Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — H1 2023 Earnings Presentation
44 slides from Moltiply's earnings presentation, Sep 8, 2023
Slide 1: First Half 2023 Results
First Half 2023 Results September 8th, 2023
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 Alessandro Fracassi Francesco Masciandaro Group Chairman and Head of Broking Division Group CEO and Head of BPO Division Group CFO • Founder and key shareholder (16.35% • Founder and key shareholder (16.35% • Background in auditing (Arthur indirectly through Alma Ve
Slide 4: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 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 Italian and international brands Division Division within the Italian financial services industry Credit Mortga
Slide 6: Broking Division – Italian Brands
Broking Division – Italian 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 f
Slide 7: Broking Division – International Brands
Broking Division – International Brands Brand Description Market Position Operations Revenue Model Multi-product aggregator, # 1 aggregator brand in Operates as regulated Commissions on new with focus on online Spain with strong brand insurance and mortgage broker intermediated policies. Free for in
Slide 8: 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
Slide 9: Group structure
Group structure Headcount* 2,555 FTE Group structure as of June 30th, 2023 * 2022 average 9
Slide 10: Broking Division structure
Broking Division structure Group structure* as of June 30th, 2023 * In the diagrams, all participations are 100% owned, except those for which a different percentage is indicated. 10
Slide 11: BPO Division structure
BPO Division structure Group structure* as of June 30th, 2023 * In the diagrams, all participations are 100% owned, except those for which a different percentage is indicated. 11
Slide 12: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 12
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 high quality mid-size companies, which voluntarily adhere and comply with a number of strict requirements in line with best international pra
Slide 14: Shareholding Structure
Shareholding Structure Shareholding structure as of September 6th, 2023* Treasury shares 6.69% Alma Ventures** 32.71% Free Float 34.35% 4.01% 22.24% Investmentaktiengesellschaft für Stan Holding S.r.l. langfristige Investoren TGV * Share ownership as registered in last Shareholders’ meetings and as
Slide 15: Share Performance since IPO
Share Performance since IPO 3,000 85.0 80.0 KEY STOCK DATA as of Sept. 6th, 2023 2,750 75.0 2,500 Number of Shares 40,000,000 70.0 Treasury Shares 2,677,579 65.0 2,250 Outstanding Shares 37,322,421 60.0 Price per Share € 25.35 2,000 Market Capitalisation € 946.1 M 55.0 1,750 50.0 Since November 2018
Slide 16: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 16
Slide 17: H1 Highlights
H1 Highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 240 60 197.1 50 Y-o-Y 180 157.0 +25.5% 36.4 40 Y-o-Y 34.8 45% -4.5% 120 43% 30 59% 66% 20 60 55% 57% 10 41% 34% 0 0 H1 2022 H1 2023 H1 2022 H1 2023 EBIT margin 23.2% 17.6% EBITDA Net Income (€m) (€m) 60 52.4 60 46.3 Y-o-Y 50 +13.2%
Slide 18: Q2 highlights
Q2 highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 120 40 103.2 100 Y-o-Y 79.1 +30.4% 30 80 46% 19.9 60 42% 20 Y-o-Y 17.6 -11.6% 40 56% 54% 10 74% 20 58% 44% 26% 0 0 Q2 2022 Q2 2023 Q2 2022 Q2 2023 EBIT margin 25.1% 17.0% EBITDA Net Income (€m) (€m) 40 40 28.9 30 24.9 Y-o-Y 30 +16.1
Slide 19: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • During the entire H1 2023, the Italian mortgage market appears significantly down Y-o-Y, attributable to a relevant contraction in the flow of purchase mortgages, as opposed to a recovery in the flow of remortgages (as a result of switching from
Slide 20: Broking Division – H1 Key Financials
