16.2 M€ (cash negative) vs 37.0 M€ in FY2021 vs 14.1 M€ in FY2021 vs 2.2 M€ in FY2021 +30% +1,200km Customer Growth Optical Fiber 17,187 >5,450 km vs 13,186 in FY2021 vs 4,239 in FY2021
Slide 30: Strong Revenues Generation
Financial STRONG Highlights REVENUES FY2021 DRIVEN BY CUSTOMERS INCREASE GENERATION Revenues FY 2022 breakdown by line of business1 • Increasing volumes related to optical fiber infrastructure Wholesale development 31,3% Infrastructure • Customer growth especially in Business & P.A. (+8% YoY) develo
Slide 31: Outstanding and Continuous Growth (1/2)
OUTSTANDING AND CONTINUOUS GROWTH (1/2) EBITDA & Margin EBITDA bridge CAGR ’19-’22A: 46% 39,3% 38,1% 36,8% 31,6% 16,2 EBITDA EBITDA FY 2021 FY 2022 14,1 8,6 5,2 • The improvement in EBITDA in FY 2022 is mainly due to the increase in network construction activity, which resulted 2019A 2020A 2021A 202
Slide 32: Outstanding and Continuous Growth (2/2)
OUTSTANDING AND CONTINUOUS GROWTH (2/2) EBIT & Margin Net Income & Margin CAGR ’19-’22A: 72% CAGR ’19-’22A: 75% 24,6% 21,2% 20,9% 20,9% 14,5% 14,6% 15,9% 10,6% Extraordinary fiscal impact ~1.8 mn 10,7 9,1 7,8 7,5 4,9 3,4 2,1 1,4 2019A 2020A 2021A 2022A 2019A 2020A 2021A1 2022A EBIT Margin (%) Net In
Slide 33: Financial Highlights Q1 2023
Financial Highlights FINANCIAL HIGHLIGHTSFY2021 Q1 2023 11.5 M€ 11.4 M€ 39.4 M€ Unidata Revenues TWT Group Revenues1 Unidata Group NFP + 27% vs 14.1 M€ in Q1 2022 (cash negative) vs 9.0 M€ in Q1 2022 vs -4.4 M€ in FY2021 +23% +245km Unidata Group Customer Growth Optical Fiber 23,244 >5,700 km vs 18,
Slide 34: Growth Strategy
GROWTH STRATEGY
Slide 35: Unidata: Next-Generation Communication Service Provider
UNIDATA: NEXT-GENERATION COMMUNICATION SERVICE PROVIDER UNIDATA HAS ALWAYS BEEN DIFFERENT FROM A TRADITIONAL TELCO We took a different path of innovation, anticipated the times and used new technologies, niche opportunities, speed of execution and ability to adapt. These are key characteristics in t
Slide 36: 2025 Business Targets – Unidata & Unifiber
2025 BUSINESS TARGETS – UNIDATA & UNIFIBER 2022 220,000 17,000 8% Investments Served Connected Penetration Housing Units Housing Units Rate 2023 Eu 20 million 2024 Eu 25 million 2025 Eu 15 million Entirely financed through own 2025 345,000 41,000 13% cash and cash equivalents Served Connected Penetr
Slide 37: 2025 Financial Target
2025 FINANCIAL TARGET + 2022A 2025W 2025B 2022A Agg. 2025W 2025B Revenues Eu 51.3mn ~Eu 72mn ~Eu 75mn ~Eu 110mn ~Eu 128mn ~Eu 134mn CAGR 22-25 (%) ~12% ~13% ~5% ~7% EBITDA Eu 16.2mn ~Eu 23mn ~Eu 25mn ~Eu 23mn1 ~Eu 34mn ~Eu 36mn CAGR 22-25 (%) ~12% ~16% ~15% ~18% EBITDA margin 31.6% ~32% ~33% ~21% ~2
Slide 38: Unidata Group's 2025 Targets by Stream of Revenues
UNIDATA GROUP’S 2025 TARGETS BY STREAM OF REVENUES Business lines Revenues 2022 Revenues 2025 Description ▪ Consumers, Business, Wholesale and P.A. clients’ revenues from Eu ~29.6mn Eu 34.2 - 35.6mn TLC & ICT services (Fiber&Networking, Wholesale, Datacenter&Cloud, IoT&Smart Solutions) Services Fibe
Slide 39: Investment Highlights
INVESTMENT HIGHLIGHTS
Slide 40: Unidata
UNIDATA 16 March 2020 Eu 13 per share 18% Eu 13.2 million + 2,250 + 70 IPO Eu 32 million Free Float Revenues Km of optical Employees FY 2019 fiber Market Cap 6 June 2023 Eu 41.3 per share 38.8% Eu 110 million + 5,700 + 200 Translisting Eu 128 million Free Float Revenues Km of Fiber Employees2 Market
Slide 41: Current Unidata Group Customers
CURRENT UNIDATA GROUP CUSTOMERS 22,521 32,500 Unidata & TWT Consumer and Business Active lines at national level through a network of Customers more than 350 partners 55,021 customers
Slide 42: Unlocking Hidden Value Across a Very Diversified Portfolio of Assets
UNLOCKING HIDDEN VALUE ACROSS A VERY DIVERSIFIED PORTFOLIO OF ASSETS UNIDATA: EV/EBITDA 23-24 on Market Cap approx. €120 million: 6.8 - 5.7 * 7-8x 5-6x B2B Telco Services 10-14x 100% 100% 100% B2C Telco Services Internet of Things 30% 25% UNICENTER 33.3% 18-20x 16-18x 12-13x *Source: Intermonte as a
Slide 43: Appendix
APPENDIX
Slide 44: Shareholders & Governance
SHAREHOLDERS & GOVERNANCE UNINVEST S.r.l.1 2 BOARD OF DIRECTORS BOARD OF STATUTORY AUDITORS 1) Equally owned by R. Brunetti, M. Vispi and C. Bianchi; 2) Entirely owned by M. Colli; 3) Including treasury shares.
Slide 45: Disclaimer
Disclaimer This document has been prepared by UNIDATA S.p.A. (the “Company") solely for information purposes. It contains summary information only and is therefore preliminary in nature. Tt has also been prepared without any intention of being exhaustive. THIS PRESENTATION AND THE ASSOCIATED VERBAL
Slide 46: Unidata S.p.A. Investor Relations Contact
Unidata S.p.A. ROBERTO GIACOMETTI CFO & Investor Relations Officer +39 329 2478696 r.giacometti@unidata.it CDR Communication S.r.l. Investor Relations Consultant SILVIA DI ROSA +39 335 7864209 silvia.dirosa@cdr-communication.it ELEONORA NICOLINI +39 333 9773749 eleonora.nicolini@cdr-communication.it