El.en. S.p.a. · MIL:ELN
El.en — STAR Conference London 2019
39 slides from El.en's conference presentation, Oct 22, 2019
Slide 1: Company Presentation - STAR Conference
COMPANY PRESENTATION STAR Conference London October 22nd 23rd , 2019
Slide 2: Disclaimer
DISCLAIMER Certain statements in this slide show, including those addressing the Company’s beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward-looking statements. Forward-looking statements involve known or unknown risks, including general economic
Slide 3: Agenda
AGENDA 1. El.En. 2. Markets and Growth drivers 3. Our Products 4. Financial Highlights 5. Multiples & Comparables
Slide 4: El.En.
El.En.
Slide 5: El.En. - A Primary Player in Laser Solutions
El.En. A Primary Player Providing Medical, Industrial and Conservation Laser Solutions Worldwide Hi-Tech company Hi-Tech industrial group active in opto-electronics with proprietary technologies and know how developed over 35 years Listed on the Milan Stock Exchange Star segment since 2000 Global Gr
Slide 6: El.En. Worldwide
El.En. Worldwide Ethics & People human rights Brasil 24 10 Production sites R&D China 558 1.442 Italy 652 Employees Health & Safety Environment 6 R&D centers Japan 47 Europe 161 6
Slide 7: Growth history
Growth history Revenues Cagr 11/18: +14% 388 346 307 253 EBIT 218 180 151 157 137 Cagr 11/18: +29% 2011 2012 2013 2014 2015 2016 2017 2018 2019e 34 28 30 30 22 15 7 10 5 2011 2012 2013 2014 2015 2016 2017 2018 2019e in Euro million 7
Slide 8: Markets and Growth drivers
Markets and Growth drivers
Slide 9: Long term market trends
Long term market trends Aesthetics: Aging population Growing global obesity epidemic Increasing desire of many individuals to improve their appearance Reduction in procedure costs, attracting a broader consumer base Minimally invasive surgeries: Minimally painful procedures Reduced side
Slide 10: Long term market trends
Long term market trends Laser cutting applications: Enhanced flexibility, productivity and quality standards in manufacturing processes New application verticals Building and construction Minimal environmental impact Laser marking: Products identification and traceability Minimal environ
Slide 11: Medical & Aesthetic energy-based systems market
Medical & Aesthetic energy-based systems market US$ million 2014 2016 2021 CAGR CAGR 14-16 16-21 Global non-invasive and minimally invasive medical aesthetic treatment systems 6.932 8.437 13.992 10% 11% Energy-based treatment systems 2.033 2.670 4.380 15% 10% Body shaping & Skin tightening 724 996 1
Slide 12: Industrial laser market
Industrial laser market Lasers increasingly adopted in high quality manufacturing for uniqueness, flexibility, environment friendliness, productivity • Sheet metal cutting: technology breakthroughs leading to strong demand expansion • Laser marking for identification: traceability as a quality stand
Slide 13: Growth drivers
Growth drivers INDUSTRIAL New manufacturing applications for medium power CO2 laser sources Strong demand for high MEDICAL power laser sheet metal cutting systems in China Stronger presence in body and Europe contouring and cellulite treatment market Strong manufacturing presence in China
Slide 14: Our critical success factors
Our critical success factors - Continuous innovation (breakthrough products) - Flexibility and improvement of production capacity (new factories) - Seeking regulatory clearances worldwide 14
Slide 15: Our Products
Our Products
Slide 16: Permanent Hair Reduction Highlights
Permanent Hair Reduction Highlights QUANTA - THUNDER MT (Blended Alexandrite + Yag) – High end system. The fastest in the world with scanner technology DEKA - MOTUS AX and MOTUS AY – Moveo Technology , virtually pain free also on dark skin types ASCLEPION - NEW MEDIOSTAR with MONOLITH Handpiece 5kW
Slide 17: Vascular treatments Highlights
Vascular treatments Highlights ASCLEPION – QuadroStarPRO YELLOW – 577 nm QUANTA SYSTEM– 585 and DenaVE (US Version) – 585 nm Rembrandt's Syndrome 17
Slide 18: Tattoo and Benign Pigmented Lesions treatments
Tattoo and Benign Pigmented Lesions treatments Highlights QUANTA SYSTEM – DISCOVERY PICO PLUS & Q-PLUS C MT (blended) Almost 2 GW peak power (Pico) 18
Slide 19: Body Contouring Highlights
BODY CONTOURING Highlights DEKA - ONDA COOLWAVES – the first system in the world based on Microwaves @ 2,5 GHz for localized fat accumulations, laxity, and cellulite reduction 19
Slide 20: Multi Platform Technology Highlights
