- TIP organized a European Midcap Event in Frankfurt on February 2, 2017 to discuss healthy capital from successful businesses and families being invested intelligently in companies that want to grow.
- The document provides key figures on TIP's portfolio and investments, including total returns, assets under management, pipeline of potential deals, and profiles of major investee companies.
- Details are given on TIP's long term investment approach, experience in M&A transactions to support company growth, and track record of value creation over 11 years as a public company.
TIP provided a summary of key figures from its annual report. Some of the highlights included:
- Total returns for TIP shareholders of over 160% for the past 11 years and average yearly returns of over 30%.
- Over 1.5 billion euros invested in more than 50 companies across multiple industries.
- Expected IPO pipeline over the next few years that could provide additional upside.
- Focus on supporting portfolio company growth through M&A and operational improvements.
The document discusses Tamburi Investment Partners S.p.A. (TIP), an Italian investment company. It provides details on TIP's portfolio, investments, returns, and investment pipeline. Specifically, it notes that TIP has €2 billion invested in leading companies, a +215.6% total return over the last 5 years, and plans to invest over €1 billion in new deals in the next few years, with a focus on companies with revenues of €30-200 million.
TIP hosted its small and mid cap investor day on September 23rd in Lugano. The presentation highlighted TIP's strong financial performance over the last 5 and 11 years, with total returns significantly outperforming various indexes. Key figures on TIP's portfolio companies and investments were provided, demonstrating growth in revenues, EBITDA, and employees across many of the companies. The pipeline of future potential investments and IPOs was also outlined.
The document discusses Tamburi Investment Partners (TIP), an Italian investment company. It provides an overview of TIP's portfolio and investments, which total over €2 billion across luxury/design, technology, and healthcare industries. The document also summarizes performance data showing TIP's stock has increased over 300% in the last 5 years, significantly outperforming various indexes. It highlights TIP's pipeline of potential new investments totaling over €500 million.
This document summarizes an investment conference in Milan on May 24, 2017. It discusses the role of finance in guiding capital from successful businesses and families towards growing companies, and outlines some key facts about Tamburi Investment Partners (TIP), an Italian investment firm. TIP has invested over 2 billion euros through direct investments and club deals in leading multinational and technological companies, and has achieved a total return of over 288% in the last 5 years. The document provides an overview of TIP's portfolio, stock performance, investments and potential pipeline. It also summarizes some recent deals and the financial results of TIP's main investee companies.
The document discusses T.I.P., an investment group that holds stakes in 8 global leaders across different sectors. It highlights T.I.P.'s strong financial performance over the last 10 years through capital gains and dividends. The document also outlines T.I.P.'s investment strategy, portfolio, and recent deals; noting the disposal of its stake in Printemps department stores in France for around €42 million. Overall, the document promotes T.I.P. as a dynamic investment that has generated high returns for shareholders over the long term.
LSE AIM - The Leading International Growth Market - Irokotv 2019Jason Njoku
Based on our direct conversations with stockbrokers, NOMADs, auditors and lawyers, an LSE AIM listed company valued at $100m would need to have (ultra conservatively) $8–10m in revenue and $0–1m in EBITDA.
https://jason.com.ng/a-120-150m-ipo-for-iroko-in-2021/
In our latest issue of Multiple, our European PE report based on the latest data from the Centre for Management Buyout Research (CMBOR), we reveal the value of PE-backed IPOs and secondary buy-outs increased in 2013, but, due to the lack of activity from European corporates, trade sales dropped. 2014 needs the return of the corporate buyer to complete the deal cycle.
TIP provided a summary of key figures from its annual report. Some of the highlights included:
- Total returns for TIP shareholders of over 160% for the past 11 years and average yearly returns of over 30%.
- Over 1.5 billion euros invested in more than 50 companies across multiple industries.
- Expected IPO pipeline over the next few years that could provide additional upside.
- Focus on supporting portfolio company growth through M&A and operational improvements.
The document discusses Tamburi Investment Partners S.p.A. (TIP), an Italian investment company. It provides details on TIP's portfolio, investments, returns, and investment pipeline. Specifically, it notes that TIP has €2 billion invested in leading companies, a +215.6% total return over the last 5 years, and plans to invest over €1 billion in new deals in the next few years, with a focus on companies with revenues of €30-200 million.
TIP hosted its small and mid cap investor day on September 23rd in Lugano. The presentation highlighted TIP's strong financial performance over the last 5 and 11 years, with total returns significantly outperforming various indexes. Key figures on TIP's portfolio companies and investments were provided, demonstrating growth in revenues, EBITDA, and employees across many of the companies. The pipeline of future potential investments and IPOs was also outlined.
The document discusses Tamburi Investment Partners (TIP), an Italian investment company. It provides an overview of TIP's portfolio and investments, which total over €2 billion across luxury/design, technology, and healthcare industries. The document also summarizes performance data showing TIP's stock has increased over 300% in the last 5 years, significantly outperforming various indexes. It highlights TIP's pipeline of potential new investments totaling over €500 million.
This document summarizes an investment conference in Milan on May 24, 2017. It discusses the role of finance in guiding capital from successful businesses and families towards growing companies, and outlines some key facts about Tamburi Investment Partners (TIP), an Italian investment firm. TIP has invested over 2 billion euros through direct investments and club deals in leading multinational and technological companies, and has achieved a total return of over 288% in the last 5 years. The document provides an overview of TIP's portfolio, stock performance, investments and potential pipeline. It also summarizes some recent deals and the financial results of TIP's main investee companies.
The document discusses T.I.P., an investment group that holds stakes in 8 global leaders across different sectors. It highlights T.I.P.'s strong financial performance over the last 10 years through capital gains and dividends. The document also outlines T.I.P.'s investment strategy, portfolio, and recent deals; noting the disposal of its stake in Printemps department stores in France for around €42 million. Overall, the document promotes T.I.P. as a dynamic investment that has generated high returns for shareholders over the long term.
LSE AIM - The Leading International Growth Market - Irokotv 2019Jason Njoku
Based on our direct conversations with stockbrokers, NOMADs, auditors and lawyers, an LSE AIM listed company valued at $100m would need to have (ultra conservatively) $8–10m in revenue and $0–1m in EBITDA.
https://jason.com.ng/a-120-150m-ipo-for-iroko-in-2021/
In our latest issue of Multiple, our European PE report based on the latest data from the Centre for Management Buyout Research (CMBOR), we reveal the value of PE-backed IPOs and secondary buy-outs increased in 2013, but, due to the lack of activity from European corporates, trade sales dropped. 2014 needs the return of the corporate buyer to complete the deal cycle.
