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 is a company update report by Anand Rathi Research on KPIT Technologies. It provides an overview of KPIT's financial performance in the first quarter of FY2018, with revenue growth of 5.6% quarter-over-quarter and 12.2% year-over-year. While margins declined due to increased headcount and currency movements, margins are expected to improve in the second half of FY2018 as utilization increases. The report maintains a "Buy" rating on KPIT Technologies with a revised target price of Rs. 175.
- Majesco India's revenue dropped 0.8% quarter-over-quarter and 14% year-over-year due to weak performance at its subsidiary Majesco US. However, deal wins were strong with the order book growing 22% year-over-year.
- While the first quarter results were below estimates, the large order book of $77 million provides assurance that revenue decline will reverse for the rest of the fiscal year.
- The analyst retains a "Buy" rating on Majesco with a revised target price of 540 rupees, believing that performance has bottomed out and recent deals including one with IBM will support growth going forward.
- Intellect Design Arena reported steady Q1 results with revenues of $37.4 million, flat quarter-over-quarter but up 22% year-over-year, in line with estimates. Higher operating leverage led to a significant improvement in EBITDA margins to 5.6% compared to -6.5% a year ago.
- While maintaining a Buy rating, the analyst lowered the target price to Rs 150 from Rs 175 previously to account for a 23% dilution from a rights issue and currency movements.
- Revenue growth is expected to continue but estimates were lowered slightly to reflect currency impacts. Positive free cash flow and a stronger balance sheet are anticipated in FY19.
- Intrasoft Technologies reported accelerated revenue growth of 21.6% year-over-year in the first quarter of fiscal year 2018, with revenues reaching $40 million. However, margins declined as the company prioritized growth over profits.
- While revenue growth was strong, the EBITDA margin declined 56 basis points to 1.5% as the company focused on gaining market share by sharing margin benefits with customers in a competitive environment.
- The analyst maintains a Buy rating but cuts fiscal year 2019 earnings estimates by 13.6% to factor in currency movements, competition, and the company's cash focus, which may lead to some short-term margin sacrifice. The target price is revised to Rs. 530 per
This is Equity Special Weekly Report:
Nifty, in last week trading session it was down 2%. Its long term trend is up. On weekly chart it has given breakout at below 8500 in channel. Stochastic and RSI has also selling confirmation. On weekly chart nifty has given breakout level at below 8500. Nifty has given breakout below 8500 so our selling level is below 8400 and our target is 8000 and 7800 in coming weeks.
- Mastek reported strong revenue growth of 6.9% quarter-over-quarter and 48.5% year-over-year in US dollar terms for the first quarter of fiscal year 2018.
- EBITDA margins remained steady at 12.1% despite wage hikes, as operational efficiencies offset increased costs.
- While execution remains solid, valuations have converged with peers following price appreciation; the analyst downgrades the stock to "Hold" and sets a target price of Rs 355.
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 is a company update report by Anand Rathi Research on KPIT Technologies. It provides an overview of KPIT's financial performance in the first quarter of FY2018, with revenue growth of 5.6% quarter-over-quarter and 12.2% year-over-year. While margins declined due to increased headcount and currency movements, margins are expected to improve in the second half of FY2018 as utilization increases. The report maintains a "Buy" rating on KPIT Technologies with a revised target price of Rs. 175.
- Majesco India's revenue dropped 0.8% quarter-over-quarter and 14% year-over-year due to weak performance at its subsidiary Majesco US. However, deal wins were strong with the order book growing 22% year-over-year.
- While the first quarter results were below estimates, the large order book of $77 million provides assurance that revenue decline will reverse for the rest of the fiscal year.
- The analyst retains a "Buy" rating on Majesco with a revised target price of 540 rupees, believing that performance has bottomed out and recent deals including one with IBM will support growth going forward.
- Intellect Design Arena reported steady Q1 results with revenues of $37.4 million, flat quarter-over-quarter but up 22% year-over-year, in line with estimates. Higher operating leverage led to a significant improvement in EBITDA margins to 5.6% compared to -6.5% a year ago.
- While maintaining a Buy rating, the analyst lowered the target price to Rs 150 from Rs 175 previously to account for a 23% dilution from a rights issue and currency movements.
- Revenue growth is expected to continue but estimates were lowered slightly to reflect currency impacts. Positive free cash flow and a stronger balance sheet are anticipated in FY19.
- Intrasoft Technologies reported accelerated revenue growth of 21.6% year-over-year in the first quarter of fiscal year 2018, with revenues reaching $40 million. However, margins declined as the company prioritized growth over profits.
- While revenue growth was strong, the EBITDA margin declined 56 basis points to 1.5% as the company focused on gaining market share by sharing margin benefits with customers in a competitive environment.
- The analyst maintains a Buy rating but cuts fiscal year 2019 earnings estimates by 13.6% to factor in currency movements, competition, and the company's cash focus, which may lead to some short-term margin sacrifice. The target price is revised to Rs. 530 per
This is Equity Special Weekly Report:
Nifty, in last week trading session it was down 2%. Its long term trend is up. On weekly chart it has given breakout at below 8500 in channel. Stochastic and RSI has also selling confirmation. On weekly chart nifty has given breakout level at below 8500. Nifty has given breakout below 8500 so our selling level is below 8400 and our target is 8000 and 7800 in coming weeks.
- Mastek reported strong revenue growth of 6.9% quarter-over-quarter and 48.5% year-over-year in US dollar terms for the first quarter of fiscal year 2018.
- EBITDA margins remained steady at 12.1% despite wage hikes, as operational efficiencies offset increased costs.
- While execution remains solid, valuations have converged with peers following price appreciation; the analyst downgrades the stock to "Hold" and sets a target price of Rs 355.
- Zee Entertainment reported a 2% decline in revenue for Q1 FY18, adjusted for asset sales and acquisitions. Revenue growth was impacted by the implementation of GST in June.
- EBITDA margin was strong at 31.4% due to lack of sports-related costs. Zee maintained its outlook for margins above 30%.
- The research firm maintains a 'Hold' rating on Zee stock with a target price of Rs. 560, valuing the company at 21x FY19 EV/EBITDA due to its leading position and superior margins. However, revenue growth estimates were lowered.
- Mindtree reported lower than expected revenue and margins for Q1 FY2018, with revenue growth of only 2.3% quarter-over-quarter and margins declining 309 basis points, primarily due to underperformance of recent acquisitions Bluefin and Magnet360.
- The research firm downgraded Mindtree stock to "Hold" and revised FY2018 estimates downward while hoping for margin recovery in FY2019, noting acquisitions have been a challenge and weakness in top accounts is offsetting growth in other accounts.
- Key financial highlights of the quarterly report included revenues of Rs. 12,895 million, EBITDA of Rs. 1,429 million, EBITDA margin of 11.1
- Persistent Systems reported quarterly revenues of $113 million, up 3.6% quarter-over-quarter and 7.8% year-over-year. However, operating margins declined due to currency effects and investments in acquisitions and hiring.
- The company acquired PARX, a Salesforce partner in Europe, for $8.5 million to expand its footprint in Europe.
- While traditional services saw growth, the focus areas of digital and accelerite declined sequentially. However, deferred wage hikes and currency impact are expected to improve margins going forward. The analyst maintains a 'Buy' rating.
- Hinduja Global Solutions reported steady quarterly results with revenue up 1.9% quarter-over-quarter and 5.7% year-over-year. EBITDA was down 20.3% quarter-over-quarter due to currency movements and higher headcount.
- Lower capital expenditures of 4.3% of revenue led to a significant rise in free cash flow, which was used to repay debt and strengthen the balance sheet with net debt reduced to Rs. 1,187 million.
- The analyst maintains a 'Buy' rating and target price of Rs. 700 per share, seeing potential for 38% growth, based on strong free cash flow generation and robust balance sheet.
