Edison Investment Research - Piteco (PITE) Piteco - Business portfolio generates solid growth

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Edison Investment Research

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.

07/10/2019 7 EN

Underlying

Piteco

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.

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IT0004997984 Italy

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Piteco - Business portfolio generates solid growth

Piteco Spa: 1 director

Piteco - Resilient performance

Piteco - Resilience demonstrated

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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