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

Recommendations

Info

Moleskine MOLESKINE: group sales breakdown by channel (2009-12) (€m) 2009 % 2010 % 2011 % 2012 % 09/12 CAGR B2C 35.5 87% 44.7 84% 55.5 82% 61.2 78% 20% YoY Chge% 26% B2B 5.3 13% 8.6 16% 10.7 16% 12.7 16% 34% YoY Chge% 63% E-COMMERCE 0.0 0% 0.1 0% 1.1 2% 3.3 4% NM YoY Chge% nm RETAIL 0 0% 0.0 0% 0.0 0% 1.0 2% NM YoY Chge% na GROUP REVENUES 40.8 100% 53.4 100% 67.3 100% 78.1 100% 24% YoY Chge% Source: company data 31% MOLESKINE: sales bridge by channel (2009-12)(€m) MOLESKINE: sales by channel (2009-12) (€m) 90 80 70 60 50 40 30 20 10 0 40.8 69% 20% REVENUES 2009 B2C B2B E-COMMERCE RETAIL REVENUES 2012 Source: Mediobanca Securities on company data 9% 2% 78.1 THIS DOCUMENT MAY NOT BE DISTRIBUTED IN THE UNITED STATES, CANADA OR JAPAN. 90 80 70 60 50 40 30 20 10 0 24% 24% nm na 26% 13% 87% 16% 84% 10% 19% 196% nm 16% 2% 16% 82% 2% 4% 2009 2010 2011 2012 B2C B2B E-commerce Retail Looking at the group business model, it is worth mentioning two aspects, i.e. business seasonality by channel and volatility: Revenue seasonality by channel: today the group’s revenues are almost equally split between 1H and 2H, with 2H accounting for 55% of the full-year revenues, and 4Q only around one-third. Looking at the business seasonality for each channel, it can clearly be seen that 4Q accounts for more than one-third of full-year revenues in the B2B channel and e-commerce channel (approx 45%-47%) and almost two-thirds in the retail business. This means that the execution of the above-mentioned strategy focusing on the development of e-commerce and retail will shift revenue generation towards the second part of the year, and increasingly towards 4Q. This has a wider impact on EBITDA. 16% 78% IPO 04 March 2013 ◆ 42
Moleskine MOLESKINE: Revenue seasonality by quarter (2011-12) 120% 100% 80% 60% 40% 20% 0% 24% 31% Source: Company data GROUP REVENUES B2C REVENUES B2B REVENUES E-COMMERCE REVENUES 28% 27% 20% 22% 33% 28% 45% 45% 47% 50% 38% 35% n.m. 0% n.m. 0% 6% 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 THIS DOCUMENT MAY NOT BE DISTRIBUTED IN THE UNITED STATES, CANADA OR JAPAN. 43% 19% 47% 18% H1 Q3 Q4 MOLESKINE: Adj.EBITDA seasonality by quarter (2011-12) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Source: Company data 25% 28% 47% 44% 29% 27% 20% 36% 44% 2012 2011 H1 Q3 Q4 RETAIL REVENUES Revenue volatility: When looking at the historical sales performance, the business volatility shown by the company on quarterly revenues and EBITDA should be borne in mind. This is the result of some discontinuities such as: the start of new retail chains, launch of new product lines (WTR collections), entry into new channels, progressive shift from nonconsignment to consignment in the B2C distribution model, and change of distributors. The table below provides some examples. 65% 29% IPO 04 March 2013 ◆ 43
Page 1 and 2: Moleskine 04 March 2013 Branded Goo
Page 3 and 4: Moleskine Contents Disclaimer 2 Con
Page 5 and 6: Moleskine Executive summary A high-
Page 7 and 8: Moleskine IPO structure and rationa
Page 9 and 10: Moleskine MOLESKINE: Iconic product
Page 11 and 12: Moleskine MOLESKINE: peers’ funda
Page 13 and 14: Moleskine MOLESKINE: sector’s pee
Page 15 and 16: Moleskine Company at a glance Moles
Page 17 and 18: Moleskine With 3.3 million customer
Page 19 and 20: Moleskine MOLESKINE: Sales breakdow
Page 21 and 22: Moleskine MOLESKINE: Business model
Page 23 and 24: Moleskine MOLESKINE: display format
Page 25 and 26: Moleskine e) Outsourced manufacturi
Page 27 and 28: Moleskine Moleskine has direct rela
Page 29 and 30: Moleskine MOLESKINE: 2012 B2C sales
Page 31 and 32: Moleskine In Italy the DOS expansio
Page 33 and 34: Moleskine Strategy We consider the
Page 35 and 36: Moleskine In 2013 new product launc
Page 37 and 38: Moleskine E-commerce & digital str
Page 39 and 40: Moleskine Financials 2009-12 financ
Page 41: Moleskine MOLESKINE: group sales br
Page 45 and 46: Moleskine MOLESKINE: Gross margin o
Page 47 and 48: Moleskine MOLESKINE: Group profitab
Page 49 and 50: Moleskine Looking at the 2012 figur
Page 51 and 52: Moleskine c) Capital expenditures M
Page 53 and 54: Moleskine MOLESKINE: B2B revenues (
Page 55 and 56: Moleskine MOLESKINE: 2012-15E reven
Page 57 and 58: Moleskine Profitability trend Over
Page 59 and 60: Moleskine MOLESKINE: revenues, net
Page 61 and 62: Moleskine Appendix MOLESKINE: Group
Page 63 and 64: Moleskine 4) Management compensatio

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?