Bart De Smet, CEO of Ageas, provided an update on Ageas and discussed its focus on Asia over the past decade of value creation. Some key points included:
- Ageas has made substantial progress since 2009 in streamlining its insurance portfolio and selectively expanding, including investments totaling €620 million that strengthened existing businesses.
- The business in the UK has significantly increased in scale following recent acquisitions and organic growth, making Ageas another major player in the UK personal lines market.
- In Asia, Ageas has built on strong partnerships over the past decade, including in Thailand and establishing a new partnership in Turkey through the acquisition of a 31% stake in Aksigorta.
- While legacy
1) Ageas is an international insurance group founded in 1824 that has a presence across Europe and Asia.
2) Over time, the company expanded its operations significantly, including the acquisitions that formed Fortis in 1990 and the purchase of ABN AMRO assets in 2007.
3) Following the financial crisis in 2008, Ageas sold its banking activities and became a pure insurance player, adopting its current strategy and name by 2010 to focus on being an insurance partner in Europe and Asia.
Quarterly report for our investors - First Quarter 2019BESTINVER
The quarterly report provides an overview of Bestinver's international portfolio performance for the first quarter of 2019. Some key points:
- The international portfolio returned 9.6% for the quarter, outperforming the European market which rose 12.8%.
- The portfolio trades at a PER of 9.7x with 55% upside potential based on the managers' estimated target price.
- Top sectors are Industrial (40.8%), Communication & Technology (13.8%), and Consumer (25.4%).
- Geographically, the portfolio is focused on Europe (78.1%) with others regions making up 15.3% and cash at 6.5%.
The document provides an overview of various topics related to business development, insurance solutions, and risk management. It discusses upcoming professional indemnity insurance renewal seasons, noting rates are expected to remain stable. It also announces a new partnership to provide risk management services to the PiXL school network and introduces cybersecurity and people analytics solutions from StayPrivate and POBI respectively to help clients.
The document discusses the impact of the UK government's Comprehensive Spending Review (CSR) which outlined public spending cuts over the next four years.
The FTSE 100 index rose on the day of the CSR as global factors such as expected US quantitative easing boosted share prices, outweighing fears around slower UK growth due to cuts. However, some sectors were directly impacted by reductions in government spending. Transport companies gained from changes to bus subsidies while construction and housebuilding declined on cuts to capital spending. Defense companies also fell but global factors are expected to mitigate these declines over the long run. Investors will monitor the success of the CSR but the plan has reduced short-term uncertainty.
Swallow Financial Planning's presentation to clients explaining our investment strategy and our approach to investing for the long term.
The presentation briefly covers:
- why we believe in asset-backed investments;
- why asset classes perform differently;
- why we believe it’s essential to diversify your investments;
- why risk and reward are always related;
- why risk reduces over the long term and;
- why we prefer passive funds.
Plus500 solomon capital report sample onlyDavid Solomon
Solomon Capital provides an analysis of Plus500 Ltd., an online trading platform for contracts for difference. Key points include:
- Revenues grew 105% to $115m in 2013 and are estimated to reach $155m in 2014. EBIT also grew substantially.
- Plus500 had a 5% share of the UK CFD market in 2013, and the company aims to increase its market share to 10% by 2016.
- A discounted cash flow valuation estimates Plus500's fair market value at £603m, significantly above its current market cap of £381m.
Banco Sabadell has disclosed plans to acquire TSB for £1.7 billion (€2.4 billion), representing a 29% premium over TSB's previous closing share price. The acquisition values TSB at 1.04 times tangible equity for a projected 2015 return on tangible equity of 4.5%. However, TSB is overcapitalized with €0.8 billion in excess capital compared to Sabadell's capital ratio; excluding this excess capital raises TSB's projected 2015 return on tangible equity to 6.9%. The acquisition is seen as an attempt to diversify away from Spain into the UK market. However, political risks from elections in the UK, Spain and Portugal this year and regulatory complexity raise
Saxo Bank is an online international investment bank expert with multi-award winning software trading and investment across financial markets.
Company Overview
Since 1992, Saxo Bank has been a facilitator in the international capital markets aggregating liquidity, offering access to exchanges worldwide.
Saxo Bank specializes in software trading and investment across international financial markets. With its multi-award winning online trading platforms, it also offers professional portfolio and fund management.
The software enables private investors and institutional clients to trade and invest in derivatives such as Forex, CFDs, ETFs, Stocks, Futures, and Options. With multi-award
Saxo Bank has emphasized technology and software as a vital element for being competitive in the online financial and trading industry.
Saxo Bank is recognized for safeguarding client information and securely controlling, executing and managing real-time internal systems.
Deutsche Börse AG held its annual press conference in 2014 to report on financial results for 2013 and discuss strategic plans. Key points:
- Net revenue was €1.9 billion and EBIT was €950 million, adjusted for one-time effects. The executive board proposes a dividend of €2.10 per share.
- While revenue was stable, investments in new growth areas lowered EBIT by 5%. Cost savings programs offset this.
- The company expanded market share in some areas and saw record volumes at Clearstream.
- Strategic focus remains on clearing OTC derivatives, collateral/liquidity management, and expanding in Asia through new partnerships and a Singapore clearing house.
- Deutsche
Charts that matter 07.05.2015 bund unloadinginvestir_ch
1. The document provides views on various asset classes and markets from a weekly investment report. It analyzes trends in bonds, equities, commodities, currencies and other assets.
2. US equities are seen as near the end of their bull market run, while European stocks still have room for improvement. Opportunities are seen in emerging markets, European sovereign debt, and commodities on dips.
3. Cash levels should be kept high for opportunities, and volatility purchases could make sense on dips. Overall the report recommends a cautious approach and selectivity across asset classes.
Dutch Residential Mortgage Market Update & the SAECURE programAegon
An update on the Dutch residential mortgage market, the Dutch economy, Aegon's mortgage business and its SAECURE program. The SAECURE program was initiated in 2000 and is managed by Aegon subsidiaries Aegon Levensverzekering N.V. and Aegon Hypotheken B.V.. Aegon's proven underwriting criteria and servicing have led to the high performance of outstanding SAECURE transactions.
The document summarizes trends in the venture capital market in Q1 2013. It finds that while IPO activity can vary significantly from quarter to quarter, the longer term trend since 2010 has been a steady recovery. Similarly, while M&A deals declined in recent quarters, the 10-quarter average continues trending up. Additionally, the number of new venture capital funds being financed has leveled off in recent years after declining dramatically from its dot-com peak, and the balance of capital invested versus returns has tipped back in favor of investors after 2011.