Slides of my investment strategy (updated @ March '18)Giuseppe Piazzolla
This document provides an overview of a long-short equity strategy focused on exploiting pricing inefficiencies related to the quality factor. The strategy aims for returns between 0.5-1 times the market with half the volatility through a combination of long positions in a quality value portfolio and short positions in equity futures to remain beta neutral. Since inception the strategy has achieved an average return of 3% annually with 6% volatility. Stock selection involves filtering for tangible book value growth, high Piotroski scores, and ranking based on free cash flow yield and return on invested capital to identify high quality, undervalued companies.
This document provides a weekly equity report from Money Classic Research. It includes a snapshot of index performance, technical analysis of indexes, analysis of FII and DII trading activity, recommendations to buy Voltas and sell Idea Cellular based on technical indicators, and updates on earnings from SBI and ITC. The document also contains disclaimers about the information presented.
The daily report summarizes the performance of global and Indian markets on November 14, 2018. Most global indices closed slightly higher, with the exception of the Hang Seng which closed slightly lower. In India, the Sensex and Nifty closed up nearly 1% as most sectoral indices ended in positive territory, with the exceptions of pharma and PSU banks. News briefs highlight quarterly results and other announcements from various companies. The report provides technical recommendations and analysis for specific stocks and indices, along with their pivot levels and previous day's performance.
This document provides an investment outlook and analysis from PSG Wealth for April 2019. It discusses several key themes:
1) There are many positive domestic opportunities in South Africa despite lower sentiment globally. Certain local asset classes offer attractive entry points.
2) South Africa's economic growth was weak in 2018 but leading indicators suggest a significant improvement. Inflation remains relatively low and stable.
3) Risks that investors pose to themselves, such as reacting to emotions, are higher than usual. Maintaining a disciplined investment strategy is important.
Investment in Stocks has its own risks. Sincere efforts have been made to present the right investment perspective. The
information contained herein is based on analysis and up on sources that we consider reliable. We, however, do not
vouch for the accuracy or the completeness thereof.We are not responsible
for any loss incurred based upon it & take no responsibility whatsoever for any financial profits or loss which may arise
from the recommendations above.
Sadbhav Engineering Limited is an infrastructure company in India that constructs roads, highways, irrigation, and mining. The document provides an analysis of Sadbhav's financial performance and outlook. It recommends buying shares of Sadbhav at Rs. 325-330, citing growth in sales, profits, and return on equity in recent years. Key risks noted are performance of operational projects and order book growth.
The Nigerian stock market rose over 3% with gains in the banking, consumer, and industrial sectors. The All Share Index approached 30,000 but remains down 14.35% for the year. Top gainers were PZ, Okomuoil, and NAHCO while top losers were Jberger, 7up, and Dangsugar. The NASD OTC market fell with Acorn Petroleum and CSCS among the top gainers and IGI, Resourcery, and Friesland Campina Wamco among the top losers. The document also provides corporate actions, earnings results, and analysis of the government's plans to improve taxation.
JM Financial's loan against shares enables you to borrow funds against listed securities such as mutual funds, shares, insurance and bonds to meet your current financial needs. Visit for more info: https://jmfl.com/what-we-do/fund-based-activities
The company reported its best first quarter results with improved gross margins and sales. Sales increased 3.2% due to new store openings and comparable store sales growth excluding discontinued products. Operating profit and margins increased due to strong gross margins and inventory control. The company will focus on continued sales growth, maintaining gross margins, expanding its store network, and integrating two recent acquisitions for tax benefits.
Ambit_Cement_Thematic_End of the capex cycle_16Mar2016sbachhawat
The document discusses the Indian cement industry and signals that the decade-long cycle of aggressive capacity expansion is likely to end. Major players will now focus on improving return on capital employed and reducing leverage rather than adding more capacity. UltraTech Cement's recent large acquisition of Jaypee Cement will reduce fragmentation in the industry and competition, allowing for more rational pricing. Earnings growth is expected to recover over the next few years due to price increases and cost reductions, after five years of no growth. Valuations of cement companies are also becoming more reasonable compared to recent years of high expectations.
This document discusses various special situation investment opportunities in India that have provided high absolute returns, including merger arbitrage, capital structure arbitrage, going private transactions, bankruptcy workouts, asset sales, holding companies, spinoffs, buybacks, and tender offers. It provides examples of specific investments and their returns. It then discusses one investment in more depth, describing how it was identified as undervalued due to a planned spinoff, despite regulatory risks, and how it was purchased and later sold at a significant gain once the spinoff occurred. Finally, it discusses the role of luck and alternative histories in investments.
Epic research's weekly derivative market report 28th march 2016Epic Research Limited
The Nifty continued its upward momentum amid constant FIIs inflows in equities. The Nifty moved above our
target levels of 7700 on Monday itself. Since then, it has remained largely range bound. In the absence of any
global cues, the Nifty hovered around 7700 in the holiday shortened week
- Firstsource Solutions reported revenue of $132 million in Q1 FY2018, up 1.8% quarter-over-quarter but only up 0.8% year-over-year. Organic revenue growth was sluggish as key verticals like BFSI and telecom reported weak growth.
- EBITDA margins improved to 8.6% from 8.2% in the previous quarter due to cost optimization but were down significantly from the prior year.
- The analyst maintains a 'Hold' rating and lowers the target price to Rs. 38 based on slower expected growth, currency headwinds, and the sale of the domestic business. Growth is expected to remain challenging across most vertical
Grauer and Weil (India) Ltd reported a 17% year-over-year increase in revenues for the second quarter of FY2015 to Rs. 1009 million, slightly above estimates. Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 17% to Rs. 180 million, in line with estimates. Net profit increased 14% to Rs. 92 million, above estimates of a 9% rise. The company's chemical segment continued to be the largest revenue contributor at 67% of total revenue and saw a 4% yearly increase. Management expects continued growth in the chemical segment and other segments to drive overall revenue growth in FY2015 and FY2016.
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.
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 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.
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:
- TIP has invested over €1.5 billion total since 2002 across various industries in Italy.
- In the last 5 years, TIP has achieved a total return of 164.2% and average yearly return of 32.6%, outperforming various indexes.
- TIP's current assets under management are over €2.5 billion including committed capital, with a pipeline of about 30 potential new investments.
- Zee Entertainment reported a 2% decline in revenue for Q1 FY18, adjusted for asset sales and acquisitions. Revenue growth was impacted by the implementation of GST in June.
- EBITDA margin was strong at 31.4% due to lack of sports-related costs. Zee maintained its outlook for margins above 30%.
- The research firm maintains a 'Hold' rating on Zee stock with a target price of Rs. 560, valuing the company at 21x FY19 EV/EBITDA due to its leading position and superior margins. However, revenue growth estimates were lowered.
- Mindtree reported lower than expected revenue and margins for Q1 FY2018, with revenue growth of only 2.3% quarter-over-quarter and margins declining 309 basis points, primarily due to underperformance of recent acquisitions Bluefin and Magnet360.
- The research firm downgraded Mindtree stock to "Hold" and revised FY2018 estimates downward while hoping for margin recovery in FY2019, noting acquisitions have been a challenge and weakness in top accounts is offsetting growth in other accounts.
- Key financial highlights of the quarterly report included revenues of Rs. 12,895 million, EBITDA of Rs. 1,429 million, EBITDA margin of 11.1
- Persistent Systems reported quarterly revenues of $113 million, up 3.6% quarter-over-quarter and 7.8% year-over-year. However, operating margins declined due to currency effects and investments in acquisitions and hiring.
- The company acquired PARX, a Salesforce partner in Europe, for $8.5 million to expand its footprint in Europe.
- While traditional services saw growth, the focus areas of digital and accelerite declined sequentially. However, deferred wage hikes and currency impact are expected to improve margins going forward. The analyst maintains a 'Buy' rating.
- Hinduja Global Solutions reported steady quarterly results with revenue up 1.9% quarter-over-quarter and 5.7% year-over-year. EBITDA was down 20.3% quarter-over-quarter due to currency movements and higher headcount.
- Lower capital expenditures of 4.3% of revenue led to a significant rise in free cash flow, which was used to repay debt and strengthen the balance sheet with net debt reduced to Rs. 1,187 million.
