This document discusses a proposed initial public offering of preferred shares by Il Sole 24 ORE, an Italian media company. The document contains several disclaimers noting that the opinions expressed are those of UBS independently and not as a manager or underwriter of the offering. The summary provides an overview of Il Sole 24 ORE's businesses, financial projections, valuation, and the proposed share offering. Key points include that the company has divisions in consumer/financial publishing and professional publishing, earnings are expected to grow steadily, and the share offering will allow the company to fund further acquisitions to expand in professional publishing in Italy.
Ignite your ...future champions jan 2013Alan Scrase
IGNITE your…. Future Champions
Presenter – Laura Smith, Policy Adviser at Confederation of British Industry (CBI) will present the CBI’s report:
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Medium-sized businesses are the UK's "forgotten army", too long overlooked by government but with the potential to inject between £20bn and £50bn into the economy by 2020, according to the CBI.
The CBI is calling for a broader range of finance to be made available to medium-sized businesses. With banks' lending constrained, these firms can no longer rely solely on bank lending for long-term growth capital to invest in their companies.
The CBI is the UK's leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce. With offices across the UK as well as representation in Brussels, Washington, Beijing and Delhi the CBI communicates the British business voice around the world.
Ignite your ...future champions jan 2013Alan Scrase
IGNITE your…. Future Champions
Presenter – Laura Smith, Policy Adviser at Confederation of British Industry (CBI) will present the CBI’s report:
“Future Champions: unlocking growth in the UK's medium-sized businesses”.
Medium-sized businesses are the UK's "forgotten army", too long overlooked by government but with the potential to inject between £20bn and £50bn into the economy by 2020, according to the CBI.
The CBI is calling for a broader range of finance to be made available to medium-sized businesses. With banks' lending constrained, these firms can no longer rely solely on bank lending for long-term growth capital to invest in their companies.
The CBI is the UK's leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce. With offices across the UK as well as representation in Brussels, Washington, Beijing and Delhi the CBI communicates the British business voice around the world.
How Should COVID Experience be Used for Setting Future Mortality Webcast - 20...MarkSpong1
The excess deaths resulting from COVID have presented a challenge to actuaries who rely on historical experience to inform assumptions about the future. The issue is that 2020 and 2021 mortality is significantly higher than expected and there is hope that this spike is temporary. In short, everyone is wondering whether to use pandemic mortality experience at all and if so, how to overcome the practical challenges of implementation. This webcast will provide an overview of the range of approaches used by institutions (US, Canada, UK), industry groups, and industry survey responses. We’ll also quantify and compare some of these approaches drawing from a recent SOA expert opinion survey on COVID-19 and short term impacts on future US mortality.
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Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
How Should COVID Experience be Used for Setting Future Mortality Webcast - 20...MarkSpong1
The excess deaths resulting from COVID have presented a challenge to actuaries who rely on historical experience to inform assumptions about the future. The issue is that 2020 and 2021 mortality is significantly higher than expected and there is hope that this spike is temporary. In short, everyone is wondering whether to use pandemic mortality experience at all and if so, how to overcome the practical challenges of implementation. This webcast will provide an overview of the range of approaches used by institutions (US, Canada, UK), industry groups, and industry survey responses. We’ll also quantify and compare some of these approaches drawing from a recent SOA expert opinion survey on COVID-19 and short term impacts on future US mortality.
Elixinol is an original pioneer in the CBD industry — focused on the science, research and development of world-class cannabinoid products that provide real results for real people. A global company with a proven track record of growing and extracting premium-quality hemp, Elixinol's products are sold online at Elixinol.com, at over 2,600 natural, specialty and conventional grocery stores and pharmacies across the U.S., and around the world. Elixinol distributes CBD products in North and South America, throughout Europe, Asia, and the Pacific Region under its own label, as well as bulk CBD and wholesale CBD. Elixinol's parent company EXL (elixinolglobal.com) is publicly traded on the Australian Securities Exchange (EXL) and on OTC Markets (ELLXF).
