Piteco (PITE)

Business description

Piteco is Italy’s leading company in the design, development and implementation of software for treasury, finance and financial planning management.

Stock data

Market cap.€96m
Last close€5.30
High / Low (52 weeks)€5.5 / €4.0
Stock market listingAIM Italia
Forecast net debt (€m)4.5
Forecast gearing ratio (%)13
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual2.20.127.6
Relative *(0.8)(6.5)(6.4)

* % Relative to local index

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Company news

PiteCo SpA (PITE) Is Yet to See Trading Action on Sep 25

Mon, 25 Sep 2017 06:56:15 GMT

PiteCo SpA (PITE) Plunges -3.25% on Sep 21

Thu, 21 Sep 2017 11:15:00 GMT

PiteCo SpA (PITE) Is Yet to See Trading Action on Sep 7

Thu, 07 Sep 2017 07:30:00 GMT

PiteCo SpA (PITE) Dipped -0.19% on Sep 1

Fri, 01 Sep 2017 07:41:15 GMT

Juniper Payments, LLC Jumps Forward Into Bank and Credit Union Space with ...

Tue, 11 Apr 2017 21:22:30 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2015A 12.8 5.7 5.0 21.5 24.6 19.0
2016A 13.5 5.6 5.1 25.1 21.1 17.3
2017E 18.0 8.0 7.4 32.0 16.5 12.0
2018E 20.9 9.1 8.5 34.9 15.2 10.2

Last updated on 25/08/2017

Latest research

Investment summary

In early June, Podini family interests sold 1,663,500 Piteco shares (c 9.18% of the share capital) to institutional investors. Piteco aims to list on the MTA by the end of the year and the share sale increases the company's free float to 27.41%, satisfying the 25% threshold for the main market (MTA). In April, Piteco said it was buying the principal assets of LendingTools, a small US payments software provider, for up to $14.5m in cash. The deal provides Piteco with an attractive route into the lucrative US market. Given the growth opportunities, strong cash generation and healthy balance sheet, we continue to believe the shares are attractive on c 15x our FY18e earnings.

Last updated on 06/09/2017

Industry outlook

Piteco is the leading player in the Italian treasury management systems (TMS) market. TMS are software solutions used by corporate treasuries and finance departments to manage transactions and support their decision-making. The application software market in Italy is valued at €3.8bn (Assinform/NetConsulting 2014). A small slice of this (Piteco suggests 5-10%) represents the market for treasury and financial planning software. IDC estimates the worldwide revenue for the risk and treasury applications market was $2.1bn in 2013, up 4.3% y-o-y.

Last updated on 06/09/2017

Key management

Marco Podini, Chairman
Paolo Virenti, CEO
Riccardo Veneziani, CFO
Andrea Guillermaz, Sales Director

Company address

Via Mercalli
16-20122
Milano
Italy
+39 02 3660931
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