- The analyst maintains a 'Buy' rating and target price of Rs. 700 per share, seeing potential for 38% growth, based on strong free cash flow generation and robust balance sheet.
Slides of my investment strategy (updated @ March '18)Giuseppe Piazzolla
This document provides an overview of a long-short equity strategy focused on exploiting pricing inefficiencies related to the quality factor. The strategy aims for returns between 0.5-1 times the market with half the volatility through a combination of long positions in a quality value portfolio and short positions in equity futures to remain beta neutral. Since inception the strategy has achieved an average return of 3% annually with 6% volatility. Stock selection involves filtering for tangible book value growth, high Piotroski scores, and ranking based on free cash flow yield and return on invested capital to identify high quality, undervalued companies.
This document provides a weekly equity report from Money Classic Research. It includes a snapshot of index performance, technical analysis of indexes, analysis of FII and DII trading activity, recommendations to buy Voltas and sell Idea Cellular based on technical indicators, and updates on earnings from SBI and ITC. The document also contains disclaimers about the information presented.
The daily report summarizes the performance of global and Indian markets on November 14, 2018. Most global indices closed slightly higher, with the exception of the Hang Seng which closed slightly lower. In India, the Sensex and Nifty closed up nearly 1% as most sectoral indices ended in positive territory, with the exceptions of pharma and PSU banks. News briefs highlight quarterly results and other announcements from various companies. The report provides technical recommendations and analysis for specific stocks and indices, along with their pivot levels and previous day's performance.
This document provides an investment outlook and analysis from PSG Wealth for April 2019. It discusses several key themes:
1) There are many positive domestic opportunities in South Africa despite lower sentiment globally. Certain local asset classes offer attractive entry points.
2) South Africa's economic growth was weak in 2018 but leading indicators suggest a significant improvement. Inflation remains relatively low and stable.
3) Risks that investors pose to themselves, such as reacting to emotions, are higher than usual. Maintaining a disciplined investment strategy is important.
Investment in Stocks has its own risks. Sincere efforts have been made to present the right investment perspective. The
information contained herein is based on analysis and up on sources that we consider reliable. We, however, do not
vouch for the accuracy or the completeness thereof.We are not responsible
for any loss incurred based upon it & take no responsibility whatsoever for any financial profits or loss which may arise
from the recommendations above.
Sadbhav Engineering Limited is an infrastructure company in India that constructs roads, highways, irrigation, and mining. The document provides an analysis of Sadbhav's financial performance and outlook. It recommends buying shares of Sadbhav at Rs. 325-330, citing growth in sales, profits, and return on equity in recent years. Key risks noted are performance of operational projects and order book growth.
The Nigerian stock market rose over 3% with gains in the banking, consumer, and industrial sectors. The All Share Index approached 30,000 but remains down 14.35% for the year. Top gainers were PZ, Okomuoil, and NAHCO while top losers were Jberger, 7up, and Dangsugar. The NASD OTC market fell with Acorn Petroleum and CSCS among the top gainers and IGI, Resourcery, and Friesland Campina Wamco among the top losers. The document also provides corporate actions, earnings results, and analysis of the government's plans to improve taxation.
JM Financial's loan against shares enables you to borrow funds against listed securities such as mutual funds, shares, insurance and bonds to meet your current financial needs. Visit for more info: https://jmfl.com/what-we-do/fund-based-activities
The company reported its best first quarter results with improved gross margins and sales. Sales increased 3.2% due to new store openings and comparable store sales growth excluding discontinued products. Operating profit and margins increased due to strong gross margins and inventory control. The company will focus on continued sales growth, maintaining gross margins, expanding its store network, and integrating two recent acquisitions for tax benefits.
Ambit_Cement_Thematic_End of the capex cycle_16Mar2016sbachhawat
The document discusses the Indian cement industry and signals that the decade-long cycle of aggressive capacity expansion is likely to end. Major players will now focus on improving return on capital employed and reducing leverage rather than adding more capacity. UltraTech Cement's recent large acquisition of Jaypee Cement will reduce fragmentation in the industry and competition, allowing for more rational pricing. Earnings growth is expected to recover over the next few years due to price increases and cost reductions, after five years of no growth. Valuations of cement companies are also becoming more reasonable compared to recent years of high expectations.
This document discusses various special situation investment opportunities in India that have provided high absolute returns, including merger arbitrage, capital structure arbitrage, going private transactions, bankruptcy workouts, asset sales, holding companies, spinoffs, buybacks, and tender offers. It provides examples of specific investments and their returns. It then discusses one investment in more depth, describing how it was identified as undervalued due to a planned spinoff, despite regulatory risks, and how it was purchased and later sold at a significant gain once the spinoff occurred. Finally, it discusses the role of luck and alternative histories in investments.
Epic research's weekly derivative market report 28th march 2016Epic Research Limited
The Nifty continued its upward momentum amid constant FIIs inflows in equities. The Nifty moved above our
target levels of 7700 on Monday itself. Since then, it has remained largely range bound. In the absence of any
global cues, the Nifty hovered around 7700 in the holiday shortened week
- Firstsource Solutions reported revenue of $132 million in Q1 FY2018, up 1.8% quarter-over-quarter but only up 0.8% year-over-year. Organic revenue growth was sluggish as key verticals like BFSI and telecom reported weak growth.
- EBITDA margins improved to 8.6% from 8.2% in the previous quarter due to cost optimization but were down significantly from the prior year.
- The analyst maintains a 'Hold' rating and lowers the target price to Rs. 38 based on slower expected growth, currency headwinds, and the sale of the domestic business. Growth is expected to remain challenging across most vertical
Grauer and Weil (India) Ltd reported a 17% year-over-year increase in revenues for the second quarter of FY2015 to Rs. 1009 million, slightly above estimates. Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 17% to Rs. 180 million, in line with estimates. Net profit increased 14% to Rs. 92 million, above estimates of a 9% rise. The company's chemical segment continued to be the largest revenue contributor at 67% of total revenue and saw a 4% yearly increase. Management expects continued growth in the chemical segment and other segments to drive overall revenue growth in FY2015 and FY2016.
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.
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 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.
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:
- TIP has invested over €1.5 billion total since 2002 across various industries in Italy.
- In the last 5 years, TIP has achieved a total return of 164.2% and average yearly return of 32.6%, outperforming various indexes.
- TIP's current assets under management are over €2.5 billion including committed capital, with a pipeline of about 30 potential new investments.
- 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.
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 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.
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.
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.
This document provides financial information and performance metrics for Tamburi Investment Partners (TIP). Some key details include:
- TIP has invested over €2.5 billion in listed and private companies in Italy, generating a total return of 166.8% over the past 5 years.
- Their portfolio has outperformed major indices like the S&P 500 and global property and luxury sectors.
- TIP focuses on investing in companies with revenues between €30-200 million, targeting equity investments of €20-60 million.
- Their team of over 40 professionals provides financial advisory services and access to a network of 150 entrepreneurial families.
The document discusses the investments and performance of TIP (Tamburi Investment Partners) over several years. Some key points:
- TIP has made over 1.5 billion Euro in investments since 2002 in over 100 companies, and obtained capital gains in 80% of divestments.
- The companies in TIP's portfolio have increased revenues 33.6% to over 13 billion Euro, EBITDA 32.1% to over 2 billion Euro, and employees 24.6% to over 55,000 since TIP's initial investment.
- TIP's investments are focused on companies with worldwide leadership positions in industries like technology, luxury/fashion, healthcare, and others.
- On
- 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 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.
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 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.
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.
