Tamburi Investment Partners S.p.a. · MIL:TIP
Tamburi Investment Partners — Investor Presentation (February 2020)
21 slides from Tamburi Investment Partners's investor presentation, Feb 7, 2020
Slide 1: Lugano, February 7, 2020
Lugano February 7, 2020 We should all feel nothing but shame for the reputation that finance has earned itself in the last few years, but if you manage to guide healthy capital from successful businesses and the assets of families that wish to invest them intelligently in companies that want to grow
Slide 2: Disclaimer
disclaimer The information contained herein, particularly the ones regarding any possible or assumed future performance of the TIP Group, are or may be forward looking statements and in this respect they involve some risks and uncertainties. Any reference to past performances shall not be taken as a
Slide 3: Tamburi Investment Partners S.p.A.
Tamburi Investment Partners S.p.A. 3 billion of direct investments and club deals in leading companies 1) Minority investments in 2) Outstanding returns 3) Limited risk thanks to excellent companies for shareholders portfolio diversification 26 12 ~26,5 billion +156,0 %* investments in companies agg
Slide 4: A reliable and real long term partner
Not only a financial investor. A real long term partner a reliable and real long term partner A UNIQUE NETWORK of more than 100 entrepreneurial family offices able to provide uncommon industrial know how PERMANENT CAPITAL, since the holding structure allows soft and rewarding exit paths, if any CEO
Slide 5: The investments
The investments1 Listed companies Listed companies ~160 mln Euro ~60 mln Euro ~44 mln Euro ~375 mln Euro ~50 mln Euro ~100 mln Euro ~ 830 mln Euro ~ 60 mln Euro ~ 80 mln Euro ~ 100 mln Euro ~ 275 mln Euro ~100 mln Euro (club deal) (100%) (init. inv.) (init. inv.) (club deal) (club deal+TIP) (club de
Slide 6: TIP share performance last 5 years
TIP share performance 5 years performance vs main indexes +135.5% 8,5 Nasdaq +100.7% 7,5 IT Star 6,5 +85.6% Dow Jones 5,5 +63.0% S&P 500 4,5 +61.5% 3,5 MSCI Small Cap +44.1% 2,5 Stoxx Eur +28.3% 1,5 FTSE Small Cap 0,5 +21.9% FTSE MIB +13.9% MSCI Eur +10.6% ▪ TIP has over performed the main italian a
Slide 7: Market orientation: public company since IPO
Market orientation price as at 14 YEARS AS A PUBLIC COMPANY Asset class Cash Multiple 9/11/05 4/2/20 TIP IPO (*) 90 million Dividend distributed since IPO +442,4% 5,42 x 88 million Buy back since IPO +170,6% 2,71 x S&P 500 1.218,6 3.297,6 ~35 million Free distribution of warrants ‘15 – ‘20 +48,0% S&
Slide 8: A market oriented public company
A market oriented public company Treasury shares ▪ On September 26 TIP announced that, in the context of the treasury shares program approved by the Shareholders’ Meeting on April 30, 2019, wanted to implement a plan for the purchase of additional treasury shares up to a maximum of n. 8.000.000 shar
Slide 9: Recent years results comparison
Recent years results comparison NET EQUITY AND INVESTMENTS (MLN EURO) 1. 143 864 817 623 644 426 431 842 151 181 647 666 449 437 360 354 175 211 31/12/11 31/12/12 31/12/13 31/12/14 31/12/15 31/12/16 31/12/17 31/12/18 30/9/19 * ** Net equity Investments 9 months 2019 profit before taxes above 85 mill
Slide 10: TIP dynamism
TIP dynamism 1.238 million investments (2015 – 2020) 476 million 1231 104 92 561 40 342 27 17 45 million 267 million 161 15 8 6 2003 35 32 StarTIP Tamburi Investment Partners S.p.A. 370 million 64 million 3204 50 294 124 9 74 5 2 Investments: listed companies 533 mln pri
Slide 11: TIP dynamism
