Mondo TV. Equity Company Note BUY. FY09 is a Good Launch Base. Target Price: EUR (from EUR 11.69) Intesa Sanpaolo Research Department

Transcription

1 Equity Company Note Mondo TV FY09 is a Good Launch Base Mondo TV - Key estimates and data Y/E December 2009A 2010E 2011E 2012E Revenues EUR M EBITDA EUR M EBIT EUR M Net income EUR M Dividend ord. EUR Adj. EPS EUR EV/EBITDA x Adj. P/E x A: actual; E: estimates; Source: Company data and Intesa Sanpaolo Research FY09 results. Mondo TV FY09 results were better than the company s targets (announced in August) and our estimates. In detail, consolidated value of production was EUR 10.3M (vs. a value of production target and our estimate of approx. EUR 8M and EUR 4.5M in FY08). EBITDA was EUR 2.2M, vs. an estimated EUR 1.15M, with an EBITDA margin at 21.4%. EBIT was EUR -0.8M (vs. our EUR -1.55M estimate). After the income from the MHE stake disposal, the company closed FY09 with a net profit at EUR 1M (vs. our EUR 0.7M estimate and EUR -11.7M in FY08). Mondo TV's NFP at end of 2009 was EUR -5.9M (vs. EUR -27M at end- 2008), due to the deconsolidation of MHE. Outlook. The positive trend in FY09 results partially incorporate the company s new interesting projects (such as Angels friends and Virus Attack). According to the company, 2010E figures should fully incorporate the licensing activities and the current projects. In detail, in 2010E-11E, the company should finalise the second series of Angels friends, the other co-production Virus Attack and Puppy in my pocket. In addition, the company expects a positive contribution from activities abroad, particularly from Mondo TV France (Lulu Vroumette and Sherlock Yack) and MIM (third season of Laura s Star). MTV is also working on some contacts with broadcasters in Italy and in Arab-speaking nations to launch a TV channel that will exploit the company s extensive library. Estimates revision. On the basis of the positive FY09 performance, we confirm our 2010E estimates for Mondo TV Italy, which include a good growth of new library sales, driven by new products that will be gradually released and a positive contribution from the licensing channel. In addition, we assume a better contribution from Mondo TV France, thanks to the important pipeline in 2010E-11E. For 2010E, we foresee a value of production at EUR 19.2M, with an EBITDA margin at 39.6% and an EBIT margin of 10%. In 2011E, we expect a continuous positive contribution from the sales on new library and a good performance of the licensing channel. We also added 2012E estimates: we expect the company to succeed in reaching an EBITDA margin of EUR 46.6% and a bottom line at EUR 3.7M. Valuation. We continue to value Mondo TV with a DCF, to better capture the company s profitability recovery path and the long-term prospects. Our model (WACC at 8.8% and TV growth at 2%) on Mondo TV yields a target price of EUR 11.80/share, with a 57% upside potential with respect to the current price. We thus confirm our BUY rating. In addition, we highlight that the company could benefit from tax assets, not included in our calculations, which we estimate at around EUR 7.1M (corresponding to a potential further EUR 1.6/share). Key risks. In our view, the main risks are the revenue trend for the new TV series and the old library. Furthermore, we have limited visibility on international expansion, especially the new project in the US. Licensing does not account for a significant part of our revenue estimates (15% in 2011E), but has a substantial effect on EBITDA (37%). See page 6 for full disclosures and analyst certification Banca IMI is Specialist to Mondo TV BUY Target Price: EUR (from EUR 11.69) Media Results Note Intesa Sanpaolo Research Department Serena Polini, CIIA Research Analyst Corporate Broking Team Alberto Francese Marta Caprini Serena Polini Price performance, -1Y /03/10 2 M A M J J A S O N D J F M MONDO TV FTSE ITALIA ALL SHARE - PRICE INDEX Source: Thomson Reuters Data priced on Target price ( ) Target upside (%) Market price ( ) week range ( ) 9.7/2.9 Market cap ( M) No. of shares (M) 4.40 Free float (%) 38.2 Major shareholder (%) Corradi, 56.9 Reuters MTV.MI Bloomberg MTV IM FTSE It All Shares Performance % Absolute Rel. to FTSE All Sh -1M M M M M M 95.1 Source: Intesa Sanpaolo Research estimates and Thomson Reuters

