CORPORATE OVERVIEW 1

Transcription

1 CORPORATE OVERVIEW 1

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3 CONTENTS CFO SIM Overview 4 Investment Banking Overview 6 Corporate Finance 8 Research 9 Sales, Trading & Market Making 10 Italian Stock Exchange 11 AIM Italy 13 Corporate Clients 16 Recent Transactions 17 Corporate Broking Client Track Record 18 Selected Institutional Relationships 19 Corporate Roadshows 20 Events 21 Team 22 3

4 CFO SIM: OVERVIEW CFO SIM is the largest independent Family Office in Italy, founded in 2000 by a group of experienced professionals to satisfy the financial needs of families and companies with innovative tailored solutions. CFO SIM serves 5,200 clients through its offices in Italy and Switzerland CFO is founded 1,700,000,000 Euro under management 2015 Investment Banking Division Launched 4

5 AUTHORISATIONS CFO SIM is recognized as a NOMAD for AIM ITALY by Borsa Italiana. CFO SIM is subject to supervision by the Bank of Italy, and has obtained all permissions for the receipt and transmission of orders, proprietary trading and fund raising, with CONSOB resolution no of 24 July CFO SIM is authorized by CONSOB to perform all investment and ancillary services throughout all 27 EU countries, the only Italian SIM to be so authorised. CFO SIM is an official Equity Markets Partner of Borsa Italiana. Equity Markets Partners and Borsa Italiana work together to support small and medium sized Italian companies in their own growth. 5

6 CFO SIM: INVESTMENT BANKING OVERVIEW Independent Boutique Investment Banking Firm dedicated to fast growing Italian SMEs CFO SIM is a Milan AIM Nominated Advisor, Market Maker and Corporate Broker, providing a full range of services from private fundraising through to full public listings. On-going advice and support is provided by an experienced team drawn from our Corporate Finance, Equity Sales and Research departments. Corporate Broker Advisory Stock Liquidity Book running Sponsor Nomad Global Coordinator Corporate Finance Research Sales Our Clients Receive Equity Brokerage Bond Brokerage M&A Capital Increases Fundraising International Roadshows 6

7 Focus: We focus on working with and listing outstanding companies on the Milan AIM and guiding them to the Star segment of the MTA via the fast-track program. This gives investors an attractive entry valuation and the benefits of improved visibility and liquidity once the passage to the main market is competed. Network: We have unrivalled connections with international investors, providing them with first class research, advice and trading services. We have an international database containing more than 10,000 institutional investors, which we target based on various factors such as market cap, sector and others. An Experienced Team: Our Equity Capital Markets team has structured, and raised capital in, over 35 IPOs on various European Exchanges. We have an multilingual sales force of experienced professionals dedicated to the stock and bond markets. Execution: We provide bespoke roadshow services, analyzing our client company to find the right appointments with the most appropriate investors, in addition to full planning, scheduling and execution of the roadshow. We compile a full report and analysis of investor meetings and post-meeting feedback. 7

8 Mergers & Acquisitions Equity Capital Markets Debt Capital Markets CORPORATE FINANCE Debt Structuring Advisory Financial advice / Extraordinary Transactions Equity Capital Markets Advisory Arranger/Lead Manager NOMAD Financial advisory/corporate Finance transactions with institutional investors Global Coordinator Private Equity Advisory Execution & Financial Due Diligence 8

9 Equity Research RESEARCH Carrying out fundamental and technical research of Italian and foreign markets, or on single issuers and their financial instruments traded in these markets. The research activity supports the other activities of the structure: Equity Sales & Trading, Equity Capital Markets. In relation to the role of Market Maker/Corporate Broker, Equity Research is dedicated to the production of financial analysis to the highest market standards. 9

10 Sales, Trading & Market Making SALES, TRADING & MARKET MAKING Corporate Broking Providing ongoing advice to our corporate clients. Our brokers deal with all aspects of investor relations including roadshows to existing and potential shareholders. Fund Raising & Brokerage Sales activity in the primary and secondary markets. Market Maker Management of stock liquidity on the market. 10

