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    CERV   IT0005010423

CERVED GROUP S.P.A.

(CERV)
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Cerved S p A : Risultati al 30 Giugno 2021 - Presentazione

07/29/2021 | 11:19am EDT

Results

to 30 June 2021

July 29th, 2021

Today's Presenters

Andrea Mignanelli

Emanuele Bona

Pietro Masera

Chief Executive Officer

Chief Financial Officer

Head IR, ESG & Structured Finance

11 years at Cerved

10 years of TMT industry experience Prior experience: Jupiter, McKinsey, GE

Education: MBA from INSEAD and Corporate Finance degree from Bocconi University

1 year at Cerved

Prior experience: BFF Group (CFO), Apax, Merrill Lynch, Goldman Sachs, McKinsey

Education: MBA from the MIT Sloan School of Management and MSc in Industrial Engineering from Politecnico di Torino

8 years at Cerved

16 years of TMT industry experience

Prior experience: CVC, Deutsche Bank, Bankers Trust, UBS, SEAT

Education: degree in Economics and Business Administration from University of Bergamo

2

Agenda

  1. Executive Summary
  2. Business Review
  3. Financial Review

Appendix

  • Details on financials
  • Investor Day - extract
  • ESG committment

Executive Summary

Macro

H1 2021

Financial

Results

Investor Day 6 March 2021

Public Tender Offer

Following the 8.9% contraction of GDP in 2020, Bank of Italy forecasts growth of 5.1% in 2021, 4.4% in 2022 and 2.3% in 2023, thus returning to pre-pandemic levels by end 2022

Revenues of EUR 251.7m +5.0% vs H1 2020, +4.5% organic Adjusted EBITDA of EUR 105.7m +6.4% vs H1 2020, +6.3% organic Operating Cash Flow of EUR 87.6m, +11.5% vs H1 2020

Adjusted Net Income post minorities of EUR 54.1m +12.7% vs H1 2020 Leverage of 2.7x LTM proforma Adjusted EBITDA

On 26 March 2021 Cerved presented its third Investor Day and Strategic Outlook to 2023

Strategy predicated upon refocus on Data Intelligence businesses, assessing strategic alternatives for Credit Management, and creating firepower for M&A and dividend policy

Key targets are 2020-2023 CAGR of 5-7% organic Revenues and 7-10.5% Adjusted EBITDA including M&A, 75-80% cash conversion, 3.0x leverage EBITDA, 40-50% dividend payout

Tender Offer period from 16 July 2021 to 5 August 2021 (extremes included) Issuer's Statement approved by Cerved's Board on 15 July 2021

4

Consistent Growth and Cash Flow Generation

% / %

Total CAGR% /

Organic Growth %

Revenues (€m)

Consistent Growth

+6.9%/ +3.5%

CAGR '12-'20

521

Growth %

488

458

H1 21/19

+2.2%

401 394

313 331 353 377

H1 21/20

+5.0%

291

246 240 252

2012 2013 2014 2015 2016 2017 2017 2018 2019 2020

H1

H1

H2

19

20

21

Not restated

Application of

IFRS 9, 15, 16

Adjusted EBITDA1 (€m)

Sustainable profitability

+4.6%/ +2.5%

CAGR '12-'20

237

213

204

Growth %

171 180

187

186

H1 21/19

-4.8%

145 152 160

H1 21/20

+6.4%

111 99 106

2012 2013 2014 2015 2016 2017 2017 2018 2019 2020

H1

H1

H1

19

20

21

Not restated

Application of

IFRS 9, 15, 16

Operating Cash Flow (€m)

High cash flow generation

+2.8%

CAGR '12-'20

160158

Growth %

136144143143

H1 21/19

+7.9%

126

H1 21/20

+11.0%

111108

85 81 79 87

2012 2013 2014 2015 2016 2017 2017 2018 2019 2020

H1

H1

H1

19

20

21

Not restated

Application of

IFRS 9, 15, 16

1) 2017 Adj. EBITDA includes €4.0m adjustment for IFRS 16

5

Questo è un estratto del contenuto originale. Per continuare a leggere, accedi al documento originale.

Disclaimer

Cerved Information Solutions S.p.A. published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 15:18:06 UTC.


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Sales 2021 524 M 614 M 614 M
Net income 2021 66,5 M 77,9 M 77,9 M
Net Debt 2021 471 M 551 M 551 M
P/E ratio 2021 28,3x
Yield 2021 3,00%
Capitalization 2 002 M 2 344 M 2 345 M
EV / Sales 2021 4,72x
EV / Sales 2022 4,44x
Nbr of Employees 2 767
Free-Float 94,7%
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Technical analysis trends CERVED GROUP S.P.A.
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 5
Last Close Price 10,33 €
Average target price 10,40 €
Spread / Average Target 0,68%
EPS Revisions
Managers and Directors
Andrea Mignanelli Chief Executive Officer & Director
Emanuele Bona Chief Financial Officer
Gianandrea de Bernardis Executive Chairman
Fabio Cerchiai Lead Independent Director
Mara Anna Rita Caverni Independent Director
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