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

Moleskine
MOLESKINE: revenues, net profit and EBITDA margin (2012-15E) (€m)
180
160
140
120
100
80
60
40
20
0
78.1
18.2
Source: Mediobanca Securities, Company data
Cash flow
94.5
121.8
158.0
40.2% 40.3% 40.7% 41.7%
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22.5
29.8
2012 2013E 2014E 2015E
REVENUES NET PROFIT EBITDA MARGIN
40.0
100.0%
The table below provides details of our projections on the cash flow statement, and is based on the
following assumptions:
annual capex of approximately €4-5m, peaking at €5.2m in 2013, since we include investment
in the E-commerce platform, which will be brought in-house.
in relation to DOS openings, we assume investments of €1k/sqm for store furniture and fittings.
MOLESKINE: Capex (2013-15E)
€m 2013E 2014E 2015E
TANGIBLE 1.3 1.3 1.300
BRAND AND GOOODWILL 1.8 1.8 1.800
INTANGIBLE 2.1 1.0 1.0
TOTAL 5.2 4.1 4.1
AS % OF SALES 5.5% 3.3% 2.6%
Of which:
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
DOS OPENINGS 0.67 0.96 0.96
E-COMMERCE PLATFORM 1.4 0 0
Source: Mediobanca Securities
net working capital almost unchanged as a percentage of sales at 14.2%-14.4%; this is the result
of lower inventory days, thanks to the positive effect of demand planning, an almost stable level
of days receivables and better conditions of payments by suppliers.
no dividend payout.
0.0%
IPO
04 March 2013 ◆ 59