MULTI PLATFORM TECHNOLOGY Highlights DEKA – LUXEA – CE 0123 marked in 2019 by TUV Sud The most complete multiplatform with • Diode laser handpiece for permanent hair reduction • IPL sets for skin tightening, skin rejuvenation, deeper vascular treatments and acne treatments • Active Q-switch probe fo
Slide 21: Physiotherapy Highlights
PHYSIOTHERAPY Highlights ASA LASER – M6 the only robotized system for pain removal The multitarget Laser system created to apply MLS® Laser Therapy automatically and uniformly to the treatment area. ASA LASER – HIRO TT TT® is the ultimate application of Hilterapia®, creating new and innovative capab
Slide 22: Vaginal Atrophy and Vaginal Laxity Highlights
VAGINAL ATROPHY AND VAGINAL LAXITY Highlights DEKA – MONA LISA TOUCH (MLT) WITH RF TOUCH The most complete vaginal surgical multiplatform with: • CO2 • New single use probes for MLT • New single use applicators for Treatment of vaginal laxity (non-surgical vaginal tightening) and vulvar treatment, i
Slide 23: Urology - Stones Management and BPH
UROLOGY - Stones Management and BPH Highlights QUANTA SYSTEM– Litho 35 W Holmium laser QUANTA SYSTEM – Cyber Ho 60 W Holmium laser QUANTA SYSTEM – Cyber Ho 100 W Holmium laser ASCLEPION / JENA SURGICAL MultiPulse HoPLUS 140 W Holmium laser with integrated morcellator 2018 vs 2017 : +51,6% 140 W 60 &
Slide 24: Urology - Virtual Stone Basket
UROLOGY – Virtual Stone Basket QUANTA – Virtual Stone Basket Effect – onboard of 100 W Holmium lasers to avoid stone retropulsion and to capture stone fragments 24
Slide 25: Metal Cutting Highlights
METAL CUTTING Highlights PENTA & PENTA CHUTIAN • Automatic CNC machines with up to 20 kW fiber lasers onboard BEVELING CUT our new laser special preparation for butt-welding metal sheet edges 25
Slide 26: Financial Highlights
Financial Highlights
Slide 27: Income Statement H1-2019
Income Statement H1-2019 Euro '000 30/06/18 % 30/06/19 % Var.% Medical 93.598 58,3% 112.129 59,5% 19,8% Industrial 67.039 41,7% 76.321 40,5% 13,8% Total Revenues 160.637 100,0% 188.450 100,0% 17,3% Gross margin 64.701 40,3% 74.385 39,5% 15,0% EBITDA 15.349 9,6% 20.604 10,9% 34,2% EBIT 12.731 7,9% 16
Slide 28: Balance Sheet 2019
Balance Sheet 2019 Euro '000 31/12/18 30/06/19 Var.% Total non current assets 86.879 99.968 15,1% Net Working Capital 102.248 108.494 6,1% Other receivables/payables ST (22.341) (28.224) 26,3% Net financial position 62.461 53.770 -13,9% Long term liabilities 10.011 10.779 7,7% Net Equity 219.236 223
Slide 29: Cash Flow 2019
Cash Flow 2019 85.000 5,8 mln 11,2 mln 80.000 75.000 70.000 8,7 mln 65.000 60.000 4,9mln 55.000 50.000 45.000 40.000 NFP Opening Nopat D&A NWC Other Capex Financial&non Dividends paid IFRS16 Other NFP Ending receivables / oper. adjustments payables ST inc./(exp.) + - 29
Slide 30: Revenue breakdown by business
Revenue breakdown by business +19% Medical +10% +43% +2% +13% Industrial in Euro million +11% +7% +34% 30
Slide 31: Revenue breakdown by area
Revenue breakdown by area +25% in Euro million +18% +5% +17% +3% +16% 31
Slide 32: New factories
New factories Jena - Asclepion Wenzhou (2nd) – Penta Laser Vicenza – ASA Laser Euro million Capex plan 2018 2019 td Total Total capex 27 12 39 of which: New plants 22 8 30 32
Slide 33: Guidance
Guidance 2019 vs 2018: Revenue: > +10% EBIT% 2019 > EBIT% 2018 33
Slide 34: Multiples & Comparables
Multiples & Comparables
Slide 35: Multiples
Multiples Stockholder's Equity per share 11,6 Price / Book Value Adj. 2,2 EV /EBIT (85% EBIT) 14,7 EV / Sales (85% Sales) 1,3 El.En. Market Cap. 482,4 @ € 25,00 Net financial position 53,8 @ 30/06/19 Financial investments m/l term 12,3 @ 30/06/19 Enterprise Value 416,4 35
Slide 36: Comparables
Comparables Amounts in mln Sept. 30th, 2019 Price Revenue Var.% EBIT EBIT % MK.Cap. EV EV/Sales EV/EBIT P/E P/Book Rev. (*) (*) (*) Value Medical/Aesthetic Cutera $29,72 $84 9% $(8) -9% $421 $399 2,4 n.a. n.a. 9,8 InMode $25,96 $69 51% $26 37% $830 $748 5,4 14,6 14,4 11,6 Sisram Medical $0,58 $85 9%
Slide 37: Comparables
Comparables 130 130 110 110 90 90 70 70 50 50 30 30 10 10 Jul-18 Aug- Sep-18 Oct-18 Nov-18 Dec- Jan-19 Feb-19Mar-19 Apr-19 May- Jun-19 Jul-19 Aug- 18 18 19 19 El.En. S.p.A. Prima Industrie S.p.A. Cutera, Inc. Sisram Medical Ltd. Han's Laser Tech IPG Photonics Corporation 37
Slide 38: ...and the best is yet to come....
“ …and the best is yet to come….” Nobel Prize for Physics Prof. Gérard Mourou
Slide 39: Contacts
Contacts El.En. SPA Enrico ROMAGNOLI Investor Relations Manager tel. +39 055-8826807 E-mail: finance@elen.it POLYTEMS HIR Financial Communication, IR and Press Office Bianca FERSINI MASTELLONI - b.fersini@polytemshir.it Silvia MARONGIU - s.marongiu@polytemshir.it Tel. +39 06-69923324