Buon pomeriggio,
di seguito e in allegato inviamo il company research report relativo a TAMBURI a cura di Intermonte.
Rimaniamo a disposizione per ulteriori informazioni.
Un caro saluto
Laura Morreale
M. +327 3435530
Strong 1H23, Boost from Private Investments Set to Continue
n Record adjusted net profit in 1H23 at Eu63.8mn. TIP closed 1H23 with pro-forma profit rising to Eu63.8mn thanks to the growing and positive contribution of equity investments for Eu34mn (from Eu25.3mn in 1H22) and capital gains realised on disposal of part of the stake in Azimut Benetti to PIF, disposal of the stakes in Prysmian and Fagerhult, and the sale of Ferrari shares. 1H23 saw investments realised for Eu72.9mn, purchase of treasury shares for Eu9.7mn and direct divestments for Eu85.4mn. Shareholder equity grew to Eu1.3bn net of minorities, while the net financial position as at end-June came to Eu480.2mn excluding financial assets considered as short-term use of liquidity. In 1H23, proceeds from dividends were Eu8.3mn.
n Strong results from investees across the board. TIP investees delivered strong results in 1H23. Listed companies showed an EBITDA margin of 15.4% while private companies reported remarkable results with average sales growth of 26% and EBITDA margins close to 18%. Some companies hit by the pandemic bounced back strongly: this is the case, above all, for Alpitour, which is expected to deliver very strong results this year, along with other private companies in the portfolio such as Limonta and Chiorino. The portfolio remains well-stocked for future value creation as portfolio firms leverage their leadership positions in their respective sectors.
n Net intrinsic value confirmed at Eu13.9ps. The recent poor performance of the STAR segment comes from a less benign macro environment following the spike in interest rates and contingent outflows from mid/small caps (i.e., PIR funds outflows). TIP has a proven track record of value creation over time and is expected to benefit from a less competitive environment for investing. The 33 companies in which the company is invested include 11 worldwide leaders, 4 European leaders and 10 Italian leaders. The investees are continuously growing thanks to organic growth and M&A and we expect some of them to consider a listing in the future as a way to further accelerate their growth potential.
n BUY tp Eu12.40ps confirmed. We have updated our NAV to include recent in investment and divestment activity, and updated valuations to include the recent results and indications on outlook. Our dynamic NAV remains well above current market prices with the discount at around 33%. The discount to the market prices NAV is close to 17%. The current price levels do not reflect the future value creation from investments. We expect unlisted companies in the portfolio to continue to show significant organic and M&A-driven growth as they benefit from healthy financial structures, strong competitive positioning, and opportunities to act as consolidators within sectors. We believe that some companies in the portfolio could unlock further value through a market listing once conditions enable proper reflection of valuations. We think that the current price is an attractive entry point: in the mid-long term, we expect the stock price to close the gap on the intrinsic value of the investment portfolio. We confirm our positive view on the stock and the target price of Eu12.4ps, which offers significant upside.
INTERMONTE-Company-research-report-TAMBURI-230926.pdf