2 FY09 Results Better Than Our Estimates Mondo TV FY09 results were better than the company s targets (announced in August) and our estimates. In detail, consolidated value of production was EUR 10.3M (vs. a value of production target and our estimate of approx. EUR 8M and EUR 4.5M in FY08). EBITDA was EUR 2.2M, vs. an estimated EUR 1.15M, with an EBITDA margin of 21.4%; the change reflects the increase in value of production and the rationalisation of the cost structure. EBIT was EUR -0.8M (vs. our EUR -1.55M estimate). After the income from the MHE stake disposal, the company closed FY09 with a net profit at EUR 1M (vs. our EUR 0.7M estimate and EUR -11.7M in FY08). Mondo TV's NFP at end of 2009 was EUR -5.9M (vs. EUR -27M at FY08), due to the deconsolidation of MHE. FY09 better than our estimates Mondo TV FY09 results EUR M 2009E 2009A 2008A % yoy Value of production EBITDA EBITDA margin EBIT EBIT margin NM Net profit NM: not meaningful Source: Companies' data Outlook The positive trend in FY09 results partially incorporate the company s new interesting projects (such as Angels friends and Virus Attack). According to the company, 2010E top line should fully incorporate the current projects (Angels Friends, Virus Attack and Puppy in my Pocket) and the licensing activities. This year, Mondo TV foresees a value of production more of EUR 20M, EBITDA of EUR 8.8M, with an EBITDA margin at 44% and a net profit of EUR 1.8M. In detail, in 2010E-11E, the group should continue the traditional activity of exploitation of the old library and co-production with RAI, but should also finalise important new projects in the pipeline: Second series of Angels friends. We highlight that the first series (52 episodes) registered a strong audience share both in Spain and Italy (around 8%). We note that the company already obtained a positive response from licensing on the Italian market, signing contracts for an amount pro-quota of EUR 0.8M with 40 licensees, including Giochi Preziosi. In 2010E, Mondo TV also expects to sign licensing contracts in France, Germany and the UK. In addition, the company is interested in finalising licensing in Greece, Turkey, Israel, other Middle Eastern countries, and in South America. The second series will be broadcast in Italy at beginning In addition, by autumn, the company should also co-produce an animated movie in 2D (90 minutes). The movie should be broadcast on TV by Christmas 2010; Important co-production projects in Virus Attack: a co-production with SuK; the first series consists of 52 episodes of 13 minutes each, and is expected to be ready by fall The cartoon series is targeted for a male audience of 5-12 years, and should be broadcast in Italy on Cartoon Network and Boing. It is expected that the company will soon finalise licensing contracts for this product, using a format similar to that used for Angels Friends; 2 Intesa Sanpaolo Research Department

3 Puppy in my pocket: in 2010E-11E, the company should also co-produce an animated TV series based on the Puppy In My Pocket brand (Cuccioli Cerca Amici), with MEG (Morrison Entertainment Group), the original creator, and Giochi Preziosi. The total planned budget is USD 7.3M, which will be financed by the three co-producers. The contract envisages the production of a cartoon series comprising 52 episodes, each of 13 minutes, that should be delivered from April The company is already in advanced negotiations with TV channels for the broadcasting of the cartoon in Italy and Spain by Christmas In other countries, the cartoon should be broadcast from MEG and Giochi Preziosi will also participate in the development and distribution of the new toy line and coordinate and manage the worldwide licensing programme. We highlight that the brand Cuccioli Cerca Amici, owned by MEG Toys and Giochi Preziosi, has become one of the most important toy brands worldwide and also in Italy it has become very well-known in the last few years. As a result, we expect both a positive response from the broadcasters and the licensing activity; MTV abroad: During , MTV France should finalise two co-productions (Lulu Vroumette and Sherlock Yack). In addition, the German branch MIM should complete the coproduction of the third season of Laura s Star (17 episodes of 11 minutes each). Mondo TV provided a detailed new Business Plan as follows: Mondo TV Business Plan EUR M 2009A 1Q10 2Q10 3Q10 4Q Revenues Capitalization of series* Value of production Operating expenses EBITDA EBITDA margin (%) D&A EBIT EBIT margin Net financial profits Pre-tax results Taxes Discontinued operations Minorities Net Income Source: Company data and Intesa Sanpaolo Research elaborations. * capitalization of animated series created internally refers mainly to the activity of MTV France. The company also showed the quarters cross-section to highlight that most of the revenues 2010 will be realised in 4Q, by virtue of delivery of those productions in progress by Mondo TV and by Mondo TV France, as well as revenues deriving from the sale related to licensing rights exploitation during Christmas holidays. Estimates Revision On the basis of the positive FY09 performance and of the new BP, we confirm our estimates for 2010E for Mondo TV Italy, which include a good growth of new library sales, driven by new products that will be gradually released and a positive contribution from the licensing channel. In addition, we assume a better contribution from Mondo TV France, thanks to the important pipeline in 2010E-11E. We also fine-tuned the operating costs, including royalties, that we did not consider in our previous estimates. As a result, we foresee an EBITDA margin at 39.6% and an EBIT margin at 10% in 2010E. From 2010E, the company should face a higher amount of D&A, due to the amortisation of the cartoon series of the French subsidiary. We expect that the company should close FY10 with a bottom line at EUR 1.6M. Looking at the different 2010E quarters, we remind that the 1Q/2Q of the year are not very important in terms of seasonality: in fact we expect very poor data in the first half of the year, as revenues arising from co-productions and licensing related to the Christmas season is Growth confirmed in 2010E Seasonality of revenues Intesa Sanpaolo Research Department 3

