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Edison Issues Initiation on Piteco


News provided by

Edison Investment Research

04 May, 2016, 10:34 GMT

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LONDON, May 4, 2016 /PRNewswire/ -- Piteco is the leading player in the Italian treasury management systems (TMS) market. It has a strong track record of profitability, generates very healthy c 42% operating margins and has excellent cash generation. In July 2015, it raised c €11.5m (gross) in new money and listed on AIM Italia. It plans to use the funds to accelerate growth, both organically (boosting R&D, for example, it has introduced a hosted cloud offering) and through acquisitions (it made a small acquisition in Italy in late 2015 and is investigating other growth opportunities there and in the US).

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(Logo: http://photos.prnewswire.com/prnh/20130417/608168 )

The stock looks attractive, trading on c 15x our earnings in FY16e, which falls to c 14x in FY17e and to c 13x in FY18e. Our DCF model values the stock at 483c, 23% above the current share price. Our DCF calculation uses conservative assumptions including a 5.3% CAGR in net sales revenue over 10 years, and a long-term operating margin (40%) that is below current levels and a discount rate of 9%. It has also been adjusted for the dilution impact from the convertible bonds.

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website www.edisoninvestmentresearch.com.

About Edison: Edison is an international equity research firm with a team of over 110 analysts, investment and roadshow professionals and works with both large and smaller capitalised companies, blue chip institutional investors, wealth managers, private equity and corporate finance houses to support their capital markets activity. Edison provides services to more than 400 retained corporate and investor clients from offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact:
Richard Jeans
Edison Investment Research
+44-(0)20-3077-5700

Katherine Thompson
Edison Investment Research
+44-(0)20-3077-5730

Contact details: Learn more at www.edisongroup.com and connect with Edison on: 

LinkedIn www.linkedin.com/company/edison-investment-research
Twitter www.twitter.com/Edison_Inv_Res
YouTube www.youtube.com/edisonitv
Google+ https://plus.google.com/105425025202328783163/posts

Related Links

http://www.edisoninvestmentresearch.com

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