Swallow Financial Planning's presentation to clients explaining our investment strategy and our approach to investing for the long term.
The presentation briefly covers:
- why we believe in asset-backed investments;
- why asset classes perform differently;
- why we believe it’s essential to diversify your investments;
- why risk and reward are always related;
- why risk reduces over the long term and;
- why we prefer passive funds.
The renminbi's volatility has intensified treasurers' focus as the currency is no longer assumed to only appreciate against the dollar. The renminbi's two-way movements are caused by China's efforts to open its capital markets and make the renminbi more flexible, as well as global monetary policies. While some large multinationals, like IKEA, hedge renminbi risks routinely using derivatives, others like Valspar had not established hedging policies given the renminbi's previous consistent appreciation. Treasury strategies must be tailored to each company's unique business model to effectively manage currency risk from the renminbi.
2015_03_02_CABK Investor Day Cheat SheetAndrea Filtri
The document summarizes key points about Caixa Bank (CABK) from a research report by Mediobanca Securities. It notes that while CABK has a high capital ratio, it has been declining and capital management will be important going forward. The bank's equity stakes represent a large capital buffer but also reduce profitability. The potential acquisition of BPI and Novo Banco could transform CABK into the largest bank in Portugal and create the "Bank of Iberia", but would also require a large capital increase. The report estimates the potential impacts on CABK's capital ratios, earnings, and valuation from various scenarios regarding its equity stakes and acquisitions.
Prudential is a leading international financial services group established in 1848 with a presence in Europe, Asia, and the US. It has a very strong financial position with a AA credit rating from Standard & Poor's. Prudential's Portfolio Management Group manages over £127 billion in assets with an excellent long-term track record in global multi-asset investing.
The document discusses the Vista savings policy from Zurich International Solutions Europe. It notes that the longer a policy is held, the lower the annual growth rate needed to offset charges. For a 25-year policy paying €1,250/SEK12,000 per month, a 1.08% annual growth rate would be enough to cover charges and return the premium amount at maturity. Historical returns for European assets show rates exceeding this, suggesting growth targets could be met. The policy provides over 180 funds to build a diversified portfolio for long-term growth.
The document summarizes information from the Geneva European Midcap Event 2015 presentation by TIP (Tamburi Investment Partners). It provides key figures on TIP's investments and performance over the past 10 years, including total returns significantly outperforming various indexes. TIP has invested over 1.7 billion euros in more than 10 companies with global leadership positions across various industries like technology, luxury, healthcare, and retail.
The document summarizes information from the Geneva European Midcap Event 2015 presentation by TIP (Tamburi Investment Partners). It provides key figures on TIP's investments and performance over the past 10 years, including total returns significantly outperforming various indexes. TIP has invested over 1.7 billion euros in more than 10 companies with global leadership positions across various industries like technology, luxury, healthcare, and retail.
Bart De Smet, CEO of Ageas, provided an update on Ageas and discussed its focus on Asia over the past decade of value creation. Some key points included:
- Ageas has made substantial progress since 2009 in streamlining its insurance portfolio and selectively expanding, including investments totaling €620 million that strengthened existing businesses.
- The business in the UK has significantly increased in scale following recent acquisitions and organic growth, making Ageas another major player in the UK personal lines market.
- In Asia, Ageas has built on strong partnerships over the past decade, including in Thailand and establishing a new partnership in Turkey through the acquisition of a 31% stake in Aksigorta.
- While legacy
1) Ageas is an international insurance group founded in 1824 that has a presence across Europe and Asia.
2) Over time, the company expanded its operations significantly, including the acquisitions that formed Fortis in 1990 and the purchase of ABN AMRO assets in 2007.
3) Following the financial crisis in 2008, Ageas sold its banking activities and became a pure insurance player, adopting its current strategy and name by 2010 to focus on being an insurance partner in Europe and Asia.
Quarterly report for our investors - First Quarter 2019BESTINVER
The quarterly report provides an overview of Bestinver's international portfolio performance for the first quarter of 2019. Some key points:
- The international portfolio returned 9.6% for the quarter, outperforming the European market which rose 12.8%.
- The portfolio trades at a PER of 9.7x with 55% upside potential based on the managers' estimated target price.
- Top sectors are Industrial (40.8%), Communication & Technology (13.8%), and Consumer (25.4%).
- Geographically, the portfolio is focused on Europe (78.1%) with others regions making up 15.3% and cash at 6.5%.
The document provides an overview of various topics related to business development, insurance solutions, and risk management. It discusses upcoming professional indemnity insurance renewal seasons, noting rates are expected to remain stable. It also announces a new partnership to provide risk management services to the PiXL school network and introduces cybersecurity and people analytics solutions from StayPrivate and POBI respectively to help clients.
The document discusses the impact of the UK government's Comprehensive Spending Review (CSR) which outlined public spending cuts over the next four years.
The FTSE 100 index rose on the day of the CSR as global factors such as expected US quantitative easing boosted share prices, outweighing fears around slower UK growth due to cuts. However, some sectors were directly impacted by reductions in government spending. Transport companies gained from changes to bus subsidies while construction and housebuilding declined on cuts to capital spending. Defense companies also fell but global factors are expected to mitigate these declines over the long run. Investors will monitor the success of the CSR but the plan has reduced short-term uncertainty.
Swallow Financial Planning's presentation to clients explaining our investment strategy and our approach to investing for the long term.
The presentation briefly covers:
- why we believe in asset-backed investments;
- why asset classes perform differently;
- why we believe it’s essential to diversify your investments;
- why risk and reward are always related;
- why risk reduces over the long term and;
- why we prefer passive funds.
Plus500 solomon capital report sample onlyDavid Solomon
Solomon Capital provides an analysis of Plus500 Ltd., an online trading platform for contracts for difference. Key points include:
- Revenues grew 105% to $115m in 2013 and are estimated to reach $155m in 2014. EBIT also grew substantially.
- Plus500 had a 5% share of the UK CFD market in 2013, and the company aims to increase its market share to 10% by 2016.
- A discounted cash flow valuation estimates Plus500's fair market value at £603m, significantly above its current market cap of £381m.
