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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.€84.5m
Last close€4.66
High / Low (52 weeks)€5.4 / €4.6
Stock market listingAIM Italia
Forecast net debt (€m)2.7
Forecast gearing ratio (%)8
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(4.9)(6.8)(11.7)
Relative *0.3(4.5)(15.6)

* % Relative to local index

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Company news

BRIEF-Piteco: acquisition finalized on April 7 concerns operating business ...

Mon, 10 Apr 2017 16:01:54 GMT

BRIEF-Piteco buys controlling stake in American digital payment and clearing ...

Wed, 05 Apr 2017 17:15:02 GMT

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

Tue, 11 Apr 2017 21:22:30 GMT

DIARY - Italy to April 30

Mon, 12 Mar 2018 11:59:33 GMT

Piteco ready to enter MTA, primary institutional investors enter in its share capital

Wed, 07 Jun 2017 10:04:03 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 14.1 5.6 5.0 24.4 19.1 15.3
2017A 17.0 6.5 5.6 30.3 15.4 14.9
2018E 20.1 8.0 7.2 36.0 12.9 10.3
2019E 21.8 9.0 8.3 39.3 11.9 9.2

Last updated on 23/04/2018

Investment summary

At the AGM, the balance sheet, €0.15 dividend and the project for the admission to the main market were approved. Piteco has already undergone most of the necessary steps to move its listing to the MTA, with the shift looking probable in Q3. As already reported, 30 new contracts were signed in FY17, up from 26 in FY16. However, performance was held back by the lack of large-size projects, while Juniper suffered on translation. Recurring revenues grew 5% organically and 46% including Juniper and now represent 65% of the total. With Juniper trading in line with targets and the treasury business expected to return to its growth trend in FY18, we believe the shares are attractively priced on 12x our FY19e EPS.

Last updated on 27/04/2018

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 software and ICT solutions market in Italy is valued at €6.3bn (Assinform 2016). A small slice of this (Piteco suggests c 5%) represents the market for treasury and financial planning software. IDC estimated the worldwide revenue for the risk and treasury applications market was $2.1bn in 2013, up 4.3% y-o-y.

Last updated on 27/04/2018

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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