AIM Italia market update 2Q 2017 - Matter of Fact by CFO SIM
AIM Italia total market capitalisation grew by almost 10% in 2Q 2017 thanks to capital appreciation of existing companies. During 2Q 2017 there were three admissions to AIM Italia, one delisting and one company moved successfully from AIM Italia to the Main Market (MTA), bringing total listed companies to 80. The sharp increase in volumes traded noted in the first quarter of 2017 has been reinforced throughout the second quarter.
Thanks to the introduction of the PIR ‘Piani Individuali Risparmio’, or ‘Individual Savings Plan’, AIM Italia was definitely the most interesting Italian market segment in 2017 for increased liquidity and absolute performance. A total of 80 companies were listed at the end of the second quarter, with an aggregate market capitalisation close to € 4Bn.
Aim Italia market update Q1 2017 - Matter of Fact by CFO SIM
AIM Italia total market capitalisation grew by almost 20% in 1Q 2017 thanks to capital appreciation of existing companies (67% of growth) and new IPOs (33% of growth).
During the first quarter of 2017, the AIM market saw a sharp increase in volumes traded compared to the previous year, when monthly turnover remained virtually stable at around 26.5 million euros a month. By contrast, over 260 million euros were traded over the first three months of this year (almost +300% growth compared to the first quarter of 2016).
Analysis of the Romanian Business Information Market, comprising of 22 companies that have business information services as main scope of activity – identified as such via in depth qualitative and quantitative research. The data used throughout this analysis is the official, non-adjusted, aggregated data reported by the companies at the Ministry of Finance (end of period).
Aim Italia market update Q1 2017 - Matter of Fact by CFO SIM
AIM Italia total market capitalisation grew by almost 20% in 1Q 2017 thanks to capital appreciation of existing companies (67% of growth) and new IPOs (33% of growth).
During the first quarter of 2017, the AIM market saw a sharp increase in volumes traded compared to the previous year, when monthly turnover remained virtually stable at around 26.5 million euros a month. By contrast, over 260 million euros were traded over the first three months of this year (almost +300% growth compared to the first quarter of 2016).
Analysis of the Romanian Business Information Market, comprising of 22 companies that have business information services as main scope of activity – identified as such via in depth qualitative and quantitative research. The data used throughout this analysis is the official, non-adjusted, aggregated data reported by the companies at the Ministry of Finance (end of period).
Based on data from 894/1615 Listed Companies officially announced 2Q2019 business results on 3 Exchanges, (645/766 Companies on HoSE and HNX), we summarized and updated as follows:
Overview: Revenue growth is 6.7% and Total Attribute to parents company’s growth is 10.4% over the same period. However, the rate excluding Banks and Insurance sector are only 4.7% and 4.9% respectively.
By Industry: Sectors with highest Attribute to parents company growth over the same period were: Real Estate (67.13%), Telecommunications (42.11%), Retail (39.52%), Banks (25.9%).
Real estate: After VIC and VHM (accounting for 69% of total real estate capitalization) published their report with the growth rate of Attribute to parents company of 687.5% and 75.3% respectively, The whole real estate industry grew up to 67.1%, on top of the market. If VHM and VIC are not included, the real estate industry has net profit growth of only 24.5% over the same period. In addition, the industry EBITDA also increased by 72.8% over the same period.
Bank: All listed banks published report. Total Attribute to parents company of listed banks announced an increase of 25.9% compared to the same period last year.
Oil and gas: Profit growth was only 8.29% over the same period. The main reason is that PLX (accounting for nearly 72% of the industry's capitalization) slightly decreased by 3.42% of Attribute to parents company compared to the same period.
Insurance: A special case when the largest company in the industry BVH (accounting for over 70% of the industry cap) decreased by 23% compared to the same period, as a result, the industry growth went down from 66.5% to only 12.29%
Retail: Retail sector has impressive growth of 39.52% thanks to major companies like MWG, DGW with high profit growth of 47.44% and 55.1% respectively.
http://pwc.to/1h2k2l4
Après cinq années de crise, de récession et de croissance décevante, nous pensons que les pays développés peuvent maintenant approcher de la "vitesse de libération" nécessaire pour une reprise durable.
