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.€92.5m
Last close€5.10
High / Low (52 weeks)€5.5 / €4.3
Stock market listingAIM Italia
Forecast net debt (€m)6
Forecast gearing ratio (%)18

Price performance

Relative *(5.2)(6.5)(3.1)

* % Relative to local index

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Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2015A 12.8 5.7 4.9 20.7 24.6 18.3
2016A 13.5 5.6 4.9 24.3 21.0 16.7
2017E 17.1 7.1 6.3 30.6 16.7 13.9
2018E 20.4 9.0 8.2 38.9 13.1 10.1

Last updated on 07/12/2017

Latest research

Investment summary

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. While we have eased our Corporate Treasury revenue forecasts, due to the lack of an abnormally large contract this year, we are maintaining our forecasts for LT despite the 10% decline in the dollar/euro, and our FY18 and FY19 EPS move higher on lower tax assumptions. Given the attractive growth opportunities, strong cash generation and healthy balance sheet, we continue to believe the shares are attractive on c 13x our FY18e EPS.

Last updated on 13/12/2017

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 13/12/2017

Key management

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

Company address

Via Mercalli
+39 02 3660931
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