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
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This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
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1. Il Sole 24 ORE This document has been prepared by UBS Limited Case study NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF THIS DOCUMENT MAY BE DISTRIBUTED DIRECTLY OR INDIRECTLY IN THE UNITED STATES OR IN CANADA, JAPAN OR AUSTRALIA
2. THIS DOCUMENT HAS BEEN PREPARED BY ITS AUTHORS INDEPENDENTLY OF IL SOLE 24 ORE S.P.A. (THE " COMPANY "), , MEDIOBANCA - BANCA DI CREDITO FINANZIARIO S.P.A. (" MEDIOBANCA "), AND UBS LIMITED (" UBS ") OR ANY OTHER MEMBER OF THE UNDERWRITING GROUP OR ANY OF THEIR RESPECTIVE AFFILIATES IN THE PROPOSED OFFERING (THE " OFFERING ") OF PREFERRED SHARES ( AZIONI DI CATEGORIA SPECIALE ) OF THE COMPANY. UBS LTD, WHO MAY ACT IN CONNECTION WITH THE OFFERING, HAS NO AUTHORITY WHATSOEVER TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATION OR WARRANTY ON BEHALF OF THE COMPANY, MEDIOBANCA, UBS, ANY OTHER MEMBER OF THE UNDERWRITING GROUP OR ANY OF THEIR RESPECTIVE AFFILIATES IN CONNECTION WITH THE OFFERING OR OTHERWISE. IN PARTICULAR, THE OPINIONS AND PROJECTIONS EXPRESSED HEREIN ARE ENTIRELY THOSE OF UBS LTD AS PART OF ITS NORMAL RESEARCH ACTIVITY AND NOT AS A MANAGER OR UNDERWRITER OF ANY OFFER OR AS AN AGENT OF, OR FINANCIAL ADVISER, TO THE COMPANY, MEDIOBANCA, UBS, ANY OTHER MEMBER OF THE UNDERWRITING GROUP OR ANY OF THEIR RESPECTIVE AFFILIATES OR ANY OTHER PERSON. UBS LTD HAS NOT INDEPENDENTLY VERIFIED THE INFORMATION GIVEN IN THIS DOCUMENT. ACCORDINGLY, NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON, THE ACCURACY, COMPLETENESS OR FAIRNESS OF THE INFORMATION OR OPINIONS CONTAINED IN THIS DOCUMENT. NONE OF UBS LTD, THE COMPANY, MEDIOBANCA, UBS, ANY OTHER MEMBER OF THE UNDERWRITING GROUP OR ANY OF THEIR RESPECTIVE AFFILIATES, DIRECTORS, MEMBERS, OFFICERS OR EMPLOYEES OR ANY OTHER PERSON ACCEPTS ANY LIABILITY WHATSOEVER (IN NEGLIGENCE OR OTHERWISE) FOR ANY LOSS HOWSOEVER ARISING FROM ANY USE OF THIS DOCUMENT OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS DOCUMENT (EXCEPT IN RESPECT OF WILFUL DEFAULT). THIS DOCUMENT DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SUBSCRIPTION OF OR SOLICITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT WHATSOEVER. THE OFFER SHALL BE MADE BY THE FINAL OFFERING MEMORANDUM TO BE PUBLISHED IN DUE COURSE IN CONNECTION WITH THE OFFERING. ANY APPLICATION FOR PREFERRED SHARES IN THE COMPANY SHOULD BE MADE SOLELY ON THE BASIS OF THE INFORMATION TO BE CONTAINED IN THE FINAL OFFERING MEMORANDUM. THIS DOCUMENT HAS BEEN FORWARDED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. NEITHER THIS DOCUMENT NOR ANY COPY OR PORTION HEREOF MAY BE TAKEN, TRANSMITTED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, JAPAN, CANADA OR THE UNITED STATES OR TO ANY RESIDENT THEREOF. THE DISTRIBUTION OF THIS DOCUMENT IN OTHER JURISDICTIONS MAY BE RESTRICTED BY LAW AND PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY SUCH RESTRICTIONS. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE LAWS OF ANY SUCH OTHER JURISDICTIONS. FOR THE PURPOSES OF THIS PARAGRAPH, THE TERM "UNITED STATES" HAS THE MEANING GIVEN TO IT IN REGULATION S UNDER THE US SECURITIES ACT OF 1933. BY ACCEPTING THIS DOCUMENT YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. THIS DOCUMENT IS FOR DISTRIBUTION IN THE UNITED KINGDOM ONLY TO PERSONS FALLING WITHIN ARTICLE 19, ARTICLE 47, ARTICLE 49 AND ARTICLES 50 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 AND ONLY WHERE THE CONDITIONS CONTAINED IN THOSE ARTICLES HAVE BEEN, OR WILL AT THE RELEVANT TIME BE, SATISFIED. THIS DOCUMENT IS CONFIDENTIAL AND IS BEING SUPPLIED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, FURTHER DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. THIS DOCUMENT IS FOR DISTRIBUTION IN ITALY ONLY TO PROFESSIONAL AND/OR QUALIFIED INVESTORS AS DEFINED IN ANY AND ALL APPLICABLE SECURITIES LAWS AND REGULATIONS. THEREFORE THIS DOCUMENT MAY NOT BE DISTRIBUTED TO (I) A MEMBER OF THE GENERAL PUBLIC; (II) DISTRIBUTION CHANNELS, THROUGH WHICH INFORMATION IS, OR IS LIKELY TO BECOME AVAILABLE TO A LARGE NUMBER OF PERSONS; OR (III) INDIVIDUALS OR ENTITIES FALLING OUTSIDE THE DEFINITIONS OF PROFESSIONAL AND/OR QUALIFIED INVESTORS AS SPECIFIED ABOVE.
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6. SECTION 1 The Company NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF THIS DOCUMENT MAY BE DISTRIBUTED DIRECTLY OR INDIRECTLY IN THE UNITED STATES OR IN CANADA, JAPAN OR AUSTRALIA
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13. SECTION 2 Market Outlook NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF THIS DOCUMENT MAY BE DISTRIBUTED DIRECTLY OR INDIRECTLY IN THE UNITED STATES OR IN CANADA, JAPAN OR AUSTRALIA
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17. SECTION 3 Group Strategy NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF THIS DOCUMENT MAY BE DISTRIBUTED DIRECTLY OR INDIRECTLY IN THE UNITED STATES OR IN CANADA, JAPAN OR AUSTRALIA
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19. Track record in M&A The multiples paid so far are not demanding Deals announced in 2006–07: avg EV / EBITDA paid is 8.2x Source: Company data, UBS estimates. All in €m if not stated 10 72 85 Total committed 0 1 nm 1 5 nm 5 30% Diamante Q4 07 0 0 nm 2 3 0 3 55% Alinari Q4 07 (E) 10 71 8.2 82 Only controlling stakes Total YTD 2 10 6.7 13 13 (3) 16 100% STR Aug-07 0 0 nm 1 3 nm 3 30% Blogosfere Jul-07 2 13 6.5 12 12 4 8 100% Data Ufficio Jul-07 5 42 8.6 47 47 6 40 100% GPP Mar-07 0 2 37.5 2 4 0 4 57% Motta Arti Grafiche Dec-06 0 2 13.5 4 4 0 4 100% Motta Architettura Oct-06 0 2 nm 3 22 nm 22 15% El Economista Feb-06 2006 EBITDA 2006 revenues EV / EBITDA (x) Impact net debt EV Net debt (cash) Equity value Stake Target Timing
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21. SECTION 4 Forecasts (pre-money) NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF THIS DOCUMENT MAY BE DISTRIBUTED DIRECTLY OR INDIRECTLY IN THE UNITED STATES OR IN CANADA, JAPAN OR AUSTRALIA