Broking Division – H1 Key Financials EBITDA Revenues (€m) (€m) 30 28.2 25.3 Y-o-Y +11.4% 120 20 100 10 89.2 Y-o-Y 80 0 +32.7% 67.2 H1 2022 H1 2023 60 EBITDA margin 37.6% 31.6% 40 EBIT (€m) 20 30 21.6 Y-o-Y 23.0 20 +6.6% 0 H1 2022 H1 2023 10 0 H1 2022 H1 2023 EBIT margin 32.1% 25.8% 20
Slide 21: Broking Division – Q2 Key Financials
Broking Division – Q2 Key Financials EBITDA Revenues (€m) (€m) 20 15.9 Y-o-Y 60 13.0 +22.6% 10 50 47.9 Y-o-Y 40 +45.3% 0 33.0 Q2 2022 Q2 2023 30 EBITDA margin 39.3% 33.2% 20 EBIT (€m) 10 20 Y-o-Y 13.1 0 11.0 +18.5% Q2 2022 Q2 2023 10 0 Q2 2022 Q2 2023 EBIT margin 33.5% 27.3% 21
Slide 22: Broking Division – Performance and outlook
Broking Division – Performance and outlook • The Broking Division managed to grow in H1 2023 by countering a significant contraction of the mortgage market, which had a strong negative impact on Credit Broking, with the organic growth of the other historical business lines and the consolidation of t
Slide 23: BPO Division – H1 Key Financials
BPO Division – H1 Key Financials EBITDA Revenues (€m) (€m) 30 24.2 21.0 Y-o-Y 120 +15.3% 107.9 20 Y-o-Y 100 +20.2% 10 89.8 80 0 H1 2022 H1 2023 60 EBITDA margin 23.4% 22.4% 40 EBIT (€m) 20 30 0 20 14.8 H1 2022 H1 2023 Y-o-Y 11.8 -20.5% 10 0 H1 2022 H1 2023 EBIT margin 16.5% 10.9% 23
Slide 24: BPO Division – Q2 Key Financials
BPO Division – Q2 Key Financials EBITDA Revenues (€m) (€m) 20 60 12.0 Y-o-Y 13.1 55.3 +9.1% Y-o-Y 10 50 46.2 +19.8% 40 0 Q2 2022 Q2 2023 30 EBITDA margin 25.9% 23.6% 20 EBIT (€m) 10 20 0 Q2 2022 Q2 2023 10 8.8 Y-o-Y -49.1% 4.5 0 Q2 2022 Q2 2023 EBIT margin 19.1% 8.1% 24
Slide 25: BPO Division – Performance and outlook 1/2
BPO Division – Performance and outlook 1/2 • Overall, Q2 performance is in line with the communicated management expectations. Consequently, the results for H1 2023 show growth in both revenues and operating margins, mainly related to the enlargement of the consolidation area. At the organic level,
Slide 26: BPO Division – Performance and outlook 2/2
BPO Division – Performance and outlook 2/2 • The Loans BPO business line recorded a double-digit growth rate in turnover compared to H1 2022, thanks in part to the strengthening of the area of subsidized credit. This trend is expected to continue in H2 2023. • The Insurance BPO business line reports
Slide 27: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 27
Slide 28: Net Financial Position
Net Financial Position As of June 30, March 31, December 31, (€000) 2023 2023 2022 A. Cash and current bank accounts 132,090 139,881 269,647 B. Cash equiv alents - - - C. Other current financial assets 2,118 8,845 7,430 D. Liquidity (A) + (B) + (C) 134,208 148,726 277,077 E. Current financial liabil
Slide 29: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 29
Slide 30: Major milestones
Major milestones Revenues (€m) 313.5 310.8 259.4 Collapse of 219.9 Italian mortgage 185.1 market 152.8 138.1 120.7 71.8 68.3 53.4 37.7 46.4 47.9 38.5 51.0 1.0 2.7 4.5 7.8 13.2 21.8 0.1 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 31: Revenue trends by Division
Revenue trends by Division Group Revenues (€m) 350 313.5 310.8 300 259.4 250 43% 42% 58% 219.9 200 185.1 43% 40% 39% 152.8 150 61% 138.1 43% 45% 120.7 44% 100 44% 71.8 47% 57% 58% 68.3 53.4 57% 46.4 47.9 51.0 61% 50 37.7 58% 38.5 37% 57% 66% 61% 40% 56% 21.8 60% 60% 45% 53% 56% 58% 42% 55% 60% 63% 0
Slide 32: Revenue Breakdown by Business Line – Broking Division
Revenue Breakdown by Business Line 200 Broking Division Revenues (€m) 160 134.2 131.0 Other Revenues 7% Telco & Energy Comparison* 120 8% 111.1 E-Commerce Price Comparison 3% 25% Insurance Broking 29% Credit Broking 86.8 61% 31% 45% 79.1 2% 80 67.2 18% 27% 61.0 24% 22% 57.2 18% 30% 19% 18% 41.9 28%
Slide 33: Revenue Breakdown by Business Line – BPO Division
Revenue Breakdown by Business Line 200 BPO Division Revenues (€m) 179.2 179.7 Other revenues 160 20% 148.3 22% Leasing & Rental BPO/IT Investment Services BPO 133.1 6% 22% Insurance BPO 6% 120 Loans BPO 24% 17% 106.0 6% Real Estate Services BPO* 19% 5% Mortgage BPO 21% 7% 61% 85.6 4% 17% 14% 45% 77.
