moleskine-ipo-report-04-03-2013-mediobanca
moleskine-ipo-report-04-03-2013-mediobanca
moleskine-ipo-report-04-03-2013-mediobanca
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Moleskine<br />
MOLESKINE: 2012-15E revenues bridge by distribution channel (€m)<br />
180<br />
160<br />
140<br />
120<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
78.1<br />
33%<br />
26.4<br />
THIS DOCUMENT MAY NOT BE DISTRIBUTED IN THE UNITED STATES, CANADA OR JAPAN.<br />
14.7<br />
14.6<br />
24.1<br />
158.0<br />
12E SALES B2C B2B E-COMMERCE RETAIL 15E SALES<br />
Source: Mediobanca Securities, company data<br />
18%<br />
In terms of mix by geographical area, the planned business development measures to be<br />
implemented as part of the international multichannel strategy should also help further<br />
internationalise the brand’s revenues.<br />
By our estimates, the Americas and Europe are likely to be the biggest contributor to the sales increase<br />
over the 2012-15 period (42% of 2012/15 sales growth each), and in terms of growth rates, APAC is<br />
seen outperforming other regions (3Y CAGR seen at 36%).<br />
MOLESKINE: 2012-15E revenues bridge by market (€m)<br />
180<br />
160<br />
140<br />
120<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
Source: Mediobanca Securities, company data<br />
42%<br />
33.4<br />
41%<br />
33.3<br />
18%<br />
13.3<br />
78.1 78.1 78.1 78.1<br />
30%<br />
158.0<br />
12 SALES EMEA AMERICAS APAC 15E SALES<br />
17%<br />
IPO<br />
<strong>04</strong> March <strong>2013</strong> ◆ 55
Change language