11 Non Regulated Markets Regulated Markets ITALIAN STOCK EXCHANGE The Italian Stock Exchange is divided into different markets, including: MTA The leading Italian Equity Market dedicated to mid and large size companies. The MTA also includes the STAR segment, for leading companies that meet specific criteria, for example transparency, governance and liquidity. MIV (Electronic Market for Investment Vehicles), dedicated to investment vehicles. AIM Italy, The Multilateral Trading Facility of Borsa Italiana devoted to Italian small and medium enterprises with high growth potential. MTA Electronic Stock Market MIV Electronic Market for Investment Vehicles FAST TRACK PRIVATE COMPANIES 11

12 ITALIAN STOCK EXCHANGE STATISTICS Since 2007 the number of listings on regulated markets has dropped dramatically, and is still significantly below precrisis levels. This has been accompanied by exponential growth in the AIM market, currently with more than 100 listed companies. #IPO Years MTA STAR Aim Italia source: Borsa Italiana 12

13 M AIM ITALY AIM Italia - Alternative Capital Market is the Italian stock exchange dedicated to small and medium-sized Italian companies with high growth potential. As an MTF it is a non-regulated market and mainly dedicated to equity securities. AIM Italia has been particularly successful in the last few years as an alternative financing instrument, as has the UK AIM. AIM Italia development The number of companies listed on the AIM has increased from just 4 in 2009 to 94 at year end The total market capitalization of AIM listed companies has increased from 0.5bn to almost 6bn between 2012 and Companies Market Cap Source: Borsa Italiana 13

14 2.4 Bn AIM ITALY STATISTICS Raise ( M) 100% 90% 17% 80% 9% 70% 16% 60% 50% 19% 40% 30% 20% 39% 10% 0% < 5M 5-10M 10-20M 20-40M > 40M Total Source: CFO Sim, Bloomberg data More than 2.5 billion has been raised on the Milan AIM since it opened in % of raises over 20 million, with 41% over 10 million. Free Float 30% 31% % Free Float Free Float 15% 23% More than 55% of AIM listed companies have a free float of more than 20%. 30% of AIM listed companies have a free float above 30%. Free Float 30% 11% Free Float 25% 14% Free Float 20% 21% Source: CFO Sim, Bloomberg data 14

15 Nomad CFO SIM 6% Banca IMI 7% Envent 30% Banca Finnat 13% Integrae SIM 13% Others 12% Advance SIM 5% Banca Akros 6% UBI Banca 7% A Nomad is a central figure for AIM Italia. The Nomads must be approved by Borsa Italiana and included on the AIM Italia Register. 17 Nomads currently registered with Borsa Italiana. Industry -ICB Source: Borsa Italiana A wide variety of sectors represented with everything from industry to consumer services and goods. Consumer services, financials, technology and industry the most heavily represented sectors. Technology Financials Utilities Consumer Services Health Care Consumer Goods Industrials Basic Materials Oil & Gas Source: CFO Sim, Bloomberg data 15

16 CORPORATE CLIENTS Software Web Hosting Food & Beverage Technology Food & Beverage Industrial Renewable Energy Pharmaceuticals Industrial Communication IT Services Clothing Clothing 16

17 RECENT TRANSACTIONS RECENT TRANSACTIONS Luglio 2015 Luglio 2015 Novembre 2015 Luglio 2016 Giugno 2017 INITIAL PUBLIC OFFERING CONVERTIBLE BOND INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERING LEAD MANAGER LEAD MANAGER JOINT BOOKRUNNER JOINT BOOKRUNNER GLOBAL COORDINATOR Giugno 2017 Luglio 2017 Giugno 2017 Dicembre 2017 Luglio 2018 CONVERTIBLE BOND INITITAL PUBLIC OFFERING INITITAL PUBLIC OFFERING INITITAL PUBLIC OFFERING INITITAL PUBLIC OFFERING GLOBAL COORDINATOR NOMAD & SPECIALIST GLOBAL COORDINATOR NOMAD &GLOBAL COORDINATOR NOMAD &GLOBAL COORDINATOR 17