FiinGroup is pleased to present our intensive report of Vietnam M&A 2019, the 9th issue of this report. This report presents the extensive data mining of M&A deals in Vietnam in the reviewed period, as well as analysis by key investors and industries where we recognize potential investment opportunities in the near future.
The research provides latest information on market activities as well as competition landscape of M&A in Vietnam. Three main segments of M&A categories including (i) Inbound M&A, which is when a foreign company merges with or acquires a domestic company) (ii) Domestic M&A, which is when two domestic companies merge with or acquire other (iii) Outbound, which is when a domestic company merges with or acquires a foreign company. In addition, we provide in-depth review for the 4 outstanding sectors: Real estate, Industrial goods & Services and Food & Beverage and banks and 3 trendy sectors: Health Care, Education and Utilities.
Download pdf here: http://bit.ly/Vietnam_M_A_Research_Report_2019
[FiinPro Data] Kết quả Kinh doanh Q2 - 2019 FiinGroup JSC
Theo thống kê từ hệ thống FiinPro, tính đến ngày 05/08/2019, đã có tổng cộng 894 doanh nghiệp công bố BCTC (chiếm 89.8% vốn hóa trên 3 sàn). Chúng tôi tiếp tục tổng hợp và cập nhật nhanh kết quả như sau:
Tổng quan: Tăng trưởng doanh thu ở mức 6.7% và lợi nhuận cổ đông công ty mẹ ở mức 10.4% so với cùng kỳ. Tuy nhiên, tính riêng khu vực doanh nghiệp (không tính ngân hàng và bảo hiểm) thì chỉ ở mức tương ứng 4.7% và 4.9%.
Theo ngành: Các ngành có tăng trưởng Lợi nhuận Cổ đông lớn nhất so với cùng kỳ là: Bất động sản (67.1%), Viễn thông (42.1%), Bán lẻ (39.5%), Ngân hàng (25.9%).
Nếu quý khách có nhu cầu download thông tin chi tiết, vui lòng liên hệ với chúng tôi theo thông tin bên dưới để được hỗ trợ thêm:
Hà Nội:
Đỗ Thị Lan
Email: lan.do@fiingroup.vn
Tel: 024 3562 6962 (số máy lẻ: 103)
TP. HCM:
Lý Thị Hiền
Email: hien.ly@fiingroup.vn
Tel: 028 3933 3585 (số máy lẻ: 203)
Based on data from 894/1615 Listed Companies officially announced 2Q2019 business results on 3 Exchanges, (645/766 Companies on HoSE and HNX), we summarized and updated as follows:
Overview: Revenue growth is 6.7% and Total Attribute to parents company’s growth is 10.4% over the same period. However, the rate excluding Banks and Insurance sector are only 4.7% and 4.9% respectively.
By Industry: Sectors with highest Attribute to parents company growth over the same period were: Real Estate (67.13%), Telecommunications (42.11%), Retail (39.52%), Banks (25.9%).
Real estate: After VIC and VHM (accounting for 69% of total real estate capitalization) published their report with the growth rate of Attribute to parents company of 687.5% and 75.3% respectively, The whole real estate industry grew up to 67.1%, on top of the market. If VHM and VIC are not included, the real estate industry has net profit growth of only 24.5% over the same period. In addition, the industry EBITDA also increased by 72.8% over the same period.
Bank: All listed banks published report. Total Attribute to parents company of listed banks announced an increase of 25.9% compared to the same period last year.
Oil and gas: Profit growth was only 8.29% over the same period. The main reason is that PLX (accounting for nearly 72% of the industry's capitalization) slightly decreased by 3.42% of Attribute to parents company compared to the same period.
Insurance: A special case when the largest company in the industry BVH (accounting for over 70% of the industry cap) decreased by 23% compared to the same period, as a result, the industry growth went down from 66.5% to only 12.29%
Retail: Retail sector has impressive growth of 39.52% thanks to major companies like MWG, DGW with high profit growth of 47.44% and 55.1% respectively.
http://pwc.to/1h2k2l4
Après cinq années de crise, de récession et de croissance décevante, nous pensons que les pays développés peuvent maintenant approcher de la "vitesse de libération" nécessaire pour une reprise durable.