Banco Sabadell has disclosed plans to acquire TSB for £1.7 billion (€2.4 billion), representing a 29% premium over TSB's previous closing share price. The acquisition values TSB at 1.04 times tangible equity for a projected 2015 return on tangible equity of 4.5%. However, TSB is overcapitalized with €0.8 billion in excess capital compared to Sabadell's capital ratio; excluding this excess capital raises TSB's projected 2015 return on tangible equity to 6.9%. The acquisition is seen as an attempt to diversify away from Spain into the UK market. However, political risks from elections in the UK, Spain and Portugal this year and regulatory complexity raise
Saxo Bank is an online international investment bank expert with multi-award winning software trading and investment across financial markets.
Company Overview
Since 1992, Saxo Bank has been a facilitator in the international capital markets aggregating liquidity, offering access to exchanges worldwide.
Saxo Bank specializes in software trading and investment across international financial markets. With its multi-award winning online trading platforms, it also offers professional portfolio and fund management.
The software enables private investors and institutional clients to trade and invest in derivatives such as Forex, CFDs, ETFs, Stocks, Futures, and Options. With multi-award
Saxo Bank has emphasized technology and software as a vital element for being competitive in the online financial and trading industry.
Saxo Bank is recognized for safeguarding client information and securely controlling, executing and managing real-time internal systems.
Deutsche Börse AG held its annual press conference in 2014 to report on financial results for 2013 and discuss strategic plans. Key points:
- Net revenue was €1.9 billion and EBIT was €950 million, adjusted for one-time effects. The executive board proposes a dividend of €2.10 per share.
- While revenue was stable, investments in new growth areas lowered EBIT by 5%. Cost savings programs offset this.
- The company expanded market share in some areas and saw record volumes at Clearstream.
- Strategic focus remains on clearing OTC derivatives, collateral/liquidity management, and expanding in Asia through new partnerships and a Singapore clearing house.
- Deutsche
Charts that matter 07.05.2015 bund unloadinginvestir_ch
1. The document provides views on various asset classes and markets from a weekly investment report. It analyzes trends in bonds, equities, commodities, currencies and other assets.
2. US equities are seen as near the end of their bull market run, while European stocks still have room for improvement. Opportunities are seen in emerging markets, European sovereign debt, and commodities on dips.
3. Cash levels should be kept high for opportunities, and volatility purchases could make sense on dips. Overall the report recommends a cautious approach and selectivity across asset classes.
Dutch Residential Mortgage Market Update & the SAECURE programAegon
An update on the Dutch residential mortgage market, the Dutch economy, Aegon's mortgage business and its SAECURE program. The SAECURE program was initiated in 2000 and is managed by Aegon subsidiaries Aegon Levensverzekering N.V. and Aegon Hypotheken B.V.. Aegon's proven underwriting criteria and servicing have led to the high performance of outstanding SAECURE transactions.
The document summarizes trends in the venture capital market in Q1 2013. It finds that while IPO activity can vary significantly from quarter to quarter, the longer term trend since 2010 has been a steady recovery. Similarly, while M&A deals declined in recent quarters, the 10-quarter average continues trending up. Additionally, the number of new venture capital funds being financed has leveled off in recent years after declining dramatically from its dot-com peak, and the balance of capital invested versus returns has tipped back in favor of investors after 2011.
Swallow Financial Planning's presentation to clients explaining our investment strategy and our approach to investing for the long term.
The presentation briefly covers:
- why we believe in asset-backed investments;
- why asset classes perform differently;
- why we believe it’s essential to diversify your investments;
- why risk and reward are always related;
- why risk reduces over the long term and;
- why we prefer passive funds.
The renminbi's volatility has intensified treasurers' focus as the currency is no longer assumed to only appreciate against the dollar. The renminbi's two-way movements are caused by China's efforts to open its capital markets and make the renminbi more flexible, as well as global monetary policies. While some large multinationals, like IKEA, hedge renminbi risks routinely using derivatives, others like Valspar had not established hedging policies given the renminbi's previous consistent appreciation. Treasury strategies must be tailored to each company's unique business model to effectively manage currency risk from the renminbi.
2015_03_02_CABK Investor Day Cheat SheetAndrea Filtri
The document summarizes key points about Caixa Bank (CABK) from a research report by Mediobanca Securities. It notes that while CABK has a high capital ratio, it has been declining and capital management will be important going forward. The bank's equity stakes represent a large capital buffer but also reduce profitability. The potential acquisition of BPI and Novo Banco could transform CABK into the largest bank in Portugal and create the "Bank of Iberia", but would also require a large capital increase. The report estimates the potential impacts on CABK's capital ratios, earnings, and valuation from various scenarios regarding its equity stakes and acquisitions.
Prudential is a leading international financial services group established in 1848 with a presence in Europe, Asia, and the US. It has a very strong financial position with a AA credit rating from Standard & Poor's. Prudential's Portfolio Management Group manages over £127 billion in assets with an excellent long-term track record in global multi-asset investing.
The document discusses the Vista savings policy from Zurich International Solutions Europe. It notes that the longer a policy is held, the lower the annual growth rate needed to offset charges. For a 25-year policy paying €1,250/SEK12,000 per month, a 1.08% annual growth rate would be enough to cover charges and return the premium amount at maturity. Historical returns for European assets show rates exceeding this, suggesting growth targets could be met. The policy provides over 180 funds to build a diversified portfolio for long-term growth.
The document summarizes information from the Geneva European Midcap Event 2015 presentation by TIP (Tamburi Investment Partners). It provides key figures on TIP's investments and performance over the past 10 years, including total returns significantly outperforming various indexes. TIP has invested over 1.7 billion euros in more than 10 companies with global leadership positions across various industries like technology, luxury, healthcare, and retail.
The document summarizes information from the Geneva European Midcap Event 2015 presentation by TIP (Tamburi Investment Partners). It provides key figures on TIP's investments and performance over the past 10 years, including total returns significantly outperforming various indexes. TIP has invested over 1.7 billion euros in more than 10 companies with global leadership positions across various industries like technology, luxury, healthcare, and retail.
The document summarizes information from the Geneva European Midcap Event 2015 presentation by TIP (Tamburi Investment Partners). It provides key figures on TIP's investments and performance over the past 10 years, including total returns significantly outperforming various indexes. TIP has invested over 1.7 billion euros in more than 10 companies with global leadership positions across various industries like technology, luxury, healthcare, and retail.
This document provides information about the European Mid Cap Event in Paris from June 28-29, 2017. It discusses the benefits of guiding capital from successful businesses and families towards growing companies. It then summarizes Tamburi Investment Partners' portfolio, including key investment facts, portfolio breakdown by industry, group structure, stock performance, and recent deals involving Amplifon, Interpump, and Prysmian. Finally, it discusses TIP's approach of being a long-term partner through governance, team, processes, advisory services, network, and support of aggregation processes like M&A.
