Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — STAR event in Milan 2009
29 slides from Moltiply's conference presentation, Mar 24, 2009
Slide 1: Company Presentation at STAR event in Milan
Company Presentation at STAR event in Milan 24 March 2009
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: Top management
Top management •Group •Group Chairman Chairman and and Head Head of of Broking Broking Division Division •Founder •Founder and and key key shareholder shareholder (16.19% (16.19% indirectly indirectly through through Alma Alma Ventures Ventures SA) SA) •Background •Background in in consulting consul
Slide 4: Share performance June 2007 (IPO date) - March 2009
Share performance 6 June 2007 (IPO date) - 16 March 2009 Share price and trading volumes Euros, number of shares Performance vs. ALL STAR index 1.000 6,5 0,10 0,05 0,00 -0,05 900 6,0 -0,10 IPO price = €5,60 -0,15 -0,20 800 5,5 -0,25 -0,30 -0,35 700 5,0 -0,40 -0,45 -0,50 600 4,5 -0,55 -0,60 -0,65 500
Slide 5: Current shareholding structure
Current shareholding structure Shareholding structure as of 16 March 2009* Treasury Shares; 3,29% Free Float; 24,84% Alma Ventures**; 32,37% Jupiter Ventures***; 5,47% Stefano Rossini***; 4,32% Capital Research & Management; 8,00% Nestor 2000****; 11,37% Parvus Asset Ventures; 10,34% * Share ownersh
Slide 6: Business portfolio
Business portfolio Broking Broking BPO BPO DIVISION DIVISION 2008: 2008: Rev. €27.8m EBIT Rev. €27.8m EBIT €17.1m €17.1m 2008: 2008: Rev. €18.5m EBIT Rev. €18.5m EBIT €4.8m €4.8m Multi-brand Multi-brand Multi-brand Multi-brand Multi-brand Multi-brand Employee Employee broking broking of of broking b
Slide 7: Gruppo MutuiOnline offers a compelling investment opportunity
Gruppo MutuiOnline offers a compelling investment opportunity Strong and committed management UP RO Sound underlying market fundamentals G Superior financials Leading position in Leading position in N online credit broking high potential market SIO BP O VI DI DI Independence State-of-the-art VI NG f
Slide 8: Relative immaturity of the Italian retail credit market supports significant long-term growth potential
Relative immaturity of the Italian retail credit market supports significant long-term growth potential… Outstanding residential mortgages as % of GDP Outstanding consumer credit as % of GDP (2007) (2007) UK 78,2% UK 16,5% Spain 54,5% Germany 10,0% Germany 48,8% Spain 9,4% France 32,2% France 7,5% I
Slide 9: Relative underdevelopment of remote distribution channels
… which is further enhanced by the relative underdevolopment of remote distribution channels Internet sales of financial products Household Internet penetration (% total sales, 2007) (December 2007) Sweden 22,0% UK 18,0% UK 56% Netherlands 14,0% Germany 54% France 12,0% France 53% Spain 9,0% Italy 4
Slide 10: The business model of the broking division is based on lead generation
The business model of the broking division business is based on lead generation Loan- granting Lead Lead Generation Generation Packaging Packaging Underwriting Underwriting Closing Closing phases Revenue model • Revenues generated Product Product Portfolio Portfolio Contact Contact Gathering Gatheri
Slide 11: On the MutuiOnline website consumers can compare mortgage quotes
On the MutuiOnline website consumers can easily and transparently compare mortgage quotes 11
Slide 12: The BPO Division operates in a totally underdeveloped market
The BPO Division operates in a totally underdeveloped market that has significant growth potential Outsourced mortgage fulfilment processes in selected European countries 2006 Netherlands 50% Growth drivers of the Italian credit BPO market Spain 50% • Fragmentation of the loan value chain driven by
Slide 13: BPO offering is structured along three business lines
BPO offering is structured along three business lines that cover the bulk of the origination process for mortgages and loans Origination Lead Lead Generation Generation Packaging Packaging Underwriting Underwriting Closing Closing Process Generate interest From first client contact From preliminary
Slide 14: The service delivery model combines technology and organization
The service delivery model is based on a unique combination of technology and organization • Streamlined activities A A re-engineered re-engineered • Reduced lead-times process... process... • Standardized yet flexible •Totally integrated workflow and CRM engine …… leveraging leveraging •Paperless t
