€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) |
EBITDA (€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
Sector |
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| TMT |
Share price graph
Balance sheet |
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|---|---|
| Forecast net debt (€m) | 17.1 |
| Forecast gearing ratio (%) | 43 |
Price performance
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12m |
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Key management |
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|---|---|
| Marco Podini | Chairman |
| Paolo Virenti | CEO |
| Riccardo Veneziani | CFO |
| Andrea Guillermaz | Sales Director |
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