The document discusses Tamburi Investment Partners (TIP), an Italian investment company. It provides key figures on TIP's portfolio companies and investments. TIP has over €2.5 billion invested considering club deals and committed capital. It focuses on investments between €30-200 million in companies with €30-200 million in revenue. The document outlines TIP's past returns, expected IPO pipeline of portfolio companies, and team experience in private equity investing and advising entrepreneurs.
1) The document discusses the benefits of guiding capital from successful businesses and family assets to invest intelligently in growing companies, calling it one of the most beneficial jobs in the world.
2) It then provides key figures and summaries of investments, divestments, and performance of TIP (Tamburi Investment Partners) and its portfolio companies over the past years.
3) Recent investments discussed include increases in stakes in Azimut Benetti and Octo Telematics, and financial support for an Octo management buyout.
- The document discusses Tamburi Investment Partners (TIP), an Italian investment company that manages over €2 billion across direct investments and club deals in leading multinational and technological companies.
- TIP has achieved a total return of over 269% in the last 5 years and has a portfolio focused on the luxury, technology, and health/silver age industries.
- Recent deals discussed include the sale of shares in Amplifon and Prysmian, as well as an increased stake in Interpump through an investment vehicle. TIP aims to be a reliable long-term partner and has supported various companies with M&A and financing.
- The document discusses Tamburi Investment Partners S.p.A., an Italian investment company. It provides details on TIP's investments, portfolio breakdown, and financial results.
- TIP has over €2 billion in direct and club deal investments in leading international companies. Its portfolio is diversified across luxury/design, technology, and healthcare.
- The main investee companies have strong worldwide market positions and over €17 billion in aggregate annual revenues. TIP has achieved a 254% total return over the past 5 years.
The document discusses the role of finance and investment companies in guiding capital from successful businesses and families toward growing companies. It provides examples of investments TIP has made over the years in companies across various industries. These investments have generated capital gains and dividends for shareholders, with total returns for shareholders who invested 6 or 1 year ago exceeding 50% and 200% respectively due to share price appreciation and dividends received.
The document provides key figures and information about TIP (Tamburi Investment Partners), an Italian investment company listed on the Italian stock exchange.
Some key points include:
- TIP has achieved a total return of over 132.6% in the last 5 years, outperforming various European indices.
- Its portfolio includes stakes in companies like Hugo Boss, Moncler, Interpump and Prysmian.
- TIP has realized investments of over €1.7 billion since 2002 and divestments of around €290 million.
- Upcoming potential transactions include investments in Azimut Benetti, Furla and further companies.
Tamburi Investment Partners (TIP) holds investments worth approximately €3 billion across leading retail, luxury, health and technology companies. TIP has made 12 investments in companies with global leadership positions that generate over €18 billion in annual revenues. Over the past 5 years, TIP has achieved a total return of over 357%. TIP's portfolio is diversified across industries, with 30% in retail/luxury/design, 33% in technology, 9% in health/silver age, and 28% in other investments. TIP also has a pipeline of potential new investments and available capital to continue investing in innovation and growth companies.
1. The document discusses the potential establishment of a new investment company called ASSET ITALIA with several hundred million in callable capital from restricted number of investors for a five-year period.
2. TIP plans to propose investing around 100 million Euro, around 20% of total capital, and provide operating and commercial support at minimum cost.
3. TIP would retain a percentage of any final profits for itself based on a reasonable fee structure.
The document discusses Tip's performance over the past years, including key figures such as:
- Investments totaling around 1.5 billion Euro including club deals.
- Capital gains of around 100 million Euro over investments held for more than 10 years.
- Average annual net profit of 16.5 million Euro over the past 5 years, totaling 82.5 million Euro.
- Total shareholder return of around 193% over the past 5 years, with an annual average return of 39%.
- Consistent market outperformance compared to various indexes over the past 5 years.
The document discusses TIP, an independent investment bank that focuses on investing in "excellent" companies. Over the past 15 years, TIP has invested over 1.5 billion Euro in about 11 companies with global leadership positions across various industries. TIP aims to take minority stakes and support long-term growth, rather than impose short-term exits. The bank has a team of about 20 professionals and stable shareholders including important Italian family offices.
This document provides information on T.I.P.'s club deal group and investments:
- T.I.P. has invested 1.3 billion Euro including direct equity and club deals in a highly diversified portfolio of market leading companies across several sectors.
- Recent major club deals include a 120 million Euro investment in Eataly in 2014 and acquiring a 14% stake in Moncler for 103 million Euro in 2013.
- The portfolio consists of companies in technology, luxury/fashion/design, healthcare, food and other sectors with combined revenues of over 11 billion Euro and 40,000 employees.
T.I.P. and other Italian entrepreneurial families, which holds a 14% stake in
- The document is a presentation from a European midcap event in Frankfurt on February 26, 2014 discussing an investment group called T.I.P.
Ruffini Partecipazioni S.r.l. (owner of 32% of Moncler S.p.A.)
- T.I.P. holds stakes in 8 global leaders across technology, luxury, and healthcare industries. It has realized capital gains in 80% of divestments over 10 years and generated a 106% total return from 2010-2013.
Moncler is a global
The document discusses Tamburi Investment Partners S.p.A. (TIP), an Italian investment company. It provides an overview of TIP's portfolio and investments, which total over 3 billion Euro across industries like retail, luxury, technology, and healthcare. The document also summarizes TIP's stock performance over the past five years, noting a total return of over 300% and outperformance compared to various indexes. Finally, it discusses some of TIP's most recent deals and investments in companies like Amplifon, Interpump, and Prysmian.
This document discusses an investment group that holds stakes in 8 global leaders across various sectors. Over the past 10 years, the group has realized capital gains in about 80% of divestments. It has a market capitalization of about 60% of its portfolio's value and regularly pays a 2.5% annual dividend. The group has invested over €1.1 billion in the past decade and has demonstrated an ability to raise large funds through club deals due to its strong track record of returns. It focuses on acquiring stakes in European mid-sized companies with leadership positions and growth potential.
This document provides information about T.I.P. (Tamburi Investment Partners), an Italian investment company, and its portfolio. It summarizes T.I.P.'s investments including over 1.3 billion Euro invested in direct equity and club deals across various sectors. It also discusses several of T.I.P.'s main investments such as Moncler, Roche, Bobois, and Amplifon. Financial information about T.I.P. and some of its portfolio companies is presented.