FiinGroup is pleased to present our intensive report of Vietnam M&A 2019, the 9th issue of this report. This report presents the extensive data mining of M&A deals in Vietnam in the reviewed period, as well as analysis by key investors and industries where we recognize potential investment opportunities in the near future.
The research provides latest information on market activities as well as competition landscape of M&A in Vietnam. Three main segments of M&A categories including (i) Inbound M&A, which is when a foreign company merges with or acquires a domestic company) (ii) Domestic M&A, which is when two domestic companies merge with or acquire other (iii) Outbound, which is when a domestic company merges with or acquires a foreign company. In addition, we provide in-depth review for the 4 outstanding sectors: Real estate, Industrial goods & Services and Food & Beverage and banks and 3 trendy sectors: Health Care, Education and Utilities.
Download pdf here: http://bit.ly/Vietnam_M_A_Research_Report_2019
[FiinPro Data] Kết quả Kinh doanh Q2 - 2019 FiinGroup JSC
Theo thống kê từ hệ thống FiinPro, tính đến ngày 05/08/2019, đã có tổng cộng 894 doanh nghiệp công bố BCTC (chiếm 89.8% vốn hóa trên 3 sàn). Chúng tôi tiếp tục tổng hợp và cập nhật nhanh kết quả như sau:
Tổng quan: Tăng trưởng doanh thu ở mức 6.7% và lợi nhuận cổ đông công ty mẹ ở mức 10.4% so với cùng kỳ. Tuy nhiên, tính riêng khu vực doanh nghiệp (không tính ngân hàng và bảo hiểm) thì chỉ ở mức tương ứng 4.7% và 4.9%.
Theo ngành: Các ngành có tăng trưởng Lợi nhuận Cổ đông lớn nhất so với cùng kỳ là: Bất động sản (67.1%), Viễn thông (42.1%), Bán lẻ (39.5%), Ngân hàng (25.9%).
Nếu quý khách có nhu cầu download thông tin chi tiết, vui lòng liên hệ với chúng tôi theo thông tin bên dưới để được hỗ trợ thêm:
Hà Nội:
Đỗ Thị Lan
Email: lan.do@fiingroup.vn
Tel: 024 3562 6962 (số máy lẻ: 103)
TP. HCM:
Lý Thị Hiền
Email: hien.ly@fiingroup.vn
Tel: 028 3933 3585 (số máy lẻ: 203)
Presentazione risultati primo semestre 2016Italiaonline
IL CONSIGLIO DI AMMINISTRAZIONE DI ITALIAONLINE APPROVA LA RELAZIONE
FINANZIARIA SEMESTRALE AL 30 GIUGNO 2016
IL PRIMO SEMESTRE 2016 CHIUDE CON I PRINCIPALI INDICATORI FINANZIARI IN NETTO MIGLIORAMENTO: EBITDA +37,5%, FREE CASH FLOW +122,6 % E RITORNO ALL’UTILE
SI TRATTA DEL PRIMO RISULTATO NETTO POSITIVO DOPO LA FUSIONE PER INCORPORAZIONE CON SEAT PAGINE GIALLE CHE VENIVA DA DODICI SEMESTRI
IN ROSSO
***
RISULTATI DI GRUPPO
RICAVI pari a € 199,7 milioni
EBITDA pari a € 29,5 milioni
EBITDA margin pari al 14,8%
FCF pari a € 35,5 milioni
UTILE NETTO del periodo pari a € 3,8 milioni
POSIZIONE FINANZIARIA NETTA positiva per € 102 milioni
***
Assago, 4 agosto 2016
–
Il Consiglio di Amministrazione di Italiaonline S.p.A. (di seguito “Italiaonline”) ha approvato la Relazione Finanziaria Semestrale al 30 giugno 2016
.
Antonio Converti, Amministratore Delegato di Italiaonline, ha commentato:
“I risultati del primo semestre 2016 mostrano un deciso miglioramento dei principali indicatori finanziari, non solo rispetto al 30 giugno 2015, ma anche agli obiettivi del Piano Industriale 2016-2018 che prevede di conseguire la stabilizzazione dei ricavi entro il 2018, conil ritorno della marginalità operativaa livelli compresi tra il 25% e il 30%.Nel secondo semestre 2016 attueremo ancora importanti azioni di riduzione dei costi operativi ed il
lancio della nuova offerta, particolarmente innovativa, diprodotti digitali che consoliderà sempre più il ruolo di Italiaonline come principale attore del processo di trasformazione digitale delle PMI italiane.Inoltre, le disponibilità liquide e l’assenza di debito ci offrono già
oggi una solida base di investimento per indirizzare la crescita siaper linee
interne che esterne.”