A detailed appraisal of a company as far as company’s progress is concerned is a must and should be put together in the form of PPT presentation. There are many valuable steps that must be kept in mind while displaying the data in Sample Financial Analysis Report Manufacturing PowerPoint Presentation Slides. The core areas which need due and special attention in PPT layout include identification of economic characteristics, areas focusing on companies strategies, tracking the company’s financial statements along with its profitability and risks. Tabular form of data and bar graphs featured in the PPT templates focus on areas like revenue, net profit, operating profit and more. The different modes of showing data on balance sheets in slides of PowerPoint presentation makes your life so much easy as you just need to add the data and you are ready to go. All this composite form of data representation in financial analysis report manufacturing presentation slide helps you lead and take the right decisions well in time Brief them on first aid with our Sample Financial Analysis Report Manufacturing PowerPoint Presentation Slides. Enlighten folks on handling injuries.
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.
Similar to Presentazione TIP - Italian Investment Conference 2018, Milano (20)
- 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.
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.
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.
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.
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.
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 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.
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.
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.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
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Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
In World Expo 2010 Shanghai – the most visited Expo in the World History
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China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
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Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
2. TTTTamburiamburiamburiamburi IIIInvestmentnvestmentnvestmentnvestment PPPPartners S.p.A.artners S.p.A.artners S.p.A.artners S.p.A.
Intrinsic value estimate of about 3333,,,,0000 billion Euro of direct
investments and clubdeals in leading retail, luxury, health and
technological companies
2222
Key figuresKey figuresKey figuresKey figures
12121212
investments in companies with
worldwide leadership positions
~~~~19191919 billion eurobillion eurobillion eurobillion euro
aggregate annual revenues of
the main investee companies
+322,1+322,1+322,1+322,1%*%*%*%*
total return T.I.P.
(last 5 years)
Portfolio by industry:Portfolio by industry:Portfolio by industry:Portfolio by industry:
retail, luxury and design Technology and innovation Health,
tourism and
silver age
Other
investments
34%34%34%34% 39%39%39%39% 14%14%14%14% 13%13%13%13%
as at 11/05/2018
3. TIPTIPTIPTIP ---- the investmentsthe investmentsthe investmentsthe investments
ListedListedListedListed companiescompaniescompaniescompanies
Note: listed companies are valued at consensus as at 11/05/2018 (Ampliter at book value)
*Provided to management investment vehicle
AAA has just been
acquired by Novartis
through a tender offer
3333
ListedListedListedListed companiescompaniescompaniescompanies
Private companiesPrivate companiesPrivate companiesPrivate companies
~85 million Euro~85 million Euro~85 million Euro~85 million Euro ~60 million Euro~60 million Euro~60 million Euro~60 million Euro
(club deal)
~100 million Euro~100 million Euro~100 million Euro~100 million Euro
(initial investment)
~30 million Euro~30 million Euro~30 million Euro~30 million Euro ~75 million Euro~75 million Euro~75 million Euro~75 million Euro ~ 830 million Euro~ 830 million Euro~ 830 million Euro~ 830 million Euro
(club deal)
~ 170 million Euro~ 170 million Euro~ 170 million Euro~ 170 million Euro ~ 270 million Euro~ 270 million Euro~ 270 million Euro~ 270 million Euro
(club deal)
~40 million Euro~40 million Euro~40 million Euro~40 million Euro ~10 million Euro~10 million Euro~10 million Euro~10 million Euro
(vendor loan)
~120 million Euro~120 million Euro~120 million Euro~120 million Euro
(club deal)
15 million Euro15 million Euro15 million Euro15 million Euro
(+15 in IPO)
8 million Euro8 million Euro8 million Euro8 million Euro
(debt instrument)*
~100 million Euro~100 million Euro~100 million Euro~100 million Euro
(club deal)
~~~~ 300 million Euro300 million Euro300 million Euro300 million Euro
~8 million Euro~8 million Euro~8 million Euro~8 million Euro
(club deal)
~15 million Euro~15 million Euro~15 million Euro~15 million Euro~25 million Euro~25 million Euro~25 million Euro~25 million Euro
(initial investment)
~200 million Euro~200 million Euro~200 million Euro~200 million Euro
(club deal)
~35 million Euro~35 million Euro~35 million Euro~35 million Euro ~75 million Euro~75 million Euro~75 million Euro~75 million Euro
(initial inv. + GH)
~1,8 million Euro~1,8 million Euro~1,8 million Euro~1,8 million Euro
StarTIPStarTIPStarTIPStarTIP
TTTTamburi IIIInvestment PPPPartners S.p.A.
50 million Euro50 million Euro50 million Euro50 million Euro
AMPLITERAMPLITERAMPLITERAMPLITER
~5 million Euro~5 million Euro~5 million Euro~5 million Euro
4. +287,5%+287,5%+287,5%+287,5%
+204,2%
+67,0%
+80,0%
+64,5% +68,4%
+53,5%
+40,7%
+26,7%
T.I.P. IT Star S&P500 MSCI
Small Cap
Dow
Jones
FTSE IT
Small Cap
Stoxx EUR FTSE MIB MSCI Eur
4444
TIP stock performanceTIP stock performanceTIP stock performanceTIP stock performance
* TIP value is calculated considering the price as at 11/05/2018 plus the dividends
distributed (in case of re-investment of proceeds in TIP shares on the ex-date) plus the
value as at 11/05/2018 of treasury shares freely distributed to the shareholders
and of warrants 2010/15 on the last trading day plus the price as at 11/05/2018 of
warrants 2015/20.
YearlyYearlyYearlyYearly averageaverageaverageaverage totaltotaltotaltotal returnreturnreturnreturn (last 5 y)(last 5 y)(last 5 y)(last 5 y)
(*)
as at 11/05/2018
TIP IPOTIP IPOTIP IPOTIP IPO
5 years performance vs main indexes5 years performance vs main indexes5 years performance vs main indexes5 years performance vs main indexes
21,1%21,1%21,1%21,1%
57,6%57,6%57,6%57,6%
64,4%64,4%64,4%64,4%
23,9%23,9%23,9%23,9%
40,0%40,0%40,0%40,0%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
2014201420142014 2015201520152015 2016201620162016 2017201720172017 2018201820182018
StarStarStarStar
ConferenceConferenceConferenceConference
2014 (24/3)2014 (24/3)2014 (24/3)2014 (24/3)
ItalianItalianItalianItalian
InvestmentInvestmentInvestmentInvestment
ConferenceConferenceConferenceConference
2018201820182018
ItalianItalianItalianItalian
InvestmentInvestmentInvestmentInvestment
ConferenceConferenceConferenceConference
2017 (19/5)2017 (19/5)2017 (19/5)2017 (19/5)
StarStarStarStar
ConferenceConferenceConferenceConference
2016 (9/3)2016 (9/3)2016 (9/3)2016 (9/3)
StarStarStarStar
ConferenceConferenceConferenceConference
2015 (20/3)2015 (20/3)2015 (20/3)2015 (20/3)
5. TIPTIPTIPTIP –––– 7 years of results7 years of results7 years of results7 years of results
NETNETNETNET EQUITYEQUITYEQUITYEQUITY ANDANDANDAND INVESTMENTSINVESTMENTSINVESTMENTSINVESTMENTS PROFITPROFITPROFITPROFIT BEFOREBEFOREBEFOREBEFORE TAXESTAXESTAXESTAXES
AverageAverageAverageAverage profit before taxes inprofit before taxes inprofit before taxes inprofit before taxes in the lastthe lastthe lastthe last 7 years7 years7 years7 years 37 million37 million37 million37 million EuroEuroEuroEuro
AggregatedAggregatedAggregatedAggregated profit before taxes (last 7 years) aboveprofit before taxes (last 7 years) aboveprofit before taxes (last 7 years) aboveprofit before taxes (last 7 years) above 259 million Euro259 million Euro259 million Euro259 million Euro
5555
* **
*Consolidated group equity (including minorities)
**including associated companies measured under the equity method, AFS financial assets and financial receivables
***results reported in continuity with the accounting principles of the previous years
***
175175175175 211211211211
360360360360 354354354354
449449449449 437437437437
647647647647 677677677677
151151151151
181181181181
426426426426 431431431431
623623623623
644644644644
817817817817
840840840840
31/12/11 31/12/12 31/12/13 31/12/14 31/12/15 31/12/16 31/12/17 31/3/18
Net equity Investments
3,43,43,43,4
10,110,110,110,1
31,731,731,731,7
28,928,928,928,9 26,826,826,826,8
86,186,186,186,1
71,671,671,671,6
17,317,317,317,3
27,327,327,327,3
4,74,74,74,7
5,45,45,45,4
11,311,311,311,3
8,38,38,38,3
8,98,98,98,9
10,110,110,110,1
11,011,011,011,0
2011 2012 2013 2014 2015 2016 2017 3M 2017 3M 2018
PF
Profit before tax Dividends (€ m)
6. StarTIPStarTIPStarTIPStarTIP
TTTTamburi IIIInvestment PPPPartners S.p.A.