18 CORPORATE BROKING CLIENT TRACK RECORD Client: Piteco 31/7/15 (IPO) Start of CFO SIM coverage: Price at start of coverage: Price at 31/07/18: Percentage change: Percentage change (including free warrants*): % +36.4% Orsero 10/11/15 (IPO) 10 + free warrants % -2.9%* Italian Wine Brands 2/3/16 (Corporate Broking mandate) % +40.4% PLT energia 6/6/16 (Corporate Broking mandate) Siti B&T 31/3/17 (Corporate Broking mandate) Digital360 13/6/17 (IPO) CFT 16/7/17 (IPO) Pharmanutra 18/7/17 (IPO) DBA Group 14/12/17 (IPO) Monnalisa 12/7/18 (IPO) % +46.7% % -3.6% % +13.0% 10 + free warrants 10 + free warrants 4 + free warrants % -3.1%* % +92.9%* % -4.7%* % +1.7% Averages: +15.9% +23.9% 18

19 SELECTED INSTITUTIONAL RELATIONSHIPS 19

20 CORPORATE ROADSHOWS A Italy: Milan, Rome B England: London C France: Paris D Spain: Madrid, Barcelona H E F G H I J K L M Germany: Frankfurt, Munich, Nuremberg Luxembourg Monaco Sweden: Stockholm Denmark: Copenhagen Switzerland: Geneva, Zurich, Lugano Austria: Vienna Ireland: Dublin Singapore D L B C G F J E A I K M 20

21 CORPORATE EVENTS CFO SIM participates in and sponsors a variety of events to complement our service offering Sponsorship Participation Frankfurt German Spring Conference Paris CF&B Large & Mid Cap Event Frankfurt Deutsches Eigenkapitalforum London AIM Italia Conference - London Milan AIM Italia Conference - Milan 21

22 CFO SIM ECM TEAM 22

23 TEAM Corporate Finance Luca Di Liddo holds a degree in Business Administration from Bocconi University in Milan and has been working in investment banking for over 15 years. Prior to joining CFO SIM with the task of developing Equity Capital Market activities, he was a Founder and Head of Corporate Finance of Integrae SIM where he successfully executed more than 15 listings on the Italian AIM market and structured several capital increase transactions of listed companies as well as issuance of Convertible bonds. Previously he was Head of Execution at Abaxbank and Manager of ABN AMRO Rothschild. Luca is a member of AIAF (Italian Association of Financial Analysts). Giovanni Tommasi holds a degree in management engineering, majoring in finance from Milan Politecnico. Prior to joining CFO SIM, with the role of senior analyst of the Corporate Finance team, he gained 3 years of experience working in a consulting firm on M & A and Debt Restructuring and in Integrae SIM, where he accomplished 7 quotations on AIM Italy. Giovanni is a Level II candidate for the CFA Program. Federico Oriani has a degree in management engineering with a specialization in finance from Milan Politecnico, he is both an industrial engineer and a IT engineer. He has acquired a number of technical qualifications, participated in national conferences and published books. He is also an auditor for associations of national importance. He has been in CFO since 2008, and holds a senior position in Corporate Finance and the Real Estate division. 23

