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Piteco Spa: 1 director
A director at Piteco Spa bought 8,413 shares at 11.200EUR and the significance rating of the trade was 59/100. 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 sho...
- 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 i...
- 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 t...
- 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. Pite...
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.
Edison issues outlook on Piteco (PITE)
Edison Investment Research Limited Edison issues outlook on Piteco (PITE) 17-Apr-2019 / 15:07 GMT/BST London, UK, 17 April 2019 Edison issues outlook on Piteco (PITE) 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. The stock ...
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...
- Contract momentum
Underlying momentum remains healthy, with 24 new contract wins in the eight months to 31 August, up from 21 in the previous corresponding period. LendingTools (LT), which was acquired in April, has been performing well and management is increasingly buoyant on its prospects. We have eased our Corporate Treasury revenue forecasts, due to the lack of an abnormally large contract this year that would require a higher level of professional services. We are maintaining our forecasts for LT despite th...
Bold entry into the US marketplace
Piteco is buying the principal assets of LendingTools (LT), a small, privately owned US payments software provider, for up to $14.5m in cash. LT operates in the niche area of “correspondent banking”, offering financial institutions an alternative to the Federal Reserve’s FedLine Advantage. The deal provides Piteco with an attractive route into the lucrative US market, which it plans to use to grow its core treasury software solutions. On our updated forecasts, EPS rise by 12-14% over FY17 to FY1...
EPS beat on favourable Italian tax changes
FY16 net revenues grew by 5% to €13.5m (we forecast €13.7m), while EBITDA eased by 2% to €5.6m (€6.0m). Revenue and the EBITDA margin both showed a small improvement in H2. The numbers were slightly below expectations, largely due to the challenging economic backdrop. However, EPS beat by 4% on lower than expected tax. We have conservatively eased our revenue and EBITDA forecasts, although EPS remains the same after taking into account favourable tax changes (expanded ‘Patent Box’ rules and redu...
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