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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.€75.1m
Last close€4.14
High / Low (52 weeks)€5.3 / €4.1
Stock market listingAIM Italia
Forecast net debt (€m)2.7
Forecast gearing ratio (%)8
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(8.8)(10)(20.5)
Relative *(2.7)(0.4)(9.2)

* % Relative to local index

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Company news

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 17.0 13.6
2017A 17.0 6.5 5.6 30.3 13.7 13.2
2018E 20.1 8.0 7.2 36.0 11.5 9.2
2019E 21.8 9.0 8.3 39.3 10.5 8.1

Last updated on 25/09/2018

Investment summary

Piteco is acquiring 56% of Myrios for an intial €7.3m plus financial position. There is also an earnout and a put option on the 44% balance. In FY17, Myrios generated revenues of €2.8m, up 27%, with EBITDA of €1.5m. Myrios designs and implements high-value IT solutions, focused on the banking sector. Myrios has developed a software solution - Myrios FM - aimed at both financial and industrial companies to support complex processes and finance and risk management calculations. Piteco aims to cross-sell Myrios FM to its customer base. We will incorporate the acquisition into our forecasts following the interims. CONSOB has approved the prospectus in relation to the listing of Piteco on the MTA.

Last updated on 28/09/2018

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 28/09/2018

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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