24 TEAM Equity Sales Filippo Maria Palmarini graduated in Political Sciences (Business Law), from the State University of Milan, Master in Financial markets from Bocconi University of Milan, 25 years working in Investment Banking. Prior to joining CFO SIM with the task of developing the placement of securities in the primary market and supporting the liquidity of securities post-listing, he was a founder of Integrae SIM and held the position of Partner/Head of Equity Sales and Trading, where he was involved in over 15 listings on the AIM Italy market, also providing Specialist and Corporate Broking services to more than 20 listed companies. He was also Head of Corporate Broking and Equity Sales of Abaxbank, and Head of Syndication of Banca Aletti. John Paul Everitt, Graduated in International Business from the University of Hull (UK) and went on to study International Business and Finance at the Bryan School of Business and Economics (USA), and has professional experience working in the UK, USA, South Korea and Italy. Prior to starting his current position in CFO SIM, he was in charge of International Institutional Sales in Integrae SIM where he dealt with IPOs on the Milan AIM and worked on developing the Specialist and Corporate Broking services. John has also worked for 5 years for a Luxembourg based boutique advisory firm specialized in fundraising for small to medium sized companies on various European exchanges. He is English mother tongue with full professional proficiency in Italian. Fabrizio Tito has more than 20 years of experience in Institutional Equity Sales for many domestic and European brokers (Rasfin, Allianz, Dresdner Kleinwort, Berenberg, Centrobanca-UBI, Banca Leonardo, Kepler- Cheuvreux). He has covered both Equity Sales for institutional foreign clients on the Italian market and Pan European equity sales for institutional domestic clients. Over the last two years he has worked as a sales and Corporate Broker for a domestic player specialised in the Italian AIM market, contributing to listings and a significant number of capital initiatives for more than ten firms on the Italian AIM and UK AIM. Ben Atter graduated in Politics from the University of East Anglia (UK) and also holds the CISI Level 3 Certificate in Investments (Securities). He has been involved in 6 IPOs on the Milan AIM and is English mother tongue with full professional proficiency in Italian, having lived and worked in Italy for more than 15 years. Ben is an Associate Member of the Chartered Institute for Securities & Investment. Stefano Aquilino graduated in International Business BSc with a joint degree from the University of Birmingham (UK) and Bocconi University in During his studies he gained professional experience from working with Entrepreneurs/Micro Businesses in Birmingham, and from interning as an Investor Services Analyst with JP Morgan Chase in London. Prior to joining CFO Sim he completed a contract role as a Revenue Data Specialist with Dun and Bradstreet (UK). Currently Stefano is a Level I candidate for the CFA program. 24

25 TEAM Equity Research Luca Arena holds a university degree in Business Administration and Finance from the University of Turin. He has more than 15 years of equity analysis experience both in domestic and international institutions. Prior to joining CFO SIM with the role of Head of Equity Research, he had previously worked as Senior Equity Analyst at ICBPI, Berenberg Bank, where he contributing to open the Italian business of the bank, focusing on mid-small cap coverage, in Mediobanca, a leading domestic investment bank and in Cheuvreux, a French Pan-European stockbroker. Luca is an ordinary member of AIAF (Italian Association of Financial Analysts) Emanuele Oggioni started his career in 1999 as a financial analyst at Eptasim before moving onto his experience in asset management as analyst and fund manager both at hedge funds and at long-only SICAVs, focussing on the European market (Banca Zarattini, Banca Albertini Syz, Saint George Capital Management, Carthesio). Emanuele dealt with both the industrial sector (e.g. refiners, oil & oil services, automotive, durable and consumer goods) and utilities (local multi-utilities, power generators, renewables, regulated infrastructure, tower infrastructure). 25

26 DISCLAIMER This document is for informational purposes only and should not be regarded as an offer or solicitation to buy the securities or other instruments mentioned within. Neither it not any part of it form the basis of and should not be relied upon in connection with any contract. CFO SIM S.p.A. shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this manual. This material is for the use of intended recipients only, and only for distribution to professional and institutional investors. CFO SIM S.p.A. uses reasonable efforts to obtain information from sources which it believes to be reliable but the contents of this document have been prepared without any substantive analysis being undertaken into the companies concerned or their securities and it has not been independently verified. No representation or warranty, either express or implied, is made nor responsability of any kind is accepted by CFO SIM S.p.A., its directors or employees either to the accuracy or completeness of any information contained in this document. Opinions expressed are our current opinions as of the date appearing on this material only (25/10/2016). The information and opinions expressed are provided for the benefit of CFO SIM S.p.A. clients as at the date of this document and are subject to change without notice. This document is being supplied to you solely for your information and may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose. The material in this document is not intended for distribution outside the European Economic Area. This material is not directed at you if CFO SIM S.p.A. is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you, and persons who come into possession of this material should inform themselves about, and observe, any such restrictions. By accepting this document you agree that you have read the above disclaimer and to be bound by its limitations and/or restrictions. 26

27 NOTES 27

28 CFO Corporate Family Office Head office Via dell Annunciata, 23/ Milano Tel