Slide 15: Full-year Highlights
Full-year Highlights Revenues EBIT (€m) (€m) 24 21.9 Y-o-Y 20 17.6 +24% 50 46.3 16 45 Y-o-Y 12 +23% 8 40 37.7 4 35 0 2007 (a) 2008 30 EBIT EBIT margin margin 47% 47% 47% 47% 25 20 15 Net Income (€m) 10 15 14.8 5 Y-o-Y +52% 0 10 9.7 2007 2008 5 0 2007 2008 NI NI margin margin 26% 26% 32% 32% Note: (a
Slide 16: Performance by Division
Performance by Division Revenues EBIT (€m) (€m) 25 Y-o-Y 21.9 20 +24% 17.6 50 46.4 Y-o-Y Y-o-Y 15 17.1 +27% 45 +23% 13.5 10 40 37.7 5 Y-o-Y 4.1 4.8 +16% 35 0 27.8 Y-o-Y +23% 2007 (a) 2008 30 22.7 25 Broking Division BPO Division 20 15 EBIT margin 10 15.0 18.6 Y-o-Y +24% 5 2007 2007(a) (a) 2008 2008
Slide 17: Historical Revenue Trends
Historical Revenue Trends Broking Division Revenues Group Revenues (€m) (€m) 30 CAGR 27.8 +48% 12% 25 22.7 11% 20 31% 18% 50 46.3 12.7 15 45 8.4 6% 10 5.8 18% CAGR 5% 71% 57% 40 +56% 37.7 7% 18% 5 22% 77% 76% 35 0 71% 60% 30 2004A 2005A 2006A 2007A 2008A 60% 25 21.8 MutuiOnline PrestitiOnline Credit
Slide 18: Historical Profitability
Historical Profitability EBIT EBIT margin (€m) (%) 24 21.9 70% CAGR 59% 20 +76% 60% 61% 17.6 16 50% 45% 47% 78% 47% 40% 39% 35% 12 39% 76% 30% 8.5 29% 8 31% 26% 20% 28% 4.6 67% 4 2.3 64% 10% 24% 22% 98% 36% 33% 3% 0 0% 2% 2004A 2005A 2006A 2007A (a) 2008A 2004A 2005A 2006A 2007A (a) 2008A BPO Div Di
Slide 19: Evolution of the Italian Residential Mortgage Market
Evolution of the Italian Residential Mortgage Market Residential mortgage flows Euro billion Y-o-Y -6.8% 70 62,9 •Potential causes of 2008 contraction: 62,8 58,4 - Residential real estate market 60 56,2 slow-down 50 49,2 - High interest rates - Lenders’ credit tightening 40 - Economic recession outl
Slide 20: Mortgage Origination Volumes
Mortgage Origination Volumes Broking Division mortgage origination volumes Broking Division mortgage market share (€mn) Percentage 2,4% 2,3% 1.500 1.325 CAGR 1,9% +41% 1.196 2,0% 1.200 1,6% 900 695 1,1% 1,2% 0,9% 600 511 0,7% 0,8% 336 300 0,4% 0 0,0% 2004 2005 2006 2007 2008 2004A 2005A 2006A 2007A
Slide 21: Importance of Remortgage Business
Importance of Remortgage Business Applications: breakdown by mortgage destination Origination volumes: breakdown by mortgage destination % of MutuiOnline mortgage applications % of total Mutuionline closed mortgages 100% 100% 14% 30% 30% 80% 40% 80% 60% 60% 40% 40% 86% 70% 70% 60% 20% 20% 0% 0% 2007
Slide 22: Evolution of the Italian Real Estate Market
Evolution of the Italian Real Estate Market Number of residential real-estate transactions Thousands of transactions Y-o-Y -15.1% 900 833 845 804 815 800 •Potential causes of 2008 700 687 contraction: - High interest rates 600 - Lenders’ credit tightening 500 - Economic recession outlook 400 300 •Ac
Slide 23: Appendix
INE MutuiOn Appendix
Slide 24: Q4 highlights
Q4 highlights Revenues EBIT (€m) (€m) 8 Y-o-Y 6.6 -5% 6.2 6 16 Y-o-Y +1% 13.8 4 13.6 2 12 0 Q4 07 Q4 08 EBIT EBIT margin margin 48% 48% 45% 45% 8 Net Income 4 (€m) 5 Y-o-Y 4.7 4.0 +19% 4 0 3 Q4 07 Q4 08 2 1 0 Q4 07 Q4 08 NI NI margin margin 29% 29% 34% 34% 24
Slide 25: Outlook for Broking Division
Outlook for Broking Division •Overall, •Overall, in in spite spite ofof aa challenging challenging economic economic background, background, the the soundsound strategic strategic position position of of the the Broking Broking Division Division could could allowallow us us to to increase increase t
Slide 26: Outlook for BPO Division
Outlook for BPO Division •The •The BPO BPO Division Division could could endure endure in in 2009 2009 a a reduction reduction of of business business activity activity volumes volumes with with existing existing clients, mainly with respect to mortgages, while the mid-term clients, mainly with resp
Slide 27: Profit & Loss Breakdown
Profit & Loss Breakdown Margin components 2008 1.2% 23.0% 100% 0.8% 26.0% 3.1% 2.0% 47.2% 16.1% 31.8% Total Other income Services costs Personnel Other Depreciation EBIT Net interest Tax Net profit revenues costs operating margin income margin costs Margin components 2007 1.7% 27.1% 100% 0.0% 23.7%
Slide 28: Analysts' view and consensus as of today
Analysts’ view and consensus as of today EQUITA EQUITA DEUTSCHE DEUTSCHE BANK BANK BERENBERG BERENBERG CONSENSUS CONSENSUS 16/02/2009 16/02/2009 17/02/2009 17/02/2009 12/02/2009 12/02/2009 17/02/2009 17/02/2009 BUY BUY BUY BUY BUY BUY 33 BUY BUY Target 5.0 Target 5.8 Target 5.2 Target 5.3 2008A 2008
Slide 29: 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