Moltiply Group S.p.a. · MIL:MOL

Moltiply — Gruppo MutuiOnline — Q3 2021 Earnings Presentation

42 slides from Moltiply's earnings presentation, Nov 15, 2021

  1. Slide 1: Third Quarter 2021 Results

    Third Quarter 2021 Results November 15th, 2021

  2. 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

  3. 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

  4. Slide 4: Agenda

    Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 4

  5. 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

  6. 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

  7. 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

  8. Slide 8: Group structure

    Group structure Headcount* 1,944 FTE Group structure as of September 30th, 2021 * 2020 average 8

  9. Slide 9: Broking Division structure

    Broking Division structure Group structure as of September 30th, 2021 9

  10. Slide 10: BPO Division structure

    BPO Division structure Group structure as of September 30th, 2021 10

  11. 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

  12. Slide 12: Agenda

    Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 12

  13. 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

  14. Slide 14: Shareholding Structure

    Shareholding Structure Shareholding structure as of October 31st, 2021* Treasury shares 3.98% Alma Ventures** 32.10% Free Float 42.11% 21.81% Investmentaktiengesellschaft für langfristige Investoren TGV * Share ownership as registered in last Shareholders’ meetings and as communicated to the company

  15. Slide 15: Share Performance since IPO

    Share Performance since IPO 3,000 85.0 80.0 KEY STOCK DATA as of Nov. 12th, 2021 2,750 75.0 2,500 Number of Shares 40,000,000 70.0 Treasury Shares 1,590,962 65.0 2,250 Outstanding Shares 38,409,038 60.0 Price per Share € 42.95 2,000 Market Capitalisation € 1,650 M 55.0 1,750 50.0 Since November 2018

  16. Slide 16: Agenda

    Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 16

  17. Slide 17: Q3 highlights

    Q3 highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 80 71.4 30 Y-o-Y 58.6 +21.9% 60 46% 20 Y-o-Y 18.1 43% 14.7 +22.8% 40 10 67% 20 70% 57% 54% 30% 33% 0 0 Q3 2020 Q3 2021 Q3 2020 Q3 2021 EBIT margin 25.2% 25.3% EBITDA Net Income (€m) (€m) 30 30 22.9 Y-o-Y 20 18.1 +26.3% 20 59% 61% 10

  18. Slide 18: Broking Division Performance

    Broking Division Performance EBITDA Revenues (€m) (€m) 20 40 Y-o-Y 13.6 11.0 +23.9% 10 32.6 Y-o-Y 30 +29.3% 25.2 0 Q3 2020 Q3 2021 20 EBITDA margin 43.5% 41.7% EBIT 10 (€m) 20 Y-o-Y 12.2 0 10.4 +17.5% Q3 2020 Q3 2021 10 0 Q3 2020 Q3 2021 EBIT margin 41.1% 37.3% 18

  19. Slide 19: BPO Division Performance

    BPO Division Performance EBITDA Revenues (€m) (€m) 20 40 38.8 Y-o-Y +16.3% 9.3 33.4 10 7.1 Y-o-Y +29.9% 30 0 Q3 2020 Q3 2021 20 EBITDA margin 21.4% 23.9% EBIT 10 (€m) 20 0 Q3 2020 Q3 2021 10 Y-o-Y 5.9 4.4 +35.3% 0 Q3 2020 Q3 2021 EBIT margin 13.1% 15.3% 19

  20. Slide 20: 9M highlights

    9M highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 230.2 80 240 Y-o-Y 178.7 +28.8% 60 43% Y-o-Y 49.7 160 42.3 +17.5% 42% 40 65% 80 67% 57% 20 58% 33% 35% 0 0 9M 2020 9M 2021 9M 2020 9M 2021 EBIT margin 23.7% 21.6% EBITDA Net Income (€m) (€m) 80 80 67.5 Y-o-Y 60 52.4 +28.8% 60 54% 40

  21. Slide 21: Broking Division Performance

    Broking Division Performance EBITDA Revenues (€m) (€m) 40 36.7 Y-o-Y 30.6 +20.0% 150 20 98.0 100 0 Y-o-Y +29.1% 9M 2020 9M 2021 75.9 EBITDA margin 40.3% 37.5% 50 EBIT (€m) 40 Y-o-Y 32.4 28.5 +13.8% 0 9M 2020 9M 2021 20 0 9M 2020 9M 2021 EBIT margin 37.5% 33.1% 21

