Piteco SpA is an Italy-based company engaged in the software and consulting industry. The Company offers solutions and consultancy in finance, treasury and financial planning. It serves various customers, including food business, insurance, logistics and travelling, telecommunication, media, mechanic and steel, construction and tile, automotive and fashion entities, among others. Piteco SpA is active in several areas, such as cash management, planning, payment factoring, risk management, global liquidity management, supply chain finance, special contexts, sepa credit transfer (SCT) and sepa core direct debit (SDD), among others. In addition, the Company manages treasury management system consultancy. It operates through the business unit of company LendingTools.
  • TickerPITE
  • ISINIT0004997984
  • SectorSoftware & Computer Services
  • CountryItaly

Piteco Spa: 1 director bought

A director at Piteco Spa bought 2,313 shares at 10.913EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Richard Williamson

Piteco - Resilience demonstrated

Piteco SpA once again generated good revenue and EBITDA growth in H1, of 11% and 24%, respectively. FY20 had an excellent start, although the COVID-19 pandemic subsequently slowed down progress. While Piteco’s products can help steer financial and treasury decision-making at times of crisis, at the height of lockdown, the acquisition of new clients slowed. During H1 Piteco acquired EveryMake for an initial €0.55m in cash, which has been integrated into the Piteco SpA business. A new product in the data matching space is planned for launch in H2, and there will also be a major release of Piteco...

Richard Williamson

Piteco - An excellent year

Piteco Spa generated solid organic revenue and EBITDA growth in FY19 of 7% and 9% respectively and continued to benefit strongly from recent acquisitions. FY20 started very well, although the COVID-19 pandemic is likely to affect growth. It is still early days and Piteco is not directly affected. Indeed, its products can help steer financial and treasury decision-making at times of crisis. A potential global recession would be likely to cause a softening in the demand for Piteco's products. Piteco continues to trade at a discount to Italian and international software peers.

Piteco - Business portfolio generates solid growth

Piteco generated solid organic revenue and EBITDA growth in H1 (+7/+8%) and benefitted strongly from recent acquisitions. We expect organic growth to continue for Piteco Spa and we forecast acceleration for Myrios and Juniper. We see balance sheet headroom for further M&A, which could strengthen the growth outlook (albeit with execution risks). Piteco continues to trade at a discount to Italian and international software peers.

Piteco Spa: 1 director bought

A director at Piteco Spa bought 2,313 shares at 10.913EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Richard Williamson

Piteco - Resilience demonstrated

Piteco SpA once again generated good revenue and EBITDA growth in H1, of 11% and 24%, respectively. FY20 had an excellent start, although the COVID-19 pandemic subsequently slowed down progress. While Piteco’s products can help steer financial and treasury decision-making at times of crisis, at the height of lockdown, the acquisition of new clients slowed. During H1 Piteco acquired EveryMake for an initial €0.55m in cash, which has been integrated into the Piteco SpA business. A new product in the data matching space is planned for launch in H2, and there will also be a major release of Piteco...

Richard Williamson

Piteco - An excellent year

Piteco Spa generated solid organic revenue and EBITDA growth in FY19 of 7% and 9% respectively and continued to benefit strongly from recent acquisitions. FY20 started very well, although the COVID-19 pandemic is likely to affect growth. It is still early days and Piteco is not directly affected. Indeed, its products can help steer financial and treasury decision-making at times of crisis. A potential global recession would be likely to cause a softening in the demand for Piteco's products. Piteco continues to trade at a discount to Italian and international software peers.

Piteco - Business portfolio generates solid growth

Piteco generated solid organic revenue and EBITDA growth in H1 (+7/+8%) and benefitted strongly from recent acquisitions. We expect organic growth to continue for Piteco Spa and we forecast acceleration for Myrios and Juniper. We see balance sheet headroom for further M&A, which could strengthen the growth outlook (albeit with execution risks). Piteco continues to trade at a discount to Italian and international software peers.

Piteco - Cash-generation engine powers onwards

Piteco’s traditional corporate treasury business returned to growth in FY18 after a flat FY17, with growth accelerating in H2 and momentum continuing in FY19. Juniper Payments, the group’s US payments software business, recorded solid FY18 results while Myrios, acquired late in the 2018, recorded an impressive initial contribution. Consequently, the shares look increasingly attractive on c 11x our FY20e earnings.

Piteco - Rating is attractive despite 7-8% EPS cuts

Piteco traded broadly in line with management objectives, with 30 new contracts signed in FY17, up from 26 in FY16. Nevertheless, revenue and EBITDA came in below our forecasts, as the group lacked any large-size projects during the year, while Juniper Payments suffered on translation from the continued weakness in the dollar. Recurring revenues grew by 5% organically and by 46% including Juniper, which is predominantly recurring revenues, and now represent 65% of the total. We have cut revenues by 5% and EPS by 7-8% in FY18 and FY19 mainly due to the weakness in services and the fall in the d...

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