TIP group investments and potentialTIP group investments and potentialTIP group investments and potentialTIP group investments and potential
6666
>3,0
billion Eurobillion Eurobillion Eurobillion Euro
considering direct investments, club deals, outstanding warrants and "committed" capital
FocusFocusFocusFocus
Pipeline of aboutPipeline of aboutPipeline of aboutPipeline of about 7777 investments out of whichinvestments out of whichinvestments out of whichinvestments out of which somesomesomesome underunderunderunder final negotiationfinal negotiationfinal negotiationfinal negotiation
Target revenuesTarget revenuesTarget revenuesTarget revenues
>200200200200
million Euro
Target revenuesTarget revenuesTarget revenuesTarget revenues
>200200200200
million Euro
Equity size x dealEquity size x dealEquity size x dealEquity size x deal
<30303030
million Euro
Equity size x dealEquity size x dealEquity size x dealEquity size x deal
>30303030
million Euro
Investments finalizedInvestments finalizedInvestments finalizedInvestments finalized
((((inc.inc.inc.inc. club deals)club deals)club deals)club deals)
>>>>1,61,61,61,6
billion Euro
Investment finalizedInvestment finalizedInvestment finalizedInvestment finalized
>>>> 250250250250 million Euro**
residual direct capitalresidual direct capitalresidual direct capitalresidual direct capital
to be investedto be investedto be investedto be invested
380380380380 million Euro
TargetTargetTargetTarget companiescompaniescompaniescompanies
Innovation and
digital focus
available capitalavailable capitalavailable capitalavailable capital totototo
be investedbe investedbe investedbe invested
100100100100 million Euro
Investments finalizedInvestments finalizedInvestments finalizedInvestments finalized
((((inc.inc.inc.inc. club deals)club deals)club deals)club deals)
~28~28~28~28 million Euro*
Target revenuesTarget revenuesTarget revenuesTarget revenues
>1,51,51,51,5
million Euro
Target revenuesTarget revenuesTarget revenuesTarget revenues
between 30303030 andandandand 200200200200
million Euro
Equity size x dealEquity size x dealEquity size x dealEquity size x deal
between 20202020 andandandand 50505050
million Euro
Investments finalizedInvestments finalizedInvestments finalizedInvestments finalized
((((inc.inc.inc.inc. club deals)club deals)club deals)club deals)
>>>>325325325325
million Euro
residual direct capital toresidual direct capital toresidual direct capital toresidual direct capital to
be investedbe investedbe investedbe invested
~~~~65656565
million Euro
*listed companies are valued at market price (11/05/2018) **book value
7. DynamismDynamismDynamismDynamism
** Debt instrument provided to management investment vehicle
** Excluding “committed” capital for Asset Italia and Beta for equity component only
Amount (at cost) of investments finalized, includingAmount (at cost) of investments finalized, includingAmount (at cost) of investments finalized, includingAmount (at cost) of investments finalized, including Club DealsClub DealsClub DealsClub Deals
Data in million euro
Data in million euro
7777
Investments / club dealsInvestments / club dealsInvestments / club dealsInvestments / club deals TIP investmentTIP investmentTIP investmentTIP investment
TIPO investmentTIPO investmentTIPO investmentTIPO investment
DivestmentsDivestmentsDivestmentsDivestments Asset Italia investmentAsset Italia investmentAsset Italia investmentAsset Italia investment
StarTIP investmentStarTIP investmentStarTIP investmentStarTIP investment
2002 - '052002 - '052002 - '052002 - '05 2006200620062006 2007200720072007 2008200820082008 2009200920092009 2010201020102010 2011201120112011 2012201220122012 2013201320132013 2014201420142014 2015201520152015 2016201620162016 2017201720172017 2018201820182018 TotalTotalTotalTotal
125125125125 251251251251146146146146 239239239239 116116116116 47474747 157157157157 129129129129 46464646 124124124124 279279279279 175175175175 191**191**191**191** 2.2392.2392.2392.239215215215215
8. Not only a financialNot only a financialNot only a financialNot only a financial investor. Ainvestor. Ainvestor. Ainvestor. A real long termreal long termreal long termreal long term partnerpartnerpartnerpartner
GovernanceGovernanceGovernanceGovernance
Team
More than 40404040 yearsyearsyearsyears ofofofof
professionalprofessionalprofessionalprofessional experienceexperienceexperienceexperience in
investments and financial
advisory. A team of about 15
professionals strongly
focused on constantly creating
shareholders’ value
GovernanceGovernanceGovernanceGovernance
Deep understanding of
familyfamilyfamilyfamily dynamicsdynamicsdynamicsdynamics and
ability to simplifysimplifysimplifysimplify
governancegovernancegovernancegovernance. Alignment
of interest with
entrepreneurs and
investee companies
that retain the
operating management
Lean/fast processesLean/fast processesLean/fast processesLean/fast processes
Experience and dimension of
the team allows lean and fast
investment processes
AdvisoryAdvisoryAdvisoryAdvisory
The holding structure allows soft
and rewarding exit paths, if any
Permanent capitalPermanent capitalPermanent capitalPermanent capital
Long time M&A and
financial advisory
experience with
capability to
really support
entrepreneurs
AAAA uniqueuniqueuniqueunique networknetworknetworknetwork
Direct access to a uniqueuniqueuniqueunique
networknetworknetworknetwork of about 150
entrepreneurialentrepreneurialentrepreneurialentrepreneurial familiesfamiliesfamiliesfamilies able
to provide uncommon
industrial know how
2222
4444
66665555
3333
1111
ReliableReliableReliableReliable andandandand realrealrealreal
longlonglonglong termtermtermterm partnerpartnerpartnerpartner
8888
9. Update onUpdate onUpdate onUpdate on AmplifonAmplifonAmplifonAmplifon,,,, InterpumpInterpumpInterpumpInterpump and Prysmianand Prysmianand Prysmianand Prysmian
most recent dealsmost recent dealsmost recent dealsmost recent deals
9999
IPG Holding - investment vehicle of Interpump entrepreneur
Fulvio Montipò and TIP - is the first shareholder of
Interpump.
On March 20, 2017 IPG Holding has acquired n. 2.000.000
shares of Interpump through a block trade. IPG Holding
stake in Interpump is now 23,82% (fully diluted).
