Why not Italy? Opportunities on Italian M&A market
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1 Singapore, November 16 th 2013 Bocconi Alumni Asia Conference 2013 Eugenio Morpurgo Fineurop Soditic C.E.O. Fineurop Soditic S.p.A. Why not Italy? Opportunities on Italian M&A market Singapore 1
2 Opportunities in the Italian M&A market: traditional factors One of the largest economies in the world in terms of GDP Solid private finance background committed to support the real economy High level of human capital Positive attitude towards foreign investors, seen as a key to a faster international growth and larger scale. Stable M&A prices with no speculative bubbles, especially in industrial manufacturing and components Italian companies are undercapitalized and use of massive additional leverage is no more feasible. Strong need for equity resources. Large number of high quality (export-oriented) medium size companies. Many SMEs (and also some larger Italian companies) have succession problems and are undergoing a generational change. 2
3 Opportunities in the Italian M&A market: new factors IPO is still not feasible for the great majority of Italian SMEs so that the M&A option (through PE or strategic alliance) is the most viable one to raise fresh money. Potential Sellers price expectations have decreased in the last 18 months and Vendors have abandoned the dream of pricing (the so called "golden period"). A greater number of sellers is ready to accept an earn-out payment and/or a vendor s loan, sharing risks with the Acquirers. The number of strong domestic strategic buyers is still limited and some Italian PE Funds have a fund raising issue, so we are seeing less "buy side" competition. Several PE Investment committees and strategic buyers Boards are overestimating the country risk of the Italian market and sometimes they do not pay enough attention to Italian export champions, emerging brands, etc. Former bubbles (e.g. real estate, alternative energies) have become excellent opportunities in secondary market for players with cash to invest. 3
4 Acquisition financing market is selective but still very open to new credible projects Some industries (such as tourism and leisure) lack a domestic consolidator, leaving large room for foreign investors with a build-up strategy Based on the above mentioned key factors, the Italian market is expected to be a buyers market for the next 2-3 years, except perhaps for top brands, pharmaceuticals and some oil&gas component manufacturers 4
5 Pricing of majority investments: an environment of stable pricing ITALIAN MARKET EV/EBITDA PE + Strategic buyers Average ,8x Average ,6x Average ,7x Average ,2x Average ,6x Average ,3x Average ,0x Average ,6x Average ,3x Average 2013* 8,1x Fineurop Soditic estimates - updated as of Sept
6 Year 2011: a market dominated by foreign investors. French are leading the ranking. «Top 15» M&A transactions BIDDER COUNTRY TARGET COUNTRY SHARE VALUE M N INDUSTRY LVMH Fra Bulgari Ita 100% 4100 jewellery Lactalis Fra Parmalat Ita 83% 3716 food Finmeccanica and Ita-USA Ansaldo Energia Ita 45% 1073 energy First Reserve BC Partners UK Coin Ita 97% 906 retail F2i e AXA P.E. Ita-Fra G6 Rete Gas Ita 100% 772 energy Credit Agricole Fra Cassa di Risparmio della Spezia (96 branch) Ita 80% 740 banks Terra Firma UK Rete Rinnovabile Ita 100% 641 energy BNP Paribas Fra Findomestic Ita +25% 629 financial services JS Group Giapp Permasteelisa Ita control 575 construction Eurazeo Fra Moncler Ita 45% 418 fashion F2i and Ita Metroweb Ita 100% 436 ITC Intesa Sanpaolo Goodrich Partners USA Microtecnica Ita control 330 airplane components Groupe Alpha Ita-Fra Savio Macchine Tessili Ita control 300 textile machinery Investindustrial and Palladio Ita Snai Ita 51% 276 betting Central Retail Corp. Thai La Rinascente Ita control 260 retail 6
7 Year 2012: the increasing role of state owned holdings «Top 15» M&A transactions BIDDER COUNTRY TARGET COUNTRY SHARE VALUE M N INDUSTRY Cassa Depositi e Prestiti Ita Sace Ita controllo 3721 business service Cassa Depositi e Prestiti Ita Snam Rete Gas Ita 30% 3517 energy EDF Fra Edison Ita 50% 1677 energy Cassa Depositi e Prestiti Ita Fintecna Ita 100% 1592 financial services Delmi Ita Edipower Ita 70% 884 energy Canada Pension Plan Investment Board Can Costanera Norte (Atlantia) Ita 50% 857 highways Audi Ger Ducati Ita 100% 747 automotive Pamplona Capital Management UK Unicredit Ita 3% 700 banking Mayhoola for Investment Qatar Valentino Ita 100% 700 fashion Lukoil Russia Isab Ita 20% 485 refinery Fondo Strategico Italiano Ita Metroweb Ita 46% 432EV telecom Rotelli Ita Ospedale San Raffaele Ita 100% 405 hospital Nidec Corp Jap Ansaldo Sistemi Industriali Ita 100% 380 electric systems Compagnia Italiana di Navigazione Ita Tirrenia Ita 40% 380 transports Unipol Gruppo Finanziario Ita Premafin Finanziaria Ita 81% 339,5 financial services 7
8 Year 2013: "fatal attraction" for Italian brands and technology «Top 15» M&A transactions BIDDER COUNTRY TARGET COUNT RY SHARE GE USA Avio Ita aviation business VALUE INDUSTRY MN aerospace Atlantia S.p.A. Ita Gemina S.p.A. Ita control heavy contruction Vodafone Group plc UK Vodafone Italia Ita 23% telecom LVMH Fra Loro Piana S.p.A. Ita 80% fashion Salini Costruttori Ita Impregilo S.p.A. Ita 70% construction Mohawk Industries USA Marazzi Ita control ceramics CVC Capital Partners USA Cerved Group S.p.A. Ita 100% database ERG Ita IP Maestrale Ita 80% 852 energy Telefonica SA Spa Telco S.p.A. Ita 20% 748 telecom Fondo Strategico Italiano Ita Ansaldo Energia Ita 85% 657 engineering Apax Group USA Rhiag Group Ita control 570 automotive Lukoil OAO Russia ISAB Sr.l. Ita +20% 400 components oil and gas A2A Ita Edipower S.p.A. Ita 21% 300 energy Kering Fra Pomellato S.p.A. Ita 81% 300 jewels Rosneft Russia Saras Ita 21% 273 oil and gas 8
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