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Having disposed of some of its listed investments, TIP has increased the weight of the portfolio towards private assets (now c. 35% of estimated NAV) creating potential for hidden value. NAV discount stands at 16%, well above the low-single-digit historical average.
Good performance of the stock in the last two years
Over the past 24 months TIP has outperformed the MSCI SMID by almost 20% thanks to a strong performance by the listed portfolio and despite a widening discount to NAV (NAV CAGR 15%
Companies: Tamburi Investment Partners (TIP:BIT)Tamburi Investment Partners S.p.A. (TIP:MIL)
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Confident tone on all assets, Alpitour recovery ongoing
TIP''s management expressed confidence when speaking about their holdings, which they expect to reach their best ever results in 2022 despite the ongoing macro uncertainties. Due diligence of the situation at Alpitour was strongly emphasised. Booking trends for the summer season were mentioned as being even better than in 2019. Alpitour''s competitive positioning in the aviation business has improved, in light of the difficulties that affec
After a solid 2021, active portfolio reshuffling continued despite ongoing events
TIP reported solid pro-forma net profit of EUR128m and proposed a dividend of EUR0.11 (1.3% yield). The start of 2022 came with active portfolio reshuffling: investment in Lio Factory, sale of the stake in BE, investment in the DoveVivo holding and 1st Itaca deal (distressed situations).
Investment in Lio Factory and disposal of BE were important...
TIP acquired a 10% stake in Lio Factory (Data-driven Alternati
Q3 report shows further capital allocation to conviction ideas - intrinsic value EUR12.6/s
TIP reported a pro forma NP of EUR13.8m in Q3 21 (which includes the realised capital gains and losses on shares) and EUR85.4m in 9m. In Q3 21 TIP committed to acquire an additional 5% stake in Vianova (TIP has 12% stake). The capital hike of OVS (EUR21.6m invested) and Eataly (EUR1m invested) were completed. In October TIP announced EUR89m investment in Limonta, one of the leading players in luxury texti
Q2 shows continued proactivity on portfolio optimization - intrinsic value EUR12
TIP reported a pro forma net profit of EUR22.8m in Q2 21 (which includes the realised capital gains and losses on shares) and EUR101.2m in H1. In Q2 the advisory activity had EUR2.8m sales (EUR3.3m in H1) and TIP received EUR5.3m of dividends from its holdings. In Q2 the company finalized the closing of the purchase of the minorities in the vehicles that own Beta Utensili and Chiorino where TIP has a 48.99% and 20%
Alpitour experiences a delayed recovery but should come out stronger from current crisis
Management''s overview on the trend in non-listed assets was interesting, given investors have less visibility on them. Alpitour approved a capital increase of c. EUR50m (as a reminder, TIP is also participating in OVS''s recently approved capital hike, due in the coming weeks) as recovery is only now taking place in terms of bookings due to delayed vaccine roll-outs. Potentially the holiday season in Sout
Strong Q1 21 results...
In Q1 2021 Tamburi reported a pro-forma net profit of EUR78.4m (which includes the realised capital gains and losses on stocks) sustained by EUR99.5m capital gain made on the sale of 10m Prysmian shares. In Q1 21, advisory generated only EUR0.6m of revenues. At 31st March 2021, the shareholders'' equity reached over EUR1.044bn.
... and proactive deal-making activity continues
In March TIP acquired the minorities in Clubtre (33.8%), the holding company owner of the st
Publication of 2020 AR gives visibility on the performance of unlisted assets held
The publication of the 2020 annual report helped in understanding how the various assets held by TIP performed during 2020. In general, IT and finance companies had positive results: SESA (+14% sales growth in 9m 20/21, EBITDA +37% at EUR92.2m), BE (+17% sales growth in 2020, +19% for EBIT at EUR14.6m), Welcome (+7.2% on top line, +13.4% on EBITDA at EUR16.7m). Alkemy and Bending Spoons were not impacted. Compani
Refocus of investments ongoing with simplification of control chain in TIPO
In mid-January, Tamburi sold its 3.729% stake of Prysmian through the controlled holding company Clubtre for roughly EUR290m net cash, which should translate in a cash-in for Tamburi in the EUR148/181m range (minimum level with full reimbursement of EUR100m bank loan; maximum level with only EUR50m in loan reimbursement). Part of the proceeds should be used in the rights issue of OVS (EUR19m pro rata for Tamburi) and th
MandA wave from Tamburi''s invested companies continues with Moncler and OVS
Since our last update at the end of November, two of the companies in the portfolio reported MandA activity. Moncler bought Stone Island, an Italian brand with unique positioning in luxury sportswear, fashion and streetwear. Stone Island has revenues of EUR240m, a 28% EBITDA margin and has been valued at EUR 1.1bn; Moncler will pay with a combination of cash and shares to be issued. Details are available in the report
Companies: Tamburi Investment Partners S.p.A.