MINIBOND SCORECARD: MARKET TRENDS Main indicators as of January 31st 2016MiniBondItaly.it
2015 ended on a positive note and with the hope that 2016 would begin on the same note. Indeed, 18 new issues have been registered during the Nov 2015 – Jan 2016 period, three of which, registered in January, concern integrated urban water management firms from Northern and Southern Italy: this proves that minibonds have become an attractive instrument for companies from all sectors.
While the world’s economic problems continue, it is essential that we provide our customers with timely information about key markets with which they may be trading or considering future trade.
Our monthly Market Monitor can also help them to understand the risk management measures we are taking as a credit insurer.
The September edition of the Market Monitor is now available on the Atradius intranet and internet. This issue, available in English, Dutch, German, French and Italian - includes coverage of the current business and insolvency environment of the following countries:
Italy – spotlighting on the ICT and food sectors
Australia – spotlighting on the mining and construction sectors
France
Switzerland
Sweden
China
India
In July 2009, the median Expected Default Frequency (EDF) of nearly all major Western economies dropped again compared to the previous month. This may suggest that the perception of risk has declined. However, at best it can only be described as a gradual reversal of the spike that followed Lehman´s failure last year.
Minibond Scorecard Market trends - Main indicators as of January 31st 2018MiniBondItaly.it
A month away from the last Minibond Scorecard, the English update of the document has been published, created by MinibondItaly with Epic Sim, the private investment community specialized in the real economy.
The Minibond Scorecard: Market Trends is designed with the purpose of bringing quality and reliable information to foreign agents that operate within the sector: it provides a description from an international angle on what is currently happening on the ExtramotPro Italian Market, with the objective of providing an updated and clear picture for international players.
Politecnico di Milano Report - 2019 CFA Research ChallengeGiacomoFerrari6
30-pages-long Equity Research Report on Interpump Group published by Politecnico di Milano students (Giacomo Ferrari, Giovanni Righi, Paolo Farfaletti Casali, Valentinza Zanni and Andrea Monteduro) attending 2019 CFA Research Challenge
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
2. 2Q 2017 REPORT
OVERVIEW
2
The strong results shown in 1Q 2017 have continued throughout the second quarter, the FTSE AIM growing by 11.7%
compared to 0.45% for the FTSE MIB and 1.96% for the FTSE STAR, with a significant increase in liquidity YoY.
The number of companies in the Italian stock exchange remains almost unchanged, consisting of 261 companies listed on the
main market (MTA – Mercato Telematico Azionario), of which 73 on the Star segment, and 80 companies listed on the AIM
Italia (MTF).
AIM Italia continues to be the most dynamic segment of the Italian markets. Market Cap continues to rise despite successful
companies uplisting onto the main market (in the case of 2Q 2017 LU-VE S.p.A.), and we note that AIM Italia is continuing to
attract more attention from investors (both domestically and internationally). This can be seen from the dramatic increases in
liquidity and in the fact that all three IPOs in 2Q 2017 were oversubscribed.
Source: Bloomberg, CFO Sim
Source: Bloomberg, CFO Sim
Source: Bloomberg, CFO Sim Source: Bloomberg, CFO Sim
-
1.000
2.000
3.000
4.000
5.000
0
20
40
60
80
100
2009 2010 2011 2012 2013 2014 2015 2016 2017
€M
AIM Italia development
Companies Market Cap
0
50
100
150
200
250
300
0
5
10
15
20
25
2009 2010 2011 2012 2013 2014 2015 2016 2017
€M
AIM Italia IPO
IPO Raise
Index FTSE AIM FTSE MIB FTSE STAR
Number of companies 80 261 73
Total market cap [€ bn] 3,946 574,073 39,011
Performance YTD 23,67% 7,02% 24,28%
Performance 2Q 11,70% 0,45% 1,96%
Monthly Return 2Q 3,76% 0,15% 0,65%
Daily Return 2Q 0,18% 0,01% 0,03%
3. 2Q 2017 REPORT
3
AIM Italia total market capitalisation grew by 10.7% in 2Q 2017 in particular thanks to capital appreciation of existing
companies. It is important to underline that on the 21st of June the second largest company of the market in terms of market
capitalisation, LU-VE S.p.A., moved to the MTA with a negative effect of more than € 300M on the index shown below.