22. Key drivers The key drivers and risk factors of top line and margins Source: UBS estimates See above plus web-based adv exposure Advertising: Consolidation of clients - Increasing competition Price pressure - financial info services Strong online advertising - online Multimedia: Premium listeners to be fully “ monetized ” Shortage of frequencies - Cost inflation Growing listeners Radio: Synergies from integration of new businesses Scale effect + Smoother tradition to new media (web, electronic) Impact of acquisitions M& A + More resilient than consumer publishers Organic growth above consumer publishing Professional publishing : Free press due to break-even in 2009 / 10E Advertising upside from new titles and free press Launch cost decreasing - Saturation of the add-on segment Free press launched in November 2006, gaining momentum - New entrants in il sole 24 ore niches “ Young ” titles (mostly launched in 2006–07) - Magazines / free press Product innovation (inserts) Cost cutting plan Circulation and readership weakness Full colour impact Increasing competition from smaller players ( Italia Oggi ) + High “ professional ” readership Advertising re-positioning Weakening advertising from financial services segment + Higher than peers’ subscription revenues Cover price gap to “ generalists ” - Newspaper Consumer and financial publishing: Potential risks Visibility issues (+ / -) Growth drivers Division
26. SECTION 5 Valuation NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF THIS DOCUMENT MAY BE DISTRIBUTED DIRECTLY OR INDIRECTLY IN THE UNITED STATES OR IN CANADA, JAPAN OR AUSTRALIA
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29. EV Multiples – SOTP Outcome is equity value at €751–729 million (pre-money) Source: UBS estimates SOTP based on mkt EV multiples Notes: 1 Radio is valued on the back of frequencies cost 2 Mostly represented by the stakes in Borsa Italiana and Ecoprensa 729 751 Equity (pre-money) 19 19 Peripheral assets 2 40 40 Net cash (debt) as of December 2008E 669 692 11.3x 59.3 9.5x 72.9 Total group EV ( 164 ) ( 86 ) 11.3x ( 14.5 ) 9.5x ( 9.1 ) Corporate costs 833 778 11.3x 73.7 9.5x 81.9 Total divisions % of group 1 4 7.0 0.1 5.0x 0.8 Multimedia 75 67 nm 0.0 nm 0.7 Radio 1 833 774 11.3x 73.6 9.6x 80.4 Total core divisions 509 447 12.0x 42.5 10.4x 42.8 Professional publishing 323 327 10.4x 31.1 8.7x 37.6 Consumer & financial publishing EV (driven by EV / EBITA) EV (driven by EV / EBITDA) Multiple EBITA Multiple EBITDA ( €m )
30. P / E and DCF P / E suggests equity value of €687 million , DCF €737–782 million (pre-money) Source: UBS estimates Equity value driven by peers’ P / E Source: UBS estimates DCF —k ey assumptions and outcomes (€m) Notes: 1 Equal to 2007E P / E divided by 2006–09E adj. EPS CAGR. Target P / E and PEG are weighted on the basis of contribution to growth Notes: 1 Mostly represented by the stakes in Borsa Italiana and in Ecoprensa 1.7x 1.7x 1.5x 2.7x PEG 1 € 687m 28.5x 17% € 24.1m 16.4x 16.5x 16.7x P / E (UBS adj.) Equity 200 7E multiples EPS CAGR (2007–10E) Adj. net profit (2007E) (15 consumer/ 85 prof.) 2007E 2007E II Sole 24 ORE Weighted Professional publ. Consumer publ. 782 770 755 737 Equity value (pre-money) 19 19 19 19 Peripheral assets 1 40 40 40 40 Net cash (Dec. 2008E) 722 711 696 677 Entity value 8.8x 8.6x 8.4x 8.2x Implied exit multiple (EV / EBITDA) 488 477 463 445 Terminal value 235 234 233 232 PV of CF 2009–15E 8.08% 8.17% 8.29% 8.45% WACC 15% 10% 5% 0% Net debt / EV