TIP in IPG HoldingTIP in IPG HoldingTIP in IPG HoldingTIP in IPG Holding
InvestmentsInvestmentsInvestmentsInvestments (shares purchases,
capital increases and loan granted)
56,1 million Euro
ProceedsProceedsProceedsProceeds (disposal of shares,
dividends and refunds)
34,5 million Euro
Net capitalNet capitalNet capitalNet capital invested by TIPinvested by TIPinvested by TIPinvested by TIP 21,7 million Euro21,7 million Euro21,7 million Euro21,7 million Euro
Market value of TIP stakeMarket value of TIP stakeMarket value of TIP stakeMarket value of TIP stake 217,6 million Euro217,6 million Euro217,6 million Euro217,6 million Euro
Theoretical multiple onTheoretical multiple onTheoretical multiple onTheoretical multiple on capitalcapitalcapitalcapital
investedinvestedinvestedinvested
10,0 x10,0 x10,0 x10,0 x
shareholders since 2003shareholders since 2003shareholders since 2003shareholders since 2003shareholders since 2010shareholders since 2010shareholders since 2010shareholders since 2010
TIP in AmplifonTIP in AmplifonTIP in AmplifonTIP in Amplifon
InvestmentsInvestmentsInvestmentsInvestments (purchases since 2010) 34,9 million Euro
ProceedsProceedsProceedsProceeds (dividends and ABB) 44,3 million Euro
Net capitalNet capitalNet capitalNet capital invested by TIPinvested by TIPinvested by TIPinvested by TIP ---- 9,4 million Euro9,4 million Euro9,4 million Euro9,4 million Euro
Market value of TIP stakeMarket value of TIP stakeMarket value of TIP stakeMarket value of TIP stake 99,7 million Euro99,7 million Euro99,7 million Euro99,7 million Euro
Theoretical multiple onTheoretical multiple onTheoretical multiple onTheoretical multiple on capitalcapitalcapitalcapital
investedinvestedinvestedinvested
4,1 x4,1 x4,1 x4,1 x
TIP has sold - through an ABB - 3,5 million shares of Amplifon
(~1/3 of TIP stake) for a total consideration of 42,0 million
Euro. The transaction took place within a wider medium-term
partnership between TIP and Ampliter, parent of Amplifon.
On December 19, 2017 AssetAssetAssetAsset ItaliaItaliaItaliaItalia hashashashas finalizedfinalizedfinalizedfinalized thethethethe 50505050 millionmillionmillionmillion
EuroEuroEuroEuro investmentinvestmentinvestmentinvestment in Ampliter S.r.l..
shareholders since 2010shareholders since 2010shareholders since 2010shareholders since 2010
Clubtre S.p.A. has sold 4 mln shares of Prysmian (1.85% of capital) for a total consideration of 97.6 million Euro.
The transaction represented a partial divestiture of the investment made in 2010, within a club deal, in any case maintaining
through Clubtre a significant shareholding.
The total investment of TIP in Clubtre has been fully reimbursed and the remaining stake of TIP, at market price, is about 70,1
million Euro as at 11/05/2018.
as at 11/05/2018
as at 11/05/2018
10. IPOIPOIPOIPO pipelinepipelinepipelinepipeline
20202020202020202016201620162016 2017201720172017 2018201820182018 2019201920192019
www.eataly.itwww.eataly.itwww.eataly.itwww.eataly.it
www.iguzzini.comwww.iguzzini.comwww.iguzzini.comwww.iguzzini.com
www.octotelematics.comwww.octotelematics.comwww.octotelematics.comwww.octotelematics.com
www.rochewww.rochewww.rochewww.roche----bobois.combobois.combobois.combobois.com
www.betawww.betawww.betawww.beta----tools.comtools.comtools.comtools.com
Listed on Nasdaq on 11/’15Listed on Nasdaq on 11/’15Listed on Nasdaq on 11/’15Listed on Nasdaq on 11/’15 ---- ++++ 406%406%406%406%
since the IPOsince the IPOsince the IPOsince the IPO (market cap. of ~ 3,6(market cap. of ~ 3,6(market cap. of ~ 3,6(market cap. of ~ 3,6 blnblnblnbln))))
Expected IPOExpected IPOExpected IPOExpected IPO
Expected IPOExpected IPOExpected IPOExpected IPO
Potential IPOPotential IPOPotential IPOPotential IPO
Expected IPOExpected IPOExpected IPOExpected IPO
10101010
Expected IPOExpected IPOExpected IPOExpected IPO
www.adacap.comwww.adacap.comwww.adacap.comwww.adacap.com
Family and friendsFamily and friendsFamily and friendsFamily and friends tranche granted to TIP / TIPOtranche granted to TIP / TIPOtranche granted to TIP / TIPOtranche granted to TIP / TIPO
2021202120212021
www.chiorino.comwww.chiorino.comwww.chiorino.comwww.chiorino.com
Expected IPOExpected IPOExpected IPOExpected IPO
…………
TIPO has invested about 7 million euro between 2014 and 2015 with a
capital gain of about 15 million Euro
www.furla.comwww.furla.comwww.furla.comwww.furla.com
Expected IPOExpected IPOExpected IPOExpected IPO
11. 23% 11,5%*
* Considering both direct and indirect stakes and not considering the dilution from management stock options / warrants.
DaniloDaniloDaniloDanilo
IervolinoIervolinoIervolinoIervolino
6%
ManagementManagementManagementManagement
////foundersfoundersfoundersfounders
27%
Marco GayMarco GayMarco GayMarco Gay
4%
InnogestInnogestInnogestInnogest
6%
19%
Unmatched (in Italy) skills and attractiveness gathered by TIP,
Digital Magics and Talent Garden
Funds available of an unusual amount for such industry in Italy
Digital Magics for seed capital and StarTIP for the following
rounds
OtherOtherOtherOther
investorsinvestorsinvestorsinvestors
38,5%
DavideDavideDavideDavide
Dattoli /Dattoli /Dattoli /Dattoli /
managementmanagementmanagementmanagement
31%*
A unique combination of network, financial resources and skillsA unique combination of network, financial resources and skillsA unique combination of network, financial resources and skillsA unique combination of network, financial resources and skills
Digital Magics is the mainmainmainmain ItalianItalianItalianItalian incubatorincubatorincubatorincubator andandandand
acceleratoracceleratoracceleratoraccelerator: offices in 6666 locationslocationslocationslocations through Italy,
~~~~1111....400400400400 projectsprojectsprojectsprojects analysed in 2017, 50505050 millionmillionmillionmillion investedinvestedinvestedinvested
directly and through club deals since 2011, 61616161 startstartstartstart----
upsupsupsups in portfolio, more than 500500500500 jobsjobsjobsjobs createdcreatedcreatedcreated and 7777
exitexitexitexit realized.
Talent Garden is the largestlargestlargestlargest coworkingcoworkingcoworkingcoworking space
management company in Europe with 23232323 campuscampuscampuscampus,
around 2222....000000000000 talentstalentstalentstalents and more than 600600600600 companiescompaniescompaniescompanies
hostedhostedhostedhosted.
11111111
12. 12121212
TIP skillsskillsskillsskills, networknetworknetworknetwork and capitalcapitalcapitalcapital will help start ups and companies with deep innovation
skills and technologies to faster scale the market
Booming marketBooming marketBooming marketBooming market: digital and innovation is now pervasive in every sector
EarlyEarlyEarlyEarly stagestagestagestage is one of the most promising segment in the venture capital industry but stillstillstillstill
uncovereduncovereduncovereduncovered inininin italyitalyitalyitaly bybybyby venture capitalventure capitalventure capitalventure capital firmfirmfirmfirm
Investment vehicle focused on digital anddigital anddigital anddigital and innovative companiesinnovative companiesinnovative companiesinnovative companies
StarTIPStarTIPStarTIPStarTIP
TTTTamburi IIIInvestment PPPPartners S.p.A.
Further 100 million Euro availableFurther 100 million Euro availableFurther 100 million Euro availableFurther 100 million Euro available
StarTIP therefore can provide fundsfundsfundsfunds, networknetworknetworknetwork and cross fertilizationcross fertilizationcross fertilizationcross fertilization through a crucial
phase of development
13. 271
197
802
Listed investments Non listed investments
Book value Intrinsic value estimate
IndustryIndustryIndustryIndustry Book valueBook valueBook valueBook value
AnalystAnalystAnalystAnalyst
consensusconsensusconsensusconsensus
valuevaluevaluevalue(1)(1)(1)(1)
Med termMed termMed termMed term
intrinsicintrinsicintrinsicintrinsic
valuevaluevaluevalue(2)(2)(2)(2)
Luxury, retail andLuxury, retail andLuxury, retail andLuxury, retail and
designdesigndesigndesign
252 302 ~409~409~409~409
Technology andTechnology andTechnology andTechnology and
innovationinnovationinnovationinnovation
101 421 ~474~474~474~474
Health, tourismHealth, tourismHealth, tourismHealth, tourism
and silverand silverand silverand silver ageageageage
81 146 ~175~175~175~175
Other invest.Other invest.Other invest.Other invest. 92 111 ~118~118~118~118
Advisory & tr.Advisory & tr.Advisory & tr.Advisory & tr.