The upward trend begun at the end of 2016 has persisted and even steepened compared to the 1Q 2017. It reached a peak at
the beginning of June and then remained stable for the rest of the month but with extremely high volumes.
The market remained quite diversified by industry as a result of a small number of companies which entered and left the
market. The “Consumer service” industry counts for 22% whereas “financials”, “technology” and “industrials” make up 14.8%
of AIM companies each.
The market cap range on AIM Italia is € 1 – 354 M, with an average of € 48.7M. Thanks to capital appreciation the market cap
curve is gradually shifting right with around 41% of the companies having a market cap higher than € 40M (the minimum
requirement for a listing on the MTA) and 10 companies exceed € 100M demonstrating a gradual increase in average and
median size of components.
Source: Bloomberg, CFO Sim
Source: Bloomberg, CFO Sim
Source: Bloomberg, CFO Sim Source: Bloomberg, CFO Sim
PERFORMANCE
Oil & Gas; 7,4%
Basic Materials; 1,2%
Industrials; 14,8%
Consumer Goods; 12,3%
Health Care; 4,9%
Consumer Services;
22,2%
Utilities;
7,4%
Financials;
14,8%
Technology;
14,8%
AIM Italia Components by industry
2,5%
8,6%
12,3%
18,5%
23,5%
13,6%
6,2%
9,9%
4,9%
0
5
10
15
20
0-5
5-10
10-15
15-25
25-50
50-75
75-100
100-150
>150
#Companies
Market cap [€M]
AIM Italia Components by market cap
Statistics * %
2Q performance 10,7%
Monthly Return 2Q 3,4%
Daily Return 2Q 0,164%
2750
3000
3250
3500
3750
4000
4250
jan
feb
mar
apr
may
jun
€M
AIM Italia Total Market Cap
* Considering the same companies listed at the
end of 1Q 2017 returns would be respectively
14.2%, 4.5% and 0,21%
4. 2Q 2017 REPORT
4
During 2Q 2017 there were three admissions to AIM Italia, one delisting and one company moved successfully from AIM Italia
to the Main Market (MTA), bringing total listed companies to 80.
These 3 IPOs, which raised on average € 15M, were oversubscribed and exhibited strong results. In particular the
performance during the first day of trading was on average 16.6% with significant volumes (almost 20% of the free float was
traded). All these 3 companies strongly outperformed the market index and showed above average liquidity.
The AIM Italia components show some high volatility of returns with a daily median standard deviation growing up to 2.7% in
June. The volatility of returns remained roughly at the same level of the 1st quarter but a slight decrease in standard deviation
of negative returns and an increase in standard deviation of positive returns should be noted.
Regarding the performance of the 80 stocks, 70% of the companies reported positive returns during 2nd quarter, of which 9
grew by more than 50%.