4 concentrated in 2H10E. As a consequence, we expect that the most part of the revenues expected in the year should be finalised in 4Q (roughly 60% of the expected revenues for 2010E). In 2011E, we expect a positive contribution from the sales on new library and a good performance of the licensing channel, as consequence of the expected positive response of the new cartoon series in the most important European markets (the company is launching licensing agreements in France, Germany and UK, as well as in the Middle East and South America). In addition, we added also 2012E estimates: we expect that the company should succeed to reach an EBITDA margin at EUR 46.6% and a bottom line at EUR 3.7M. We remind that other projects in the start-up phase (such as the launch of an MTV digital-tv channel) are not included in our estimates and could therefore produce a earnings surprise in the near future. Positive performance expected in 2011E-12E Other projects in pipeline Our change in estimates is shown in the table below: Mondo TV Estimates revision (2010E-12E) EUR M 2010E New 2010E Old 2011E New 2011E Old 2012E Vakue of production EBITDA EBITDA margin EBIT EBIT margin Pre-tax Profit Net profit Source: Intesa Sanpaolo Research estimates For E, we project a sales CAGR of 13% and a substantial recovery in profitability (in 2012E we forecast an EBITDA margin of over 46.6% vs. 21% in 2009A), due to the new production pipeline and licensing contracts. We highlight that the main risk to our projections is the licensing-related revenues, which is the most difficult element to forecast: licensing does not account for a significant part of our value of production estimates (15% in 2011E), but has a substantial effect on EBITDA (37%) and cash flow. On the other hand, licensing could also represent the most important upside potential in the next few years, as we have included only minimum guaranteed royalties in our projections. In the case of Angels Friends, MTV could benefit from additional sales by the different licensees (including, Giochi Preziosi). Main risk of our model Valuation We continue to value Mondo TV with a DCF, to better capture the company s profitability recovery path and the long-term prospects Our model incorporates the following assumptions: Analytical earnings estimates to 2012E; Key assumptions An 8.7% WACC, incorporating a 4.00% risk-free rate and a 5.25% equity risk premium and a Beta equal to 1 (Source: Bloomberg); 2% terminal value growth; Our DCF model delivers a target price of EUR 11.80/share; indicating 57% upside potential with respect to the current price. We thus confirm our BUY rating on the stock. 4 Intesa Sanpaolo Research Department

5 Mondo TV DCF calculation (2010E-12E) EUR M 2010E 2011E 2012E LT EBIT Tax Depreciation NOPAT WC Capex FCF Discounted FCF WACC (%) 8.7 TV growth (%) 2.0 PV of FOCF 3.3 TV 53.6 EV 57.0 Net Debt 2009A 5.9 Severance Provision 2009A 0.5 Equity 52.0 Shares (M) 4.4 Target price (EUR/share) Source: Intesa Sanpaolo Research estimates We highlight that the company booked EUR 13M of tax assets to its FY09 financial statements. We expect MTV to be net income positive in 2010E and we discount from 2013 to now the remaining tax assets, i.e. around EUR 7.1M. Therefore, the company could benefit from tax assets, not included in our calculations, corresponding to a potential further EUR 1.6/share on the target price. Tax asset effect Intesa Sanpaolo Research Department 5