TIP dynamism Total investments, including Club Deals 125 146 239 116 47 157 129 46 124 279 175 191* 259 325 228 2.587 2002- 2019- 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 TOT. 2005 2020 Euro million 108 M&A transactions ( 5,8 billion) of the investee companies since TIP firs
Slide 12: TIP intrinsic value
TIP intrinsic value Bloomberg Med term intr. Industry Book value estimates (1) value(2) Technology and innovation 198 587 ~728 41% StarTIP Tamburi Investment Partners Retail, fashion and high-end food 181 255 ~287 16% Health, tourism, silver age 106 258 ~265 15% Luxury and design 105 204 ~236 14% Ot
Slide 13: TIP intrinsic value
TIP intrinsic value TIP price, target price and Net Intrinsic Value last TIP assets intrinsic value 5 years trend Startups Net Intrinsic Value per 9,0 share of 8,22 euro 2% Unlisted 8,0 companies 14% 7,0 6,0 5,0 4,0 Treasury shares, 3,0 cash invested & 2,0 advisory 14% ~ 1.779 Large cap listed 50% 1
Slide 14: 2019 investments
2019 investments Italian leader in the clothing sector ▪ 1.700 stores (o/w 750 directly managed) focused on “value fashion” ▪ Market share of 8% (two times the main peer) and 18% market share in the kids segment > 90 million ▪ Diversification of revenues both in terms of geographical distribution
Slide 15: 2019 investments
2019 investments leading Italian IT services and solutions provider ▪ Leading player of the digital transformation of Italian economy ▪ Computer Gross (100% Sesa) is the leading player in Italian Value Added Distribution with a customer base of over 13,000 business partners Performance since 17 mil
Slide 16: 2019 investments
2019 investments The largest coworking space management company in Europe ▪ 26 campus in 8 countries, around 4.000 members, more than 600 companies hosted, 500 students graduated in 29 million euro 2018 and 43.000 events attendees equity invested (8 ▪ 2.500 – 7.000 sqm campus focused on the digita
Slide 17: Investee companies highlights
Investee companies highlights CAGR EBITDA '16-'18: +29,4% 1.682 Highlight 2018 1.142 1.682 1.224 1.142 1.224 ▪ Acquisition of Eden Viaggi, the main Italian competitor 60 ▪ Acquisition of the management contract of Tanka Village and Colonna Resort 36 60 36 ▪ New hotel in Venice 2016 2017 2018 2019: a
Slide 18: Investee companies highlights
Investee companies highlights CAGR EBITDA '16-'18: +12,5% 3.417 3.420 Highlight 2018 3.105 1.115 ▪ All 2018 target met or exceeded ▪ Shipments up +10.2% with growth occurred across all regions: EMEA, Americas, China, Hong 880 Kong and Taiwan and Rest of APAC. Industrial free cash flow generation of
Slide 19: Investee companies highlights
Investee companies highlights CAGR EBITDA '16-'18: +18,7% 1.420 1.194 Highlight 2018 1.040 ▪ Double-digit growth in all regions, distribution channels and for all economic indicators. 500 ▪ >500 million Euro of Ebitda, margin of 35% 355 9M 2019: double-digit growth continued in 3Q 2019 (retail rev.
Slide 20: Investee companies highlights
Investee companies highlights cagr ebitda ‘17-’19: +36,1% Key financials Revenue breakdown (2017) ~550 ~500 900 Middle ~400 829 East 726 850 20% 682 726 611 > 70 21 USA 0 38 50% Europe 2016 2017 2018 2017 2018 2019 2015 (aug) 2016 (aug)2017 30% (aug) cagr ebitda ‘16-’18: +9,1% cagr ebitda ‘16-’18: +
Slide 21: The hub of the digital made in Italy
The digital / innovation hub THE HUB OF THE DIGITAL MADE IN ITALY 50 mln market cap 45 mln market cap >100 mln valuation MY WoWo >200 mln valuation ▪ Unmatched (in Italy) skills and attractiveness gathered by TIP, Digital Magics and Talent Garden for a booming market ▪ Further 100 million euro avail
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