Source: Bloomberg, CFO Sim Source: Bloomberg, CFO Sim
Source: Bloomberg, CFO Sim
Source: Bloomberg, Borsa Italiana, CFO Sim
NEW ADMISSIONS
# Top 10 2Q performance
1 Clabo SpA 208,9%
2 Safe Bag SPA 201,6%
3 MC Link SpA 163,5%
4 Visibilia Editore SpA 141,9%
5 Imvest SpA 132,7%
6 4AIM SICAF SpA 98,3%
7 Ecosuntek SpA 97,6%
8 Gambero Rosso SpA 87,7%
9 Siti B&T Group SpA 50,3%
10 Gruppo Green Power SpA 46,0%
# Worst 10 2Q performance
1 Gala SpA -37,3%
2 Neurosoft SA -22,3%
3 Softec SpA -19,3%
4 Technical Publications Service SpA -18,2%
5 Modelleria Brambilla Spa -15,6%
6 Telesia Spa -10,0%
7 Enertronica SpA -9,6%
8 Poligrafici Printing SpA -9,6%
9 Vetrya SpA -9,5%
10 Triboo Spa -8,2%
3,5%
9,4%
6,5%
11,4%
19,1%
5,5%
3,5%
6,4%
-1,1%
Oil & Gas
Basic Materials
Industrials
Consumer Goods
Health Care
Consumer Services
Utilities
Financials
Technology
Performance by industry
Company Industry [ICB] IPO Date
Amount raised
[€ M]
Market Cap at IPO
[€ M]
Market Cap
[€ M]
IPO Price
[€]
Last Price
[€]
Performance
since IPO
Free Float
Wiit SpA Technology 05/06/2017 31,9 115,473 125,738 45 50,3 11,8% 27,7%
Finlogic SpA Industrials 09/06/2017 6,3 24,300 33,048 3,6 5,26 46,1% 23,1%
Digital360 SpA Industrials 13/06/2017 6,6 17,677 20,229 1,15 1,43 24,3% 23,0%
5. 2Q 2017 REPORT
0%
200%
400%
600%
800%
1000%
1200%
-
50
100
150
200
250
Monthly Turnover
Monthly Turnover ΔTurnover '17 on '16
5
The sharp increase in volumes traded noted in the first quarter of 2017 has been reinforced throughout the second quarter,
particularly from May 2017. As you can see from the graph below, the market has dramatically changed in the last year,
showing almost 10 times the traded value of the same period in 2016. € 589M were traded during the second quarter, more
than twice the amount of the previous quarter, equating to an average of € 2.5M per company per month.
The upward trend in volumes continues as demonstrated by daily traded market cap which has grown from 0.037% in the 1st
quarter up to 0.075% during the second one. A similar trend was exhibited in daily turnover of the entire market which has
been constantly over € 5M with a peak of 26.3 million on June 5th. Only during the second half of June did the liquidity seems
to decline even though this is partially due to uplisting bias.
This increase in liquidity is also seen in the number of companies trading every day throughout the quarter; from just 15 in the
first quarter of this year it has almost doubled to 28.
Finlogic has also issued stock warrants assigned for free to IPO subscribers whereas Digital360 has issued a € 2M
convertible bond listed on the AIM Italia as well.
1. Wiit SpA: Wiit SpA provides information technology outsourcing services. The company specializes in critical application
outsourcing, business continuity, big data, application management, disaster recovery, hosting and cloud services. Wiit
servces medium and large enterprises in Europe.
2. Finlogic SpA: Finlogic SpA designs and manufactures packaging products. The company offers adhesive labels and
thermal transfer ribbons for foodstuffs, logistics, pharmaceutical, healthcare and cosmetics sectors. Finlogic markets its
products in Italy.
3. Digital360 SpA: Digital360 operates as a media company. The company offers advertising, digital marketing, lead
generation, editorial content and other related services. Digital360 serves customers in Italy.
Source: Borsa Italiana
LIQUIDITY
6. 2Q 2017 REPORT
6
Thanks to the introduction of the PIR ‘Piani Individuali Risparmio’, or ‘Individual Savings Plan’, AIM Italia was definitely the
most interesting Italian market segment in 2017 for increased liquidity and absolute performance.
A total of 80 companies were listed at the end of the second quarter, with an aggregate market capitalisation close to € 4Bn
(+50% compared to the first half of 2016) and the IPO pipeline is still strong: Borsa Italiana forecasts at least 30 new listings
in 2017 (there have been 11 up to 2Q 2017), the majority of which aiming for the AIM Italia segment.
As expected the liquidity grew dramatically throughout 2Q 2017 (+124% compared to 1Q); we stick to our positive view on the
trend (total turnover in 1H 2017 was more than 500% higher than 1H 2016), and predict a lower but more sustainable growth
pace for the future.
Lastly, worth mentioning is the increase in foreign investors that are coming to the market: 62% of total institutional investors.
Bio On remains broadly the most traded title with 30.6 million in the quarter followed by SMRE and Orsero.
