€106.5m market cap

€5.8 last close

Piteco is Italy’s leading company in the design, development and implementation of software for treasury, finance and financial planning management.

Investment summary

Piteco Spa generated solid organic revenue and EBITDA growth in FY19 of 7% and 9% respectively and continued to benefit strongly from recent acquisitions. FY20 started very well, although the COVID-19 pandemic is likely to affect growth. It is still early days and Piteco is not directly affected. Indeed, its products can help steer financial and treasury decision-making at times of crisis. A potential global recession would be likely to cause a softening in the demand for Piteco’s products. Piteco continues to trade at a discount to Italian and international software peers.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 20.2 8.3 6.1 31.5 18.4 14.5
2019A 24.0 10.2 6.6 31.6 18.4 14.5
2020E 25.5 10.5 7.9 36.1 16.1 10.2
2021E 27.5 11.7 9.3 40.2 14.4 9.3
Industry outlook

Piteco is the leading player in the Italian treasury management systems (TMS) market. TMS are software solutions used by corporate treasuries and finance departments to manage transactions and support decision-making. The software and ICT solutions market in Italy is valued at €6.3bn (Assinform 2016). A small slice of this (Piteco suggests c 5%) represents the treasury and financial planning software market. IDC forecasts the worldwide treasury and risk management applications market to grow by 4.9% to reach $2.7bn in 2022.

Last updated on 06/04/2020
Share price graph
Balance sheet
Forecast net debt (€m) 17.1
Forecast gearing ratio (%) 43
Price performance
Actual (0.9) (9.4) 16.0
Relative* 20.3 25.2 48.9
52-week high/low €6.8/€4.5
*% relative to local index
Key management
Marco Podini Chairman
Paolo Virenti CEO
Riccardo Veneziani CFO
Andrea Guillermaz Sales Director