Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — FORUM Value Investor Roundtable 2017
26 slides from Moltiply's conference presentation, May 5, 2017
Slide 1: FORUM Value Investor Roundtable
FORUM Value Investor Roundtable May 5th, 2017
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 Group Chairman and Head of Broking Division • Founder and key shareholder (16.25% indirectly through Alma Ventures SA) • Background in consulting (McKinsey) and banking (Morgan Stanley) • Degrees in Electrical Engineering and Computer Science, MBA from MIT
Slide 4: Agenda
Agenda Business Description 1 Share Information 2 Historical Performance 3 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 Multi-bra
Slide 6: Broking Division – Top brands
Broking Division – Top brands Brand Description Market Position Operations Revenue Model Multi-product Launched in September Focus on marketing activities, Commission on new policy sales aggregator for 2012, is number two player in mostly TV and Internet. With the plus (lower) renewal fees from insu
Slide 7: BPO Division – Main services
BPO Division – Main services Product Life Cycle DISTRIBUTION UNDERWRITING/CLOSING SERVICING • Commercial activities for online • Income Analysis • Current Account Servicing Mortgage lenders (in lenders’ name) • Technical-Legal Analysis • Collections BPO • Centralized packaging • Anti-fraud checks •
Slide 8: Group Structure
Group Structure Headcount* 1,368 FTE Gruppo MutuiOnline S.p.A. PP&E S.r.l. 100% Real Estate renting and support services CreditOnline Mediazione Centro Centro MutuiOnline S.p.A. 100% 100% Creditizia S.p.A Finanziamenti S.p.A. 100% 100% Istruttorie S.p.A. CercAssicurazioni.it S.r.l. Segugio.it S.r.l.
Slide 9: Major Milestones
Major Milestones START-UP GROWTH RESTRUCTURING NEW GROWTH € 120,7M € 138,1M € 71,8M € 68,3M € 53,4M € 51,0M € 46,4M € 47,9M € 37,7M € 38,5M € 21,8M € 13,2M € 4,5M € 7,8M € 0,1M € 1,0M € 2,7M 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 BPO Division is Broking:
Slide 10: Agenda
Agenda Business Description 1 Share Information 2 Historical Performance 3 10
Slide 11: 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 12: Shareholding Structure
Shareholding Structure Shareholding structure as of 4th May 2017* Treasury shares 5,15% Alma Ventures** 32,50% Free Float 37,12% 20,20% 5,03% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as communicated to the company by releva
Slide 13: Share Performance since IPO
Share Performance since IPO KEY STOCK DATA as of 4th May 2017 Number of Shares 39,511,870 Treasury Shares 2,032,809 Outstanding Shares 37,479,061 Price per Share € 11.85 Market Capitalisation € 444.1 M Since April 2017, MOL is included in the Italian FTSE Italia MID-CAP Index 13
Slide 14: Agenda
Agenda Business Description 1 Share Information 2 Historical Performance 3 14
Slide 15: Revenue trends by Division
Revenue trends by Division Group Revenues Collapse of the Italian (€m) Mortgage Market 138,1 140 120,7 120 44% 100 58% 47% 80 40% 71,8 68,3 60 61% 53,4 51,0 45% 47,9 37% 46,4 58% 37,7 38,5 40 40% 56% 66% 61% 60% 45% 53% 21,8 60% 20 63% 58% 42% 60% 40% 34% 39% 55% 40% 42% 0 2006A 2007A 2008A 2009A 20
Slide 16: Revenue Breakdown by Business Line
Revenue Breakdown by Business Line Broking Division Revenues (€m) 80 70 61,0 Other Revenues 60 57,2 3% 2% E-Commerce Price Comparison 50 41,9 28% 36% Insurance Broking 40 6% 31,7 32,2 17% Consumer Loan Broking 27,8 25% 18% 30 22,7 25,1 32% 33% 20,5 12% 31% 17,3 4% 11% Mortgage Broking 20 18% 2% 32%
Slide 17: Operating Income by Division
Operating Income by Division EBIT (€m) 40 Collapse of the 35,2 Italian Mortgage 32,0 30,9 Market 30 + 47% 21,9 21,5 22,0 Launch of 57% 20 17,6 Segugio.it 77% 14,5 78% 84% 36% 10 8,5 77% 93% 5,6 53% 67% 3,6 43% 23% 80% 32% 64% 33% 23% 22% 7% 16% 20% 68% 0 2006A 2007A (a) 2008A 2009A 2010A 2011A 2012A
Slide 18: Net Income
Net Income Net income (€m) 23,5 24,8 25 20.9 20 14.8 14.4 15.3 15 9.7 9,9 10 5.2 5 3.6 3.8 0 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A Net income margin (%) 40% 32% 30% 29% 29% 30% 26% 24% 19% 18% 20% 14% 9% 10% 7% 0% 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015
Slide 19: Dividend Payout
Dividend Payout Earnings per share, consolidated Dividends per outstanding share (€) (€) 0,70 0,45 0,59 0,59 0,40 0,60 0,56 0,36 0,37 0,35 0,50 0.30 0,30 0,41 0,40 0,38 0,38 0,25 0,21 0,30 0,20 0,25 0,24 0.15 0,15 0,12 0,12 0,12 0,12 0,20 0,09 0,10 0,09 0,09 0,10 0,05 0,00 0,00 2007 2008 2009 2010 2
Slide 20: Appendix
teh Appendix
Slide 21: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Rev enues 39,524 31,257 34,454 32,834 36,414 Other income 559 511 703 566 598 Capitalization of internal costs 402 162 213 162 172 Serv ice costs (14,053) (11,632) (13,101) (11,916) (11,642) Personnel costs (12,407) (9,691) (11,3
Slide 22: Full Year Profit & Loss
Full Year Profit & Loss (€000) FY 2016 FY 2015 % Var. Rev enues 138,069 120,719 14.4% Other income 2,339 2,281 2.5% Capitalization of internal costs 939 768 22.3% Serv ice costs (50,702) (41,467) 22.3% Personnel costs (43,829) (40,799) 7.4% Other operating costs (4,295) (3,669) 17.1% Depreciation an
Slide 23: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of December 31, December 31, (€000) Change % 2016 2015 ASSETS I ntangible assets 53,874 57,932 (4,058) -7.0% Property, plant and equipment 13,412 11,485 1,927 16.8% Associates measured w ith equity method 1,224 2,642 (1,418) -53.7% Deferred tax assets 1,401 - 1,401 N/A
Slide 24: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of December 31, December 31, (€000) Change % 2016 2015 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 67,037 52,429 14,608 27.9% Minority interests 7,571 5,655 1,916 33.9% Total shareholders' equity 74,608 58,084 16
Slide 25: Net Financial Position
Net Financial Position As of December 31, December 31, (€000) Change % 2016 2015 A. Cash and cash equiv alents 42,071 32,451 9,620 29.6% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 677 817 (140) -17.1% D. Liquidity (A) + (B) + (C) 42,748 33,268 9,480 28.5
Slide 26: 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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