  22. Slide 22: BPO Division Performance

    BPO Division Performance EBITDA Revenues (€m) (€m) 40 30.8 150 Y-o-Y 132.3 21.8 +41.3% 20 Y-o-Y +28.6% 102.9 100 0 9M 2020 9M 2021 EBITDA margin 21.2% 23.3% 50 EBIT (€m) 40 0 9M 2020 9M 2021 20 Y-o-Y 17.4 13.9 +25.0% 0 9M 2020 9M 2021 EBIT margin 13.5% 13.1% 22

  23. Slide 23: Net Financial Position

    Net Financial Position As of September 30, June 30, (€000) Change % 2021 2021 A. Cash and cash equivalents 210,727 126,020 84,707 67.2% B. Other cash equivalents - - - N/A C. Financial assets held to maturity or for trading 1,514 1,523 (9) -0.6% D. Liquidity (A) + (B) + (C) 212,241 127,543 84,698 66

  24. Slide 24: Evolution of the Italian residential mortgage market

    Evolution of the Italian residential mortgage market • The residential mortgage market in Q3 2021 is characterized by a substantial Y-o-Y stability of origination volumes, as a result of a strong drop of remortgages and growth of purchase mortgages. • Data from Assofin, an industry association which

  25. Slide 25: Broking Division – Business outlook

    Broking Division – Business outlook • In Q3 2021 the Y-o-Y evolution of the Broking Division results was substantially in line with expectations, except for Mortgage Broking which, also due to the delay between the dynamics of demand and that of originations, still achieved growth in the quarter des

  26. Slide 26: BPO Division – Business outlook

    BPO Division – Business outlook • In Q3 2021, improvements in revenues and margins continued compared to Q3 2020. Net of seasonality effects, previously described trends are confirmed, with revenue growth driven by the extension of the consolidation area due to the acquisition of Gruppo Lercari, but

  27. Slide 27: Agenda

    Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 27

  28. Slide 28: 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

  29. Slide 29: 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

  30. Slide 30: 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

  31. Slide 31: 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 31

  32. Slide 32: 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

  33. Slide 33: 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

  34. Slide 34: 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.

  35. Slide 35: Appendix

    beh Appendix

  36. Slide 36: Quarterly Profit & Loss

    Quarterly Profit & Loss (€000) Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Revenues 71,444 80,559 78,230 80,674 58,616 Other income 971 1,413 994 1,308 939 Capitalization of internal costs 804 1,181 953 906 778 Services costs (27,534) (34,526) (34,488) (32,169) (23,273) Personnel costs (20,431) (23,383)

  37. Slide 37: Q3 Profit & Loss

    Q3 Profit & Loss (€000) Q3 2021 Q3 2020 % Var. Revenues 71,444 58,616 21.9% Other income 971 939 3.4% Capitalization of internal costs 804 778 3.3% Service costs (27,534) (23,273) 18.3% Personnel costs (20,431) (16,743) 22.0% Other operating costs (2,383) (2,202) 8.2% Depreciation and amortization (

  38. Slide 38: 9M Profit & Loss

    9M Profit & Loss (€000) 9M 2021 9M 2020 % Var. Revenues 230,233 178,712 28.8% Other income 3,378 2,848 18.6% Capitalization of internal costs 2,938 2,713 8.3% Service costs (96,548) (72,602) 33.0% Personnel costs (65,381) (52,407) 24.8% Other operating costs (7,109) (6,863) 3.6% Depreciation and amo

  39. Slide 39: Balance Sheet – Asset Side

    Balance Sheet – Asset Side As of September 30, December 31, (€000) Change % 2021 2020* ASSETS Intangible assets 204,268 209,283 (5,015) -2.4% Property, plant and equipment 25,869 27,841 (1,972) -7.1% Associates measured with equity method 1,072 2,320 (1,248) -53.8% Non-current financial assets at fa

  40. Slide 40: Balance Sheet – Liability Side

    Balance Sheet – Liability Side As of September 30, December 31, (€000) Change % 2021 2020* LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the Issuer 282,415 233,257 49,158 21.1% Minority interests 4,692 3,575 1,117 31.2% Total shareholders' equity 287,107 236,8

  41. Slide 41: Net Financial Position

    Net Financial Position As of September 30, December 31, (€000) Change % 2021 2020 A. Cash and cash equivalents 210,727 122,371 88,356 72.2% B. Other cash equivalents - - - N/A C. Financial assets held to maturity or for trading 1,514 4,588 (3,074) -67.0% D. Liquidity (A) + (B) + (C) 212,241 126,959

  42. Slide 42: 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

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