Fourteen companies traded more than € 10M in the quarter, of which three companies trading more than € 50M – Safe Bag
SpA, Bio On SpA and Orsero SpA. Conversely it is interesting to notice that the number of companies trading less than € 1M
decresed from 30 to 14.
Source: Bloomberg, CFO Sim Source: Bloomberg, CFO Sim
Source: Bloomberg, CFO Sim
FINAL CONSIDERATIONS
# Top 10 Traded Value [M]
1 Safe Bag SPA 57,40
2 Bio On Spa 52,31
3 Orsero SpA 52,23
4 Clabo SpA 39,82
5 Siti B&T Group SpA 25,23
6 Giglio Group SpA 24,52
7 LU-VE SpA 19,40
8 Italian Wine Brands SpA 17,88
9 SMRE SpA 14,92
10 Gambero Rosso SpA 14,54
# Top 10
Daily Traded
Market Cap
Total Traded
Market Cap
1 Clabo SpA 2,87% 177,72%
2 Safe Bag SPA 1,77% 109,66%
3 Gambero Rosso SpA 1,40% 86,69%
4 Innovatec SpA 1,18% 73,08%
5 Mondo TV France SA 1,03% 63,76%
6 WM Capital SpA 1,02% 63,51%
7 Gala SpA 0,95% 58,88%
8 Energy Lab SpA 0,94% 58,20%
9 Visibilia Editore SpA 0,91% 56,60%
10 Notorious Pictures SpA 0,60% 37,02%
0,00%
0,02%
0,04%
0,06%
0,08%
0,10%
0,12%
0,14%
0,16%
0,18%
jan
feb
mar
apr
may
jun
Daily Traded Market Cap
Daily traded market cap Weekly MA
-
5
10
15
20
25
30
jan
feb
mar
apr
may
jun
€M
Daily Traded Value
7. 2Q 2017 REPORT
Date Location Event CFO's role Companies
4-5 October Paris CF&B European Large & Midcap Event Sponsor
Orsero SpA
Italian Wine Brands SpA
Pharmanutra SpA
9-10 October London AIM Italia Conference
Nomad &
Specialist
Mailup S.p.A.
Orsero S.p.A.
Pharmanutra S.p.A.
Piteco S.p.A.
Siti B&T SpA
7
UPCOMING EVENTS
ABOUT CFO SIM
CORPORATE CLIENTS
Company CFO's role Company CFO's role
Casta Diva Group S.p.A. Specialist Orsero S.p.A. Specialist
DHH S.p.A. Specialist Pharmanutra S.p.A. Nomad & Specialist
Digital360 S.p.A. Nomad & Specialist Piteco S.p.A. Specialist
Glenalta S.p.A. Nomad & Specialist PLT Energia S.p.A. Nomad & Specialist
Italian Wine Brands S.p.A. Specialist Siti B&T S.p.A. Nomad & Specialist
Mailup S.p.A. Specialist
NEXT IPOs
Company CFO's role IPO date
DBA Group S.p.A. Global Coordinator November 2017
Italian Wine Brands S.p.A. Sponsor December 2017
8. 2Q 2017 REPORT
8
INITIAL PUBLIC OFFERING
LEAD MANAGER
€ 11.500.000
July
2015
CONVERTIBLE BOND
LEAD MANAGER
€ 5.000.000
July
2015
INITIAL PUBLIC OFFERING
JOINT BOOKRUNNER
€ 80.000.000
November
2015
BUSINESS COMBINATION
SPECIALIST & CORPORATE
BROKER
February
2017
INITIAL PUBLIC OFFERING
€ 4.000.000
June
2017
CONVERTIBLE BOND
€ 2.000.000
June
2017
INITAL PUBLIC OFFERING
NOMAD & SPECIALIST
July
2017
INITIAL PUBLIC OFFERING
NOMAD & GLOBAL
COORDINATOR
€ 98.000.000
July
2017
GLOBAL COORDINATOR
NOMAD & GLOBAL
COORDINATOR
MAIN TRANSACTIONS
11. 2Q 2017 REPORT
11
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has obtained all permissions for the receipt and transmission of orders, proprietary trading and fund raising, with CONSOB
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throughout all 27 EU countries. CFO SIM is an official Equity Markets Partner of Borsa Italiana.
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