The document discusses the performance and activities of T.I.P., an Italian investment company. It notes that T.I.P. has invested over 1.2 billion Euro across various sectors, achieving higher returns than benchmarks. Recent deals included acquiring a 20% stake in Eataly for 120 million Euro and acquiring a 14% stake in Moncler for 103 million Euro. The document also outlines T.I.P.'s plans to launch a pre-IPO fund called TIPO and issue a 100 million Euro bond.
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This document summarizes an Italian investment conference held in Milan on May 17, 2018. It discusses Tamburi Investment Partners (TIP), an Italian investment firm, and provides an overview of TIP's portfolio, investments, and financial performance over the past 7 years. TIP has over 3 billion Euro in direct investments and club deals in leading retail, luxury, health, and technology companies. It has achieved a total return of over 287.5% over the past 5 years, significantly outperforming various stock market indexes. The conference highlights TIP's strong investment track record and pipeline of new investment opportunities going forward.
This document summarizes the investments and performance of Tamburi Investment Partners (TIP), an Italian investment company. Over the past 5 years, TIP has achieved a total return of 323.6% and average annual return of 64.7%. TIP has over 2 billion euros invested across multiple industries, with future potential investments totaling over 1.5 billion euros focused on innovation and digital sectors. TIP provides capital, networks, and skills to help portfolio companies scale globally.
This document summarizes the investments and performance of Tamburi Investment Partners (TIP), an Italian investment firm. Over the past 15 years, TIP has invested over 1.9 billion Euro in companies across industries like luxury, technology, and healthcare. TIP aims to invest over 1 billion Euro in the next few years, focusing on innovative and digital companies. TIP has achieved strong financial returns, with profits before taxes averaging 31 million Euro annually over the past 6 years and a total shareholder return of 335.1% over the last 5 years. Going forward, TIP plans continued investments in high-growth digital and technology companies, leveraging its network and resources.
This document provides financial information and performance metrics for Tamburi Investment Partners (TIP). Some key details include:
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This document provides an overview and key figures for TIP (Tamburi Investment Partners), an Italian investment company. It summarizes TIP's investments and returns over various time periods. Some key details include:
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This document provides financial and performance information about Tamburi Investment Partners (TIP). Some key details include:
- TIP has made investments totaling over €1.7 billion since 2002 in over 100 companies across various industries and geographies.
- TIP portfolio companies have averaged an EBITDA margin of around 16%.
- Between 2005-2015, TIP achieved a total return of 134.1%, significantly outperforming various stock market indexes over the same period.
- TIP's pipeline includes potential IPOs for companies such as Clubitaly, iGuzzini, and Furla in 2017-2020.
TIP has invested 1.7 billion Euro directly and through club deals in companies in Italy and abroad, with about one third of investments each in luxury/fashion, technology, and healthcare. TIP focuses on investing in Italian, French, and German luxury excellence and unique brands, and supports long-term equity stories. TIP has shown strong financial performance and is more dynamic than peer investment companies in its investment and divestment levels.
This document discusses investments and financial details related to Tip and Tipo, Italian investment companies. It provides revenue, EBITDA, employee, and investment figures for companies in Tip and Tipo's portfolios over time. Transactions completed by investee companies and the growth of aggregate revenues, EBITDA, and employees since Tip/Tipo's initial investments are also summarized.
This document contains financial information about Tip, an Italian investment company, including key figures such as total investments made, returns on divestments, and industrial sectors represented in their portfolio. Over their history, Tip has invested over 1.5 billion Euro in 10 companies with worldwide leadership positions and average EBITDA margins above 17%. Their portfolio has a mix of technology, luxury/fashion, healthcare, and other industries. Recent years have seen capital growth and an average annual net profit of 16.5 million Euro.
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1. European Midcap Event
February 2, 2017
Frankfurt
We should all feel nothing but shame for the
reputation that finance has earned itself in
the last few years, but if you manage to guide
healthy capital from successful businesses
and the assets of families that wish to invest
them intelligently in companies that want to
grow, you are genuinely doing one of the
most beneficial jobs in the world.
@TamburiTip
2. Tip – numeri chiave
2
Listed companies Private companies
Listed on Nasdaq
~95 million Euro ~50 million Euro ~7 million Euro
~100 million Euro
Investments including club deals
~30 million Euro ~55 million Euro
~ 400 million Euro ~ 240 million Euro ~ 320 million Euro
~40 million Euro ~120 million Euro
15+15 million Euro ~30 million Euro
~10 million Euro
(Convertible notes)*
~200 million Euro ~75 million Euro~25 million Euro
~8 million Euro
advisory
Asset Italia
Tamburi Investment Partners S.p.A.
~10 million Euro
(vendor loan)
*Provided to management investment vehicle
3. Tip – numeri chiave
Total return T.I.P.
(last 5 years)
3
11 YEARS FROM LISTING 5 YEARS RETURN
(*) Consensus value – for listed companies – reported on Bloomberg.
(**) TIP value is calculated considering the price as at 31/01/2017, the dividends
distributed (in case of re-investment of proceeds in TIP shares on the ex-date), the
value as at 31/01/2017 of treasury shares attributed for free, the price of
warrants 2010/15 on the last trading day and the price as at 31/01/2017 of
warrants 2015/20
(**)
as at 31/1/2017
Yearly average T.I.P. total return
(5 years)
total return T.I.P.
(one year)
total return T.I.P.
(from December, 31 2014)
Performance warrant T.I.P. 15-20 vs
reference price as at listing
+182,0%
+36,4%
+29,6%
+53,3%
+133,2%
Asset class 9/11/05 31/01/17 Cash multiple
TIP 1,8 5,2 2,90 x
S&P500 1.218,6 2.271,4 1,86 x
S&P global property 146,2 183,9 1,26 x
S&P global luxury 975,7 2.040,6 2,09 x
S&P private equity 139,6 125,5 0,90 x
Gold 461,4 1.197,3 2,59 x
Silver 7,6 17,1 2,25 x
Brent 59,7 52,6 0,88 x
USD 0,8 0,9 1,10 x
4. Tip – numeri chiave
Free distribution of warrants 2015 – 2020
4
58 mln Euro
31 mln Euro
15 mln Euro
>20 mln
Euro
~20 mln
Euro
1. N. 13.3 millions of warrant freely given in 2010; performance of 3,369.6% since the distribution.
2. «Value» of warrants freely given in July 2015 to be exercised within 2020 for a maximum amount of
200 million Euro (equal to capital increases in case of exercise); performance from listing to
January 31, 2017 of +133.2% (imp. yield of 2.9%).