SharesSharesSharesShares
27 42 ~42~42~42~42
TotalTotalTotalTotal
investmentsinvestmentsinvestmentsinvestments
553553553553 1.0231.0231.0231.023 ~1.218~1.218~1.218~1.218
TIP group medium term intrinsic valueTIP group medium term intrinsic valueTIP group medium term intrinsic valueTIP group medium term intrinsic value
1.Consensus estimates: includes the analytical valuation of each investment based on
last available analyst estimates (Bloomberg)
2.Intrinsic value estimates: analytical evaluation of each investment elaborated by TIP
considering the medium-term outlook of the companies (70% of the total). The
residual 30% has been estimated based on stock market value or book value.
Medium term intrinsic value estimatesMedium term intrinsic value estimatesMedium term intrinsic value estimatesMedium term intrinsic value estimates 2222
~ 1.218~ 1.218~ 1.218~ 1.218
13131313
non listed sharesnon listed sharesnon listed sharesnon listed shares
~268*~268*~268*~268*
315
3,0x3,0x3,0x3,0x
1,6x1,6x1,6x1,6x
*Using the multiple implied in the listed investments valuation the
theoretical med term intrinsic hidden value of non listed
investments might be of further ~ 269 million euro.
3,0x3,0x3,0x3,0x
583*
197
~~~~ 1.2181.2181.2181.218
Intrinsic value estimateIntrinsic value estimateIntrinsic value estimateIntrinsic value estimate bybybyby year of investmentyear of investmentyear of investmentyear of investment
Since
2007/2008
27%
Since 2010
9%
Since 2011
9%
Since 2013
13%
Since 2014
9%
Since 2015
15%
Since 2016
4%
Since 2017
8%
Since 2018
2%
T&A, tr. shares,
other
4%
Luxury, retail
and design
34%
Technology and
innovation
39%
Health, tourism
and silver age
14%
Other
investments
10%
Advisory and
treasury shares
3%
14. TIP group intrinsic value and consensusTIP group intrinsic value and consensusTIP group intrinsic value and consensusTIP group intrinsic value and consensus
in the last 5 years
TIP price, Target price and Intrinsic Value Estimate evolution since January 2011TIP price, Target price and Intrinsic Value Estimate evolution since January 2011TIP price, Target price and Intrinsic Value Estimate evolution since January 2011TIP price, Target price and Intrinsic Value Estimate evolution since January 2011
14141414
AAAA REALLYREALLYREALLYREALLY MARKETMARKETMARKETMARKET ORIENTEDORIENTEDORIENTEDORIENTED PUBLICPUBLICPUBLICPUBLIC COMPANYCOMPANYCOMPANYCOMPANY
15151515
million Euro
>20>20>20>20
million Euro1
~60~60~60~60
million Euro2
45454545
million Euro
79797979
million Euro**
12121212
years as
public
company
Free distribution
of treasury
shares
Free distribution
of warrants
2010 – 2015
Free distribution
of warrants
2015 – 2020*
Buy back of
treasury shares
since the IPO*
Dividend
distributions
since the IPO
1. N. 13.3 millions of warrants freelyfreelyfreelyfreely distributeddistributeddistributeddistributed inininin 2010201020102010; performance of 3,369.6% since the distribution.
2.«Value» of n. 36.9 millions of warrants freelyfreelyfreelyfreely distributeddistributeddistributeddistributed inininin JulyJulyJulyJuly 2015201520152015 to be exercised within 2020202020202020 for a maximum amount of 200 million Euro.
*as at 11/05/2018; ** including the dividends that will we distributed in May 2018
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
TIP Price Target price Intrinsic value
15. 15151515
TIP sharesTIP sharesTIP sharesTIP shares –––– five years performancefive years performancefive years performancefive years performance
TIP warrant 2015TIP warrant 2015TIP warrant 2015TIP warrant 2015 ----2020202020202020
Exercise windowExercise windowExercise windowExercise window Strike priceStrike priceStrike priceStrike price
(conversion ratio 1:1)
1 – 30 June 2018 4,55 euro per share
1 – 30 June 2019 5,00 euro per share
1 – 30 June 2020 5,41 euro per share
Volatility of 24.9%Volatility of 24.9%Volatility of 24.9%Volatility of 24.9%
Average dividend yield: 2.1%Average dividend yield: 2.1%Average dividend yield: 2.1%Average dividend yield: 2.1%
Stoxx EurStoxx EurStoxx EurStoxx Eur
+53.5%+53.5%+53.5%+53.5%
S&P 500S&P 500S&P 500S&P 500
+67.0%+67.0%+67.0%+67.0%
FTSE MIBFTSE MIBFTSE MIBFTSE MIB
+40.7%+40.7%+40.7%+40.7%
FTSE Small CapFTSE Small CapFTSE Small CapFTSE Small Cap
+68.4%+68.4%+68.4%+68.4%
MSCI Small CapMSCI Small CapMSCI Small CapMSCI Small Cap
+80.0%+80.0%+80.0%+80.0%
IT StarIT StarIT StarIT Star
+204.2%+204.2%+204.2%+204.2%
MSCI EurMSCI EurMSCI EurMSCI Eur
+26.7%+26.7%+26.7%+26.7%
+287.5%+287.5%+287.5%+287.5%
Dow JonesDow JonesDow JonesDow Jones
+64.5%+64.5%+64.5%+64.5%
After the exercise of n. 12.261.997 in June 2017,
the warrants outstanding are 24.683.018.
0,5
1,5
2,5
3,5
4,5
5,5
6,5
7,5
50.96650.96650.96650.966
171.844171.844171.844171.844
219.855219.855219.855219.855 233.328233.328233.328233.328
114.011114.011114.011114.011
284.460284.460284.460284.460
248.467248.467248.467248.467
75.63875.63875.63875.638
328.840328.840328.840328.840
550.920550.920550.920550.920
784.423784.423784.423784.423
380.700380.700380.700380.700
1.486.2321.486.2321.486.2321.486.232 1.497.7191.497.7191.497.7191.497.719
13
101
195
280
177
489
445
2012 2013 2014 2015 2016 2017 2018 YTD
TIP volumes (#) Value of daily trading exchange (Euro) Number of trades (#)
16. Aggregate amounts of the main investee companies sinceAggregate amounts of the main investee companies sinceAggregate amounts of the main investee companies sinceAggregate amounts of the main investee companies since TIP firstTIP firstTIP firstTIP first investmentinvestmentinvestmentinvestment
to18,918,918,918,9
billion euro
From 12,312,312,312,3
billion euro
to 2,62,62,62,6
billion euro
From 1,71,71,71,7
billion euro
to
62.00062.00062.00062.000
From
48.00048.00048.00048.000
Annual revenuesAnnual revenuesAnnual revenuesAnnual revenues Number of employeesNumber of employeesNumber of employeesNumber of employeesAnnualAnnualAnnualAnnual ebitdaebitdaebitdaebitda
+53,3%+53,3%+53,3%+53,3% +55,6%+55,6%+55,6%+55,6% +26,9%+26,9%+26,9%+26,9%
16161616
M&A transactions completed since TIP /M&A transactions completed since TIP /M&A transactions completed since TIP /M&A transactions completed since TIP / TIPO / Asset Italia firstTIPO / Asset Italia firstTIPO / Asset Italia firstTIPO / Asset Italia first investmentinvestmentinvestmentinvestment ****
*without considering the investment in FCA and Ferrari
2005200520052005 2006200620062006 2007200720072007 2008200820082008 2009200920092009 2010201020102010 2011201120112011 2012201220122012 2013201320132013 2014201420142014 2015201520152015 2016201620162016 2017201720172017 2018201820182018 TotalTotalTotalTotal
1111 939393931111 8888 7777 7777 4444 5555 9999 8888 14141414 6666 8888 11111111 4444
17. InvesteeInvesteeInvesteeInvestee companies main resultscompanies main resultscompanies main resultscompanies main results
17171717Consolidated data in euro mlnAdjAdjAdjAdj.... EbitdaEbitdaEbitdaEbitdaSalesSalesSalesSales
18. InvesteeInvesteeInvesteeInvestee companies main resultscompanies main resultscompanies main resultscompanies main results
18181818Consolidated data in euro mlnAdjAdjAdjAdj.... EbitdaEbitdaEbitdaEbitdaSalesSalesSalesSales
19. 19191919
550 million Euro550 million Euro550 million Euro550 million Euro
total capital “commitment”
on july 2016, with the contribution of ~ 30 family offices30 family offices30 family offices30 family offices on top of TIP (directly owning a 20% stake and
being – by far – the single most relevant shareholder)