Slide 34: EBITDA by Division
EBITDA by Division EBITDA EBITDA margin (€m) (%) 150 50% 40.5% 120 40% 37.8% 35.0% 35.7% 92.6 88.6 29.1% 30% 90 76.6 29.5% 29.5% 28.5% 64.0 25.3% 55% 53% 20% 23.3% 23.2% 60 21.3% 59% 47% 10% 30 53% 45% 47% 41% 0% 0 2019 2020 2021 2022 2019 2020 2021 2022 BPO Division Broking Division Broking Divisio
Slide 35: Operating Income by Division
Operating Income by Division EBIT (€m) 69.0 66.5 63.1 60 50.8 46.1 39.7 65% 59% 40 35.2 66% 30.9 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% 35% 41% 77% 3.6 5.6 53% 54% 49% 34% 67% 64% 43% 33% 23% 22% 7% 16% 23% 0 2006 2007 (a) 2008 2009 2010 2011 2012 2013 2014
Slide 36: Net Income
Net Income Net income (€m) 150 130.7 120 Tax benefit from the 90 revaluations 85.1 60 47.5** 47.5 40.6 34.4 23.5 24.8 27.5 15.3 20.9 30 29.7 5.2 9.7 14.8 14.4 3.6 3.8 9.9 45.6* 17.8 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net income margin (%) 60% 50.4%
Slide 37: Dividend Payout
Dividend Payout Earnings per share, consolidated (€) 4.00 3.42 3.00 2.23 2.00 1.07 1.14** 1.24 0.89 1.00 0.59 0.69 0.56 0.58 0.71 0.38 0.38 0.41 1.19* 0.25 0.24 0.09 0.09 0.43 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Earnings per share Dividends per outsta
Slide 38: Appendix
beh Appendix
Slide 39: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Revenues 103,185 93,911 84,397 69,383 79,125 Other income 2,188 2,918 4,280 1,889 2,062 Capitalization of internal costs 3,639 2,240 3,605 1,167 1,589 Services costs (41,755) (40,692) (35,305) (29,521) (30,782) Personnel costs (3
Slide 40: Q2 Profit & Loss
Q2 Profit & Loss (€000) Q2 2023 Q2 2022 % Var. Rev enues 103,185 79,125 30.4% Other income 2,188 2,062 6.1% Capitalization of internal costs 3,639 1,589 129.0% Serv ice costs (41,755) (30,782) 35.6% Personnel costs (35,663) (24,542) 45.3% Other operating costs (2,661) (2,539) 4.8% Depreciation and a
Slide 41: H1 Profit & Loss
H1 Profit & Loss (€000) H1 2023 H1 2022 % Var. Rev enues 197,096 156,990 25.5% Other income 5,106 3,479 46.8% Capitalization of internal costs 5,879 2,742 114.4% Serv ice costs (82,447) (63,187) 30.5% Personnel costs (67,623) (48,318) 40.0% Other operating costs (5,646) (5,442) 3.7% Depreciation and
Slide 42: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of June 30, December 31, (€000) Change % 2023 2022 ASSETS I ntangible assets 448,700 299,516 149,184 49.8% Property, plant and equipment 30,959 26,763 4,196 15.7% Participation measured w ith equity method 1,395 942 453 48.1% Financial assets at fair v alue 150,894 106,
Slide 43: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of June 30, December 31, (€000) Change % 2023 2022 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 326,842 270,325 56,517 20.9% Minority interest 2,272 1,999 273 13.7% Total shareholders' equity 329,114 272,324 56,79
Slide 44: 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