moleskine-ipo-report-04-03-2013-mediobanca

Moleskine
Financials
2009-12 financials
Group revenues recorded a 2009-2012 CAGR of 24%, approaching €80m in 2012.
This was due to dynamic expansion in all the group’s distribution channels,
markets and start of the expansion to new products categories.
Group EBITDA rose from €15m in 2009 to €31.4m in 2012 (2009-2012 CAGR of
28%), and the margin on sales advanced by 330 bps to 40.2%, due both to higher
gross profit and operating leverage, and to exploiting economies of scale on fixed
costs.
Net income was up from €7.6m in 2009 to €18.2m at YE 2012 (3Y CAGR of 34%).
With net debt of €43.5m at end-2012, D/EBITDA is currently 1.4x, vs. 2.6x in 2009.
Our 2012/15 forecasts
3Y revenue CAGR of 26.5% with revenues close to €160m at YE2015, EBITDA
margin up 150bps to 41.7% in 2015, 3Y net income CAGR of 30%, and a healthy
balance sheet with the group expected to steadily reduce debt and to be cash
positive by YE14.
Historical performance (2009-12)
Revenue structure
Please note that our analysis of the historical sales performance refers to reported data, whereas for
some consolidated figures we also refer to adjusted data with the following differences:
Adj. revenues do not include display revenues, exchange rate effects and other revenues;
Adj. EBITDA does not include extraordinary costs (write-offs, severance costs, legal costs, other
one-off items).
MOLESKINE: Revenue trend (2009-12) (€m)
90
80
70
60
50
40
30
20
10
Source: Company data
0
40.8
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53.4
67.3
78.1
2009 2010 2011 2012
IPO
04 March 2013 ◆ 39