€234.1m market cap

€11.6 last close

Piteco is Italy’s leading company in designing, developing and implementing software for treasury, finance and financial planning management.

Investment summary

Piteco SpA once again generated good revenue and EBITDA growth in H1, of 11% and 24%, respectively. FY20 had an excellent start, although the COVID-19 pandemic subsequently slowed down progress. While Piteco’s products can help steer financial and treasury decision-making at times of crisis, at the height of lockdown, the acquisition of new clients slowed. During H1 Piteco acquired EveryMake for an initial €0.55m in cash, which has been integrated into the Piteco SpA business. A new product in the data matching space is planned for launch in H2, and there will also be a major release of Piteco SpA’s existing software. Piteco continues to trade at a discount to its international software peers.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2018A 20.2 8.3 6.1 31.49 36.8 N/A
2019A 24.0 10.2 6.7 33.47 34.7 N/A
2020E 25.9 11.0 8.6 40.39 28.7 N/A
2021E 28.3 12.2 9.9 45.61 25.4 N/A
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 27/01/2021
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Share price graph
Balance sheet
Forecast net debt (€m) 22.5
Forecast gearing ratio (%) 67
Price performance
Actual 22.1 45.0 78.5
Relative* 24.5 25.0 92.7
52-week high/low €11.6/€4.5
*% relative to local index
Key management
Marco Podini Chairman
Paolo Virenti CEO
Riccardo Veneziani CFO
Andrea Guillermaz Sales Director