Edison Investment Research - Piteco (PITE) Piteco - Resilient performance

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Edison Investment Research

Richard Williamson

Piteco - Resilient performance

In FY20, Piteco SpA generated good revenue and EBITDA growth of 5%. The resilience of the business model is clear, with 64% of revenues originating from recurring fees. Group revenues were up 3% and EBITDA margin remained above 40% despite the coronavirus pandemic. Juniper and Myrios witnessed a slowdown in orders, as expected, and concentrated their efforts on developing innovative solutions, which will help to accelerate growth as the market recovers. The RAD acquisition, initially announced in October, provides a further platform for growth of the business. At 12.8x FY21 EV/EBITDA, Piteco continues to trade at a discount to its international software peers.

31/03/2021 1 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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Analysts

Richard Williamson

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Piteco - Resilient performance

Piteco Spa: 1 director

Piteco - Resilience demonstrated

Datatec - FY24 underlying EPS more than doubles y-o-y

Pan American Silver - La Arena divestment

SenSen Networks - Time to scale

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