1
2
Dividend distributions since the IPO
Buy back of treasury shares since the IPO
Free distribution of treasury shares
Free distribution of warrants 2010 – 2015
11 years
public
5. Tip – numeri chiave
5
Asset Italia
Tamburi Investment Partners S.p.A.
2,5 billion Euro
considering club deals and committed capital
focus
Target revenues
between 30 and
200 million Euro
Equity size x deal
Between 20 and 60
million Euro
Target revenues
> 200 million Euro
Equity size x deal
> 30 million Euro
Investments done
> 290 million Euro
Residual capital to
be invested
> 80 million Euro
Committed capital
550 million Euro
Over 1 billion to be invested in the next few years
(excluding warrant TIP 15-20 capital increase)
Revenues
> 200 million Euro
Equity size x deal
< 30 million Euro
Investments done
> 1,5 billion Euro
Pipeline of about 30 investments out of which 3 under intense negotiation
6. Tip – numeri chiave
* Convertible note provided to management investment vehicle
** Including the investment in Furla announced on May 2, 2016 and excluding 550 million Euro of committed capital for Asset Italia
2015 - 2017
Investments / club deals
Divestments
18,4
62,5 3,1
~ 20 4,1 4,0
Data in million Euro
~ 40
~ 18
~ 8
~100 13,4 15,1
Investments done including Club Deal
(million Euro – at cost)
**
~15
~11 9,3 ~5
125
146
239
116 47
157
129 46
124
279
175
191
1.774
2002-'05 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Total
*
~96
6
7. Tip – numeri chiave
7
Key figures
Clubtre S.p.A. has announced the successful completion of the sell of 4 million ordinary
shares of Prysmian S.p.A., representing 1.85% of Prysmian’s share capital, for a total
consideration of 97.6 million Euro, gross of charges and commissions.
The transaction represents a partial divestiture (less than 1/3) of the significant investment
made in 2010 by TIP – within a club deal involving important family offices – that in any case is
maintaining through Clubtre a significant shareholding in Prysmian.
Upon completion of this transaction Clubtre owns approximately 8.7 million of Prysmian shares,
representing 4.01% of the share capital, remaining – on the basis of the information available –
the individual most important shareholder.
CLUBTRE (investment vehicle)
Capital invested in Clubtre 120 million Euro
Reimbursement of shareholders’
loans and dividends
25 million Euro
Buy back 36 million Euro
Net capital invested by the
shareholders
59 million Euro
TIP in Clubtre
NAV Clubtre (at market value) 228 million Euro
% of TIP 43,28%
Value of TIP quota 98,7 million Euro
Pro quota of net capital invested 32,8 million Euro
8. Tip – numeri chiave
8
Team
More than 40 years of professional
experience in investments and
financial advisory. A team of about
20 professionals strongly focused
on results
A unique network
Direct access to a unique
network of about 150
entrepreneurial families
able to provide uncommon
industrial know how
Advisory
A partner with a long time
experience in M&A and
financial advisory able to
give a real support to the
entrepreneur
Governance
Deep understanding of
family dynamics and ability
to simplify governance.
Alignment of interest with
entrepreneurs that retain
the operating management
No exit predetermined:
create value is the
only target pursued
Long term
partner
Lean and fast investment
process
9. Tip – numeri chiave
9
Continuous support in M&A
Since its first investment in 2007 TIP has always
supported Bolzoni in its growth strategy also
based on M&A.
Support also during market
stock dowturns
TIP increased its stake in 2012, 2013
and 2015
Divestment within a public tender
offer launched by Hyster-Yale.
Continuous support in M&A
Support in growth strategy based
also on strategic acquisitions in
particular of Medasys (listed in
France).
Subscription of
capital increase
TIP subscribed the capital
increase of the company as
well as facilitated the
entry of new strategic
shareholders
Public tender offer launched
by competitor Dedalus
The integration between Noemalife
and Dedalus has created the
European leader in the clinical
health software.
First investment and
IPO
TIP advised the company in the
IPO process and invested in
Noemalife.
second shareholder after the
founder
second shareholder after the
founder
2007 - 2011 2012 - 2015 2016
2006 2007 - 2011 20162012
10. Tip – numeri chiave
EXPECTED IPO PIPELINE
10
Key figures
Listed on Nasdaq on Nov. 2015 - +90% since the IPO - market cap. of around 1,2 bln
2017/2018
www.eataly.it
www.iguzzini.com
2017
www.octotelematics.com www.furla.com
www.roche-bobois.com www.beta-tools.com
2018
2018/2019 2018/2019 2019/2020
11. Tip – numeri chiave
11
Cons. data in Euro mln Sales Ebitda notes on profits
Amplifon 804 119 all time record
Be 97 11 All time record
Eataly ~380 25/30 all time record
Ferrari 2.269 629 all time record
Furla 339 44 all time record
Hugo Boss 1.968 346
Slight decrease in profit
from all time record
Interpump 693 152 all time record
Moncler 639 n.a. all time record
Prysmian 5.660 527 all time record
Roche Bobois ~250 25/30 all time record
Average Ebitda margin of the main investee companies of about15%
Investments in more than 10 companies with worldwide leadership positions
*
*
* 2015 full year results
*
12. Tip – numeri chiave
Technology
Luxury /
design
Healthcare
and third age
Food & retail
Cash and
other
12
Book value
Consensus
estimates 1
Amounts related to cash have been calculated net of short-term financial assets (liquidity investment in bonds) and liabilities and gross of bonds
outstanding due to their long-term nature.
