Edison Investment Research - Piteco (PITE) Piteco - Resilience demonstrated

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Edison Investment Research

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 SpA’s existing software. At 13.6x FY21 EV/EBITDA, Piteco continues to trade at a discount to its international software peers.

29/09/2020 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

Provider

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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Analysts

Richard Williamson

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Piteco - Resilience demonstrated

Piteco Spa: 1 director

Piteco - Resilient performance

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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