Annonce • Aug 12
Piteco Announces Delisting of the Shares from 23 August PITECO S.p.A. (BIT:PITE) shares are preparing to leave Piazza Affari. “Borsa Italiana will order the revocation of the Piteco shares from listing in Euronext Milan with effect from 23 August 2022, subject to suspension of the share in the sessions of 19 and 22 August 2022”, reads a note from Limbo Srl which promoted a takeover bid on group led by Marco Podini. The bidder will hold a total of 19,935,078 Piteco shares, representing approximately 98.77% of the company’s share capital. Annonce • Jun 22
Limbo Srl acquired a 0.788624% stake in PITECO S.p.A. (BIT:PITE) for €1.7 million. Limbo Srl acquired 0.788624% stake in PITECO S.p.A. (BIT:PITE) for €1.7 million on June 20, 2022.
Limbo Srl completed the acquisition of a 0.788624% stake in PITECO S.p.A. (BIT:PITE) on June 20, 2022. Annonce • Jun 20
Limbo Srl Announces a Voluntary Takeover Bid Aimed At Delisting Piteco Limbo Srl, vehicle company of Dedagroup SpA, has announced a voluntary takeover bid aimed at delisting Piteco SpA. As part of the transaction, Limbo, Dedagroup and the other parties acting in concert with the bidder are assisted by Studio Legale Associato Shearman & Sterling with a team led by partner Emanuele Trucco and made up of associates Marco Barbi, Greta Dell'Anna and Michele Spinelli for the corporate and capital markets profiles, and by the partner Giulio Tognazzi and by the associate Alessandro Ciarmiello for the finance profiles. The fiscal aspects were instead followed by Studio Scozzi Dottori Commercialisti, with a team made up of the naming partner Maurizio Scozzi and senior manager Daniel Frizzera. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 20% share price gain to €11.05, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 18x in the Software industry in Italy. Total returns to shareholders of 123% over the past three years. Recent Insider Transactions • May 15
Director recently bought €3.4m worth of stock On the 12th of May, Maria Podini bought around 259k shares on-market at roughly €12.98 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €14m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Apr 28
Director recently bought €3.4m worth of stock On the 22nd of April, Maria Podini bought around 259k shares on-market at roughly €12.95 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €7.7m more in shares than they have sold in the last 12 months. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Mauro Rossi was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Recent Insider Transactions • Apr 10
Insider recently sold €64k worth of stock On the 6th of April, Zanella Francesca sold around 7k shares on-market at roughly €9.02 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €994k more than they sold in the last 12 months. Reported Earnings • Mar 28
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €38.8m (up 57% from FY 2020). Net income: €11.9m (up 67% from FY 2020). Profit margin: 31% (up from 29% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 3.5%, compared to a 31% growth forecast for the industry in Italy. Recent Insider Transactions • Jan 26
Director recently bought €72k worth of stock On the 21st of January, Maria Podini bought around 7k shares on-market at roughly €10.33 per share. In the last 3 months, there was an even bigger purchase from another insider worth €1.8m. Insiders have collectively bought €1.2m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 31
Insider recently sold €1.8m worth of stock On the 28th of December, Zanella Francesca sold around 166k shares on-market at roughly €11.05 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €473k more than they bought in the last 12 months. Recent Insider Transactions • Nov 28
Chairman of the Board of Directors recently bought €50k worth of stock On the 23rd of November, Marco Podini bought around 4k shares on-market at roughly €11.16 per share. In the last 3 months, there was an even bigger purchase from another insider worth €52k. Despite this recent buy, Marco has been a net seller over the last 12 months, reducing personal holdings by €392k. Recent Insider Transactions • Oct 06
Insider recently bought €52k worth of stock On the 1st of October, Zanella Francesca bought around 5k shares on-market at roughly €11.48 per share. In the last 3 months, they made an even bigger purchase worth €83k. Despite this recent purchase, insiders have collectively sold €995k more in shares than they bought in the last 12 months. Reported Earnings • Oct 03
First half 2021 earnings released The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €17.9m (up 55% from 1H 2020). Net income: €10.2m (up 342% from 1H 2020). Profit margin: 57% (up from 20% in 1H 2020). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment improved over the past week After last week's 18% share price gain to €12.00, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 31x in the Software industry in Italy. Total returns to shareholders of 179% over the past three years. Recent Insider Transactions • Aug 26
Insider recently bought €83k worth of stock On the 20th of August, Zanella Francesca bought around 9k shares on-market at roughly €9.73 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €1.2m more in shares than they bought in the last 12 months. Upcoming Dividend • May 04
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 12 May 2021. Trailing yield: 1.4%. Lower than top quartile of Italian dividend payers (3.9%). In line with average of industry peers (1.3%). Reported Earnings • Mar 27
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €24.9m (up 5.2% from FY 2019). Net income: €7.10m (up 135% from FY 2019). Profit margin: 28% (up from 13% in FY 2019). The increase in margin was primarily driven by lower expenses. Annonce • Feb 25
PITECO S.p.A. (BIT:PITE) acquired an additional 10% stake in RAD Informatica S.r.l. for €5.2 million. PITECO S.p.A. (BIT:PITE) acquired an additional 10% stake in RAD Informatica S.r.l. for €5.2 million on February 24, 2021. PITECO S.p.A. paid €2.5 million at the closing and the remaining part of the price will be paid on June 30, 2021. The consideration is subject to a contractually defined price adjustment mechanism. As a result of the transaction, PITECO S.p.A. stake in RAD Informatica S.r.l. is increased from 70% to 80%.
