Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PITECO SPA. We currently have 2 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
20 Oct 16
H1 revenue grew by 11% to €6.5m while EBITDA slipped 5% to €2.5m due to increased costs including several non-recurring items. However, cash flow was strong and the group’s financial position improved by €2.2m over the six months to €1.9m net cash. In the year to date 22 new contracts have been signed including several high-quality names such as Mondadori, Carrefour, Unieuro and Eataly. The initial focus of the internationalisation strategy is Mexico, which is showing positive early signs. We have eased our forecasts due to fewer than expected up-sells in H1. Nevertheless, given the attractive growth opportunities, strong cash generation and the healthy balance sheet, we believe the shares remain attractive on c 13x our FY18 earnings.
Italian software treasure chest
03 May 16
Piteco is the leading player in the Italian treasury management systems (TMS) market. It has a strong track record of profitability, generates very healthy c 42% operating margins and has excellent cash generation. In July 2015, it raised c €11.5m (gross) in new money and listed on AIM Italia. It plans to use the funds to accelerate growth, both organically (boosting R&D, for example, it has introduced a hosted cloud offering) and through acquisitions (it made a small acquisition in Italy in late 2015 and is investigating other growth opportunities there and the US).
Taking a prudent road
28 Nov 16
As flagged in September, H1 2017 profit is indeed below LY; adj. PBT of £0.5m compares with £1.5m in H1 2016 as Trakm8 invests heavily in new technology and acquisition integration. Management remains confident in another very strong H2 performance and in particular is focused on closing a couple of large high-margin software-related sales which would see the group meeting the original FY 2017 expectations of £5.9m adj. PBT. However, should these fall outside the March year-end, profits are only likely to be in line with last year’s £3.9m, albeit on a growing revenue base. Prudence dictates we assume a worst-case scenario in our forecasts so that surprise is only in the upside – if the deals close in the year, the company will meet those original revenue and profit expectations.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Deal beefs up media & broadcast operations
28 Nov 16
SCISYS is acquiring Germany-based ANNOVA Systems for an estimated deal value of £15.3m. ANNOVA is a leading supplier of software-based editorial solutions to the media sector. It has a track record of generating strong revenue growth and in 2015 won a landmark contract with the BBC, which underpins financial forecasts for 12 years. ANNOVA complements SCISYS’s dira! product offering for radio broadcasters, extends the group’s capabilities into television and creates cross-selling opportunities. The deal significantly boosts earnings, aided by cheap debt financing costs, and is value enhancing on our assumptions. Consequently, we believe the stock continues to look attractive on c 10x our FY17e earnings.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.