1. Consensus estimates: includes the analytical valuation of each investment based on analyst estimates (Bloomberg) as at 27/1/2017
2. Intrinsic value estimates: analytical evaluation of each investment elaborated by TIP considering the medium-term outlook of the companies
Data in million Euro
~420
~ 680
Intrinsic value estimates 2
~ 835 ~ 835
since 2007/2008
since 2010
since 2011 / 2012
since 2013
since 2014
since 2015
12
Assets
since 2016
Hugo Boss
Moncler
Interpump
Prysmian
Amplifon
Eataly
Azimut Benetti
Ferrari
Roche
Bobois
Be
Other (net of
financial debt)
13. Tip – numeri chiave
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
FTSE MIB
+14.3%
FTSE Small Cap
+27.2%
MSCI Small Cap
+83.2%
IT Star
+171.9%
MSCI Eur
+36.8%
Stoxx Eur
+54.9%
+163.5%
Volatility of 23.0% (vs 25.7% of Ftse Mib)
Average dividend yield: 2.3%
13
Target price
Price per share as at 31/1/2017: 3,874 Euro
4.00 Euro
4.30 Euro
12/ 12 / 2016
11/ 10 / 2016
x11,6
4.40 Euro
14/ 11 / 201650.966
219.855
261.220
204.791
75.638
550.920
875.909
771.676
13
195
280 285
-
50
100
150
200
250
300
-
00.000
00.000
00.000
00.000
00.000
00.000
00.000
00.000
00.000
00.000
2012 2014 2015 2017
TIP volumes (#) Value of daily trading exchange (Euro) Number of trades (#)
14. Tip – numeri chiave
14
M&A transactions completed since
TIP / TIPO first investment in their
share capital
Since tip/tipo first investment THE AGGREGATE AMOUNT OF THE MAIN INVESTEE COMPANIES HAS INCREASED*:
annual revenues, from 11,1 to 16,0 billion Euro (+44,1%)
annual Ebitda, from 1,6 to 2,3 billion Euro (+39,6%)
number of employees, from about 46.000 to about 61.000 (+32,7%)
*without considering the investment in FCA and Ferrari
1 1
8
7
7 4
5
9
8
14
6
8
2 80
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total
15. Tip – numeri chiave
1. On July 2016, with the contribution of ~ 30 family offices on top of TIP
owning a 20% stake.
2. Investment holding that will give the shareholders the faculty to
choose – every time that a proposal arises – each individual investments
and to receive the shares of the specific class related to the
investment subscribed.
3. In order to maximize liquidity within five years a business combination
between ASSET ITALIA and TIP shall take place and Asset Italia shares
will be swapped with publicly traded TIP shares based on independent
and coherent valuations.
15
Asset Italia
THE club of TIP club deals
550 million Euro
total capital commitment
16. Tip – numeri chiave
16
Digital is now pervasive in every sector
Seed capital - early stage is one of the most
promising market
Digital Magics is the main Italian incubator and
the only one with local presence (6 branches)
Talent Garden (19% owned by Digital Magics and
25% by TIP and TIP’s F&F) is the main co-working
hub in Europe.
Digital Magics: aggregated revenues of the
startups in 2015 of over 32 million euro (+ 74%).
2017 target: 100 million euro.
Digital Magics: 9 companies with revenues higher
than 1 million
TAG: 17 campuses in 4 countries. 2017 target:
>20 campus in Europe. Sales +750% in 2016
72 startups in portfolio - more than 500 jobs
created
Open innovation programs with major Italian
companies such as Poste, Nice, RCS, Il Fatto
Quotidiano and others
Booming
market
Leadership
Open
innovation
+
seed capital
+
early stage
Growth
+
structure
TIP has invested about 5 million euro in Digital Magics and today is the single biggest shareholder
with > 18%
1. "Preferred"
access to digital
markets
2. Support to TIP /
TIPO investee
companies to
approach digital
markets and
identify
"contiguous"
startups
3. Investment
opportunities in
the most promising
startups for TIP /
TIPO
Talent garden has successfully completed a round of financing of 12 million Euro mainly subscribed
by TIP and TIP families and friends, but also with prestigious international investors.
17. Tip – numeri chiave
17
Convertible loan of 15
million euro to be
automatically swapped into
Furla shares at the listing
one of the leaders worldwide in the production and
sale of high quality leather bags and accessories
415 shops in >100 countries, >1,550 employees
2015 revenues amounting to 339 million Euro, 80% out of
Italy (+30%), 44 million euro EBITDA (+29%)
During 2015 Furla opened many shops all over the world; the most relevant were the flagship
store in Rome - in Piazza di Spagna, on the Scalinata di Trinità dei Monti - New York, Hong Kong,
Madrid, Moscow, St. Petersburg, Vienna, Macau e Singapore and has a plan to open, in 2016,
further important shops in London, Paris, Melbourne and Shanghai
world leading manufacturer of mega - yachts
15 times over the past 16 years ranked as first in the Global
Order Book
11 shipyards, a sales network of 138 dealers in over 70
countries, > 2,100 employees, annual value of production of
over 700 million Euros
controls Fraser Yachts, the world’s leading full - service
yachting company and many valuable port concessions
Investment of ~ 40 million
euro (75% via capital
increase) for a stake of
about 12%
18. Tip – numeri chiave
18
Acquisition of 100% of the
group (club deal) for ~200
million Euro
market leader in Italy in the production and
distribution of high-quality professional hand tools
catalogue with more than 10,000 references
about 530 employees
3 production plants, more than 100 distributors worldwide,
direct presence abroad with 7 subsidiaries
TIPO recently increased its position in iGuzzini group
In July 2016 TIPO and some members of the Guzzini family have
set GH S.r.l. for the purpose of acquiring 17.32% of the share
capital of Fimag S.p.A., that controls of iGuzzini illuminazione
S.p.A. and some other assets.
Overall the implicit stake in iGuzzini (direct and indirect) is
around 24%.
Roche Bobois, iGuzzini and Beta Utensili business cases are examples of the capability of TIP / TIPO to
help families in the process of simplifying the shareholding and the governance in articulated
familiar contexts
During 2015 TIPO had
acquired a 14.3% interest
in iGuzzini, one of the
worldwide leaders in
architectural lighting
with annual sales in
excess of 230 million Euro
19. Tip – numeri chiave
NET EQUITY AND INVESTMENTS
*Consolidated group equity (including minorities)
**including associated companies measured under the equity method, AFS financial assets
and financial receivables
(1) Average net profit before tax in the last 5 years
20 million Euro
Aggregate net profit before tax of the last 5 years
above 100 million Euro
Data in million Euro
5 YEARS OF PROFIT BEFORE TAX
*
19
**
175
211
360 354
449
406
151
181
426 431
623 619
31/12/11 31/12/12 31/12/13 31/12/14 31/12/15 30/9/16
Net equity Investments
3,4
10,1
31,7
28,9 26,8
19,9
81,0
2011 2012 2013 2014 2015 9M
2015
9M
2016
(1)
20. Tip – numeri chiave
20
Key figures
In july 2016 Clubsette (52% owned by TIP) has received a share allocation of a
5.125% stake in Moncler S.p.A., in execution of agreements with Ruffini
Partecipazioni. The liquidation of Clubsette is ongoing, a substantial part of the
pro-quota distribution to the quota-holders – net of any outstanding debt – has
been already performed and TIP owns directly its stake ( > 2 % stake).
According to IAS / IFRS the transaction is giving TIP Group a capital gain of
around 78 million Euro, at consolidated level.
2016 P&L: only considering the capital gain on Moncler reflected in the results
as at September 30, 2016, the current year looks like a really exceptional one,
from the profitability point of view.