investment holding that will give each shareholder the faculty to choosewill give each shareholder the faculty to choosewill give each shareholder the faculty to choosewill give each shareholder the faculty to choose – every time that a proposal
arises – each individual investmentseach individual investmentseach individual investmentseach individual investments and to receive the shares of the specific class related to the
investment subscribed
in order to maximize liquidity within five years a business combination between assetwithin five years a business combination between assetwithin five years a business combination between assetwithin five years a business combination between asset italiaitaliaitaliaitalia and tip shall takeand tip shall takeand tip shall takeand tip shall take
placeplaceplaceplace and asset italia shares will be swapped with publicly traded tip shares based on independent and
coherent valuations
1111
2222
3333
Italian leading leisure travel groupItalian leading leisure travel groupItalian leading leisure travel groupItalian leading leisure travel group
Capital increase of ~ 120Capital increase of ~ 120Capital increase of ~ 120Capital increase of ~ 120
mlnmlnmlnmln euroeuroeuroeuro for a stake of
32,67% and acquisition,acquisition,acquisition,acquisition,
through athrough athrough athrough a clubdealclubdealclubdealclubdeal, of, of, of, of
additional ~40% stakeadditional ~40% stakeadditional ~40% stakeadditional ~40% stake
Integrated business across the whole tourism value chain
Leading italian operator by brand awareness: first and
second player (2 brands) in Italian Tour operating market
Leading Tour Operator online
Leader in charter flights to tourist destinations with a fleet
of 9 aircraft Boeing 737, 767 and 787
Management of 12 hotels & resorts mainly located in seaside
destinations
1,2 bln revenues
46 mln euro of EBITDA 2017
Liquidity to be invested
In December 2017 Asset Italia has finalized a 50 million Euro investment in50 million Euro investment in50 million Euro investment in50 million Euro investment in AmpliterAmpliterAmpliterAmpliter, holding company of Amplifon
20. TIP most recent investmentsTIP most recent investmentsTIP most recent investmentsTIP most recent investments
20202020
Italian digital transformation companyItalian digital transformation companyItalian digital transformation companyItalian digital transformation company
5 million invested in IPO for5 million invested in IPO for5 million invested in IPO for5 million invested in IPO for
a stake of about 8%a stake of about 8%a stake of about 8%a stake of about 8%
Support mid-sized to large Italian and international organizations in their processes of
digital transformation, of their business models and their interaction with consumers
through the design, planning and implementation of innovative solutions and projects
aimed at developing and renewing their businesses.
Portfolio boasts over 128 clients in many sectors, including major players in their
respective segments.
2016 consolidated revenues of 35 million with an Ebitda of 4 million.
Leader in highLeader in highLeader in highLeader in high quality leather bags andquality leather bags andquality leather bags andquality leather bags and accessoriesaccessoriesaccessoriesaccessories
Convertible bondConvertible bondConvertible bondConvertible bond of 15of 15of 15of 15
million euromillion euromillion euromillion euro to be
automatically swapped into
Furla shares at IPO
2017 consolidated revenues ~500 mln euro (80% abroad) with an
YoY increase of 18%.
444 stores in the world (50% DOS), the products are available in
more than 1.200 multibrand and department stores.
On January 2018 Furla has announced the acquisition of
Effeuno, a strategical production and supply chain partner.
world leading manufacturer of megaworld leading manufacturer of megaworld leading manufacturer of megaworld leading manufacturer of mega ---- yachtsyachtsyachtsyachts
Investment of ~ 40 millionInvestment of ~ 40 millionInvestment of ~ 40 millionInvestment of ~ 40 million
euroeuroeuroeuro (75% via capital
increase) for a stake of
about 12%
16 times over 18 years first in the Global Order Book
11 shipyards, a sales network of 138 dealers in over 70
countries, more than 2.100 employees.
Consolidated value of production of around 700 million euro.
21. ChiorinoChiorinoChiorinoChiorino,,,, iGuzziniiGuzziniiGuzziniiGuzzini andandandand BetaBetaBetaBeta UtensiliUtensiliUtensiliUtensili businessbusinessbusinessbusiness casescasescasescases areareareare examplesexamplesexamplesexamples ofofofof thethethethe capabilitycapabilitycapabilitycapability ofofofof TIPTIPTIPTIP //// TIPOTIPOTIPOTIPO totototo
helphelphelphelp familiesfamiliesfamiliesfamilies inininin thethethethe processprocessprocessprocess ofofofof simplifyingsimplifyingsimplifyingsimplifying shareholdingshareholdingshareholdingshareholding andandandand improvingimprovingimprovingimproving governancegovernancegovernancegovernance
During 2016 TIPO and TIP have structured a club deal in order to
fund the total transaction.
11.000 references, 100 distributors, direct presence abroad with
7 subsidiaries, around 530 employees and 3 production plants.
2017 cons. revenues of 137 mln euro and ebitda of ~29 mln euro.
Recently announced the acquisition of Bm, a manufacturer of
cable lugs and clamps for connecting electric cables
TIPO investmentsTIPO investmentsTIPO investmentsTIPO investments
Italian marketItalian marketItalian marketItalian market leaderleaderleaderleader in highin highin highin high----qualityqualityqualityquality professional hand toolsprofessional hand toolsprofessional hand toolsprofessional hand tools
21212121
Acquisition of 100% of theAcquisition of 100% of theAcquisition of 100% of theAcquisition of 100% of the
groupgroupgroupgroup forforforfor ~200 million~200 million~200 million~200 million
EuroEuroEuroEuro
One of the worldwideOne of the worldwideOne of the worldwideOne of the worldwide leaders in architecturalleaders in architecturalleaders in architecturalleaders in architectural lightinglightinglightinglighting
Direct and indirect interestDirect and indirect interestDirect and indirect interestDirect and indirect interest
inininin iGuzziniiGuzziniiGuzziniiGuzzini
TIPO bought a 14.3% of the group in 2015; in July 2016 TIPO and
some members of the Guzzini family have set up GH S.r.l. to acquire
17.32% of Fimag S.p.A., that controls iGuzzini illuminazione S.p.A.
(the main asset) and some other assets. The implicit total stake of
TIPO in iGuzzini is now around 24%.
2017 cons. revenues of ~231 mln euro and ebitda of 31,5 mln euro.
On January 31st 2018 iGuzzini has announced the acquisition of
Sistemalux (Canada) strengthening its presence in North America.
Leading worldwideLeading worldwideLeading worldwideLeading worldwide manufacturers of lightmanufacturers of lightmanufacturers of lightmanufacturers of light----weight process and conveyor beltsweight process and conveyor beltsweight process and conveyor beltsweight process and conveyor belts
Chiorino, with 2017 consolidated revenues of 111 million euro and Ebitda adjusted of
about 25,6 million Euro (margin steadily over 20% in the last years), is present in about 100
countries, generating more than 75% of revenues abroad.
Acquisition of 20Acquisition of 20Acquisition of 20Acquisition of 20% of the% of the% of the% of the
groupgroupgroupgroup controlled bycontrolled bycontrolled bycontrolled by
ChiorinoChiorinoChiorinoChiorino S.p.A.S.p.A.S.p.A.S.p.A. (July 2017)(July 2017)(July 2017)(July 2017)