PITECO S.p.A. (BIT:PITE) completed the acquisition of an additional 10% stake in RAD Informatica S.r.l. on February 24, 2021. Is New 90 Day High Low • Jan 27
New 90-day high: €11.60 The company is up 45% from its price of €8.00 on 29 October 2020. The Italian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 28% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.31 per share. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 16% share price gain to €11.20, the stock is trading at a trailing P/E ratio of 62.6x, up from the previous P/E ratio of 54.1x. This compares to an average P/E of 26x in the Software industry in Italy. Total returns to shareholders over the past three years are 137%. Is New 90 Day High Low • Jan 09
New 90-day high: €9.60 The company is up 22% from its price of €7.88 on 09 October 2020. The Italian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.21 per share. Is New 90 Day High Low • Dec 22
New 90-day high: €9.28 The company is up 23% from its price of €7.52 on 22 September 2020. The Italian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.56 per share. Is New 90 Day High Low • Nov 11
New 90-day high: €8.60 The company is up 27% from its price of €6.78 on 13 August 2020. The Italian market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.09 per share. Annonce • Oct 16
PITECO S.p.A. (BIT:PITE) entered into a quota purchase agreement to acquire 70% stake in RAD Informatica S.r.l. ("RAD") from Rad Informatica Spa (“RAD Holding”) and Corrado Costa S.r.l. for €35 million. PITECO S.p.A. (BIT:PITE) entered into a quota purchase agreement to acquire 70% stake in RAD Informatica S.r.l. ("RAD") from Rad Informatica Spa (“RAD Holding”) and Corrado Costa S.r.l. for €35 million on October 15, 2020. The Purchase Price is subject to the usual adjustment mechanisms in line with the standards for similar transactions. PITECO acquired 8% stake in RAD from RAD Holding for €4 million on October 15, 2020. PITECO will acquire the remaining 62% stake will be done in second tranche. PITECO will acquire 62% stake in second tranche. Post completion of the transaction, RAD Holding and Corrado Costa will hold a stake equal to, respectively, 10% and 20% of the corporate capital of RAD. The quotaholders’ agreement includes a call and put option in connection with the remaining 30% of the corporate capital held by RAD Holding and Corrado Costa to be exercised in different time frames following the approval of the financial statements of RAD for the 2023, 2024 and 2025 financial years or if certain events, provided for under the option agreement, occur.
The transaction will be financed through financing to be provided by a primary bank institution and maximum capital increase of €8 million. Piteco Spa has already received the preliminary availability of the existing shareholders Marco Podini, Maria Luisa Podini, Riccardo Veneziani, Paolo Virenti, Andrea Guillermaz and Dedagroup S.p.A. to participate to the subscription of the above capital increase. The transaction is subject to the fulfillment of the contractually agreed conditions precedent, including the provision of the financing. The second tranche acquisition will complete by end of November 2020.
PricewaterhouseCoopers Advisory S.p.A. acted as financial advisor, Shearman & Sterling LLP, acted as legal advisor, Studio Spalla e Associati acted as tax advisor while Studio Legale Toffoletto De Luca Tamajo advised in connection with the labour law profiles to Piteco. Studio Artina acted as tax and financial advisor, Klecha & Co. acted as financial advisor, and Pedersoli Studio Legale acted as legal advisor to RAD Holding and Corrado Costa. Reported Earnings • Oct 03
First half earnings released Over the last 12 months the company has reported total profits of €3.28m, down 36% from the prior year. Total revenue was €24.4m over the last 12 months, up 11% from the prior year.