Update of our fair valuation range to EUR6.9 / EUR7.7 (EUR6.3/EUR7.2 previously)
After our initiation one month ago, we raise our valuation range from EUR6.3/EUR7.2 to EUR6.9/EUR7.7 (figures 1 and 2) on the back of peer reratings and the update of the EBNPP TPs on various stocks during the earnings'' season. The current discount to NAV remains around 6%, at a higher level than the last 5 years historical average of almost 0%, representing an opportunity.
Investments to improve leadership posi
Investment company TIP (EUR1.1bn NAV) invests primarily in Italian companies that are worldwide, European and Italian leaders. It plays an active role in governing its holdings and has a track record of strong returns (19% NAV CAGR since 2013) thanks to its smart leverage and MandA strategy.
Unique Italian flair: club deals, selective leverage, MandA support
TIP''s investment approach is unique in part thanks to the structuring of ''club deals'' since 2000, enabling it to pursue larger deals w
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The group posted a strong set of results showing faster and stronger-than-expected net interest margin expansion and no signs of a deterioration and above all anxiety on the asset quality front. It remains to be seen if the UK government will allow banks to hold on to the benefit of interest rate increases and if the UK economy proves as resilient as expected.
Companies: Lloyds Banking Group plc
Legal & General disclosed strong HY 22 results, albeit in line with the consensus’ expectations. With most of the metrics improving on a yoy and sequential basis, we believe that the strong solvency position, in an environment with (sustainable?) higher yields, should trigger capital distributions to shareholders at the year-end.
Companies: Legal & General Group Plc
Aviva unveiled a fair operating result. While, in line with the insurance industry, Aviva saw a strongly negative impact from financial assets revaluation, the solvency position improved materially, yielding additional capital distributions. Once distributions cease, we believe that Aviva could be a takeover target.
Companies: Aviva plc
Last week, the UK government published the consultation paper on its Review of Electricity Market Arrangements (REMA). Any change potentially represents uncertainty in a market that has been wary of changes with a number of shares falling after early details of possible reforms were flagged in the press. We review the possible changes and conclude that while there is some risk, from what we can see at present the likely outcomes could be either minimal or beneficial for investors in clean energy
Companies: EQT IES DRX NESF PHE SAE
Companies: H&T Group plc
Cenkos:Duke Royalty Ltd -Record revenues keep on rolling
Companies: Duke Royalty Limited
Dish of the day
No joiners today.
Leavers: No leavers today.
What’s cooking in the IPO kitchen?**
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports
Companies: UJO FAB HAT HZM SYM TRAC
Companies: Plus500 Ltd.
Companies: Civitas Social Housing Plc (CSH:LON)Real Estate Credit Investments Limited (RECI:LON)
No joiners today.
Leavers: No leavers today.
What’s cooking in the IPO kitchen?**
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40 count
Companies: TRB NSCI NBB SMRT SPSY TMT SPE EDL EDL
Great results posted by M&G, which recorded very resilient AUMs. The firm managed to outperform the consensus despite the tough environment. While the management avoided any capital plans comments, the resilient solvency position leaves great prospects while the current share buyback is still far from being completed.
Companies: M&G Plc
Tatton Asset Management has announced the completion of a 50% stake in 8AM, following regulatory approval. We update our model on the back of this, reflecting the positive financial impact of the investment. We see 2-4% EBITDA upgrades over the forecast period and 1-3% EPS upgrades, as the operating profit contribution more than offsets the higher sharecount as part of the share consideration. 8AM will provide TAM’s clients with access to an extended range of risk profiled investments, underpinn
Companies: Tatton Asset Management Plc
Singer Capital Markets
Companies: Belvoir Group PLC (BLV:LON)SDI Group plc (SDI:LON)
ADF released a trading update following their first half ending on 30 June and ahead of interim results in mid-September. No new financials have been released, but management have guided that the first half continued to see strong demand and that they are trading in-line with our expectations for revenue and adj EBITDA. Valuations remain attractive with an FY23E P/E ratio of 10.8x and a normalised FCF yield of c15%.
Companies: Facilities by ADF PLC