6 Mondo TV - Key figures Ordinary Rating Sector Media Mkt price EUR/Share 7.53 BUY REUTERS CODE MTV.MI Target price EUR/Share Values per share (EUR) 2008A 2009A 2010E 2011E 2012E No. ordinary shares (M) No. NC saving/preferred shares (M) Total no. of shares (M) Adj. EPS CFPS BVPS Dividend Ord Dividend SAV Nc Income statement (EUR M) 2008A 2009A 2010E 2011E 2012E Sales EBITDA EBIT Pre-tax income Net income Adj. net income Cash flow (EUR M) 2008A 2009A 2010E 2011E 2012E Net income before minorities Depreciation and provisions Change in working capital Operating cash flow Capital expenditure Other (uses of Funds) Free cash flow Dividends and equity changes Net cash flow Balance sheet (EUR M) 2008A 2009A 2010E 2011E 2012E Net capital employed of which associates Net debt/-cash Minorities Net equity Market cap Minorities value Enterprise value (*) Stock market ratios (x) 2008A 2009A 2010E 2011E 2012E Adj. P/E P/CEPS P/BVPS Dividend yield (% ord) Dividend yield (% sav) EV/sales EV/EBITDA EV/EBIT EV/CE D/EBITDA D/EBIT Profitability & financial ratios (%) 2008A 2009A 2010E 2011E 2012E EBITDA margin EBIT margin Tax rate Net income margin ROE Debt/equity ratio Growth (%) 2009A 2010E 2011E 2012E Sales EBITDA EBIT Pre-tax income Net income Adj. net income (*) EV = Mkt cap+ Net Debt + Minorities Value - Associates A: actual; E: estimates; Source: Company data and Intesa Sanpaolo Research 6 Intesa Sanpaolo Research Department

7 Disclaimer Mondo TV Analyst certification The financial analyst who prepared this report, and whose name and role appear on the first page, certifies that: (1) The views expressed on companies mentioned herein accurately reflect independent, fair and balanced personal views; (2) No direct or indirect compensation has been or will be received in exchange for any views expressed. Specific disclosures 1. Neither the analyst nor any member of the analyst s household has a financial interest in the securities of the Company. 2. Neither the analyst nor any member of the analyst s household serves as an officer, director or advisory board member of the Company. 3. The analyst named in the document is a member of AIAF. 4. The analyst named in this document is not registered with or qualified by FINRA, the U.S. regulatory body with oversight over Banca IMI Securities Corp. Accordingly, the analyst may not be subject to NASD Rule 2711 and NYSE Rule 472 with respect to communicates with a subject company, public appearances and trading securities in a personal account. For additional information, please contact the Compliance Department of Banca IMI Securities Corp at The analyst of this report does not receive bonuses, salaries, or any other form of compensation that is based upon specific investment banking transactions. 6. The research department supervisors do not have a financial interest in the securities of the Company. This research has been prepared by Intesa Sanpaolo SpA and distributed by Banca IMI SpA Milan, Banca IMI SpA-London Branch (a member of the London Stock Exchange) and Banca IMI Securities Corp (a member of the NYSE and NASD). Intesa Sanpaolo SpA accepts full responsibility for the contents of this report and also reserves the right to issue this document to its own clients. Banca IMI SpA and Intesa Sanpaolo SpA, which are both part of the Intesa Sanpaolo Group, are both authorised by the Banca d'italia and are both regulated by the Financial Services Authority in the conduct of designated investment business in the UK and by the SEC for the conduct of US business. Opinions and estimates in this research are as at the date of this material and are subject to change without notice to the recipient. Information and opinions have been obtained from sources believed to be reliable, but no representation or warranty is made as to their accuracy or correctness. Past performance is not a guarantee of future results. The investments and strategies discussed in this research may not be suitable for all investors. If you are in any doubt you should consult your investment advisor. This report has been prepared solely for information purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any financial products. It should not be regarded as a substitute for the exercise of the recipient s own judgment. No Intesa Sanpaolo SpA or Banca IMI SpA entities accept any liability whatsoever for any direct, consequential or indirect loss arising from any use of material contained in this report. This document may only be reproduced or published together with the name of Intesa Sanpaolo SpA and Banca IMI SpA. Intesa Sanpaolo SpA and Banca IMI SpA have in place a Joint Conflicts Management Policy for managing effectively the conflicts of interest which might affect the impartiality of all investment research which is held out, or where it is reasonable for the user to rely on the research, as being an impartial assessment of the value or prospects of its subject matter. A copy of this Policy is available to the recipient of this research upon making a written request to the Compliance Officer, Intesa Sanpaolo SpA, 90 Queen Street, London EC4N 1SA. Intesa Sanpaolo SpA has formalised a set of principles and procedures for dealing with conflicts of interest ( Research Policy ). The Research Policy is clearly explained in the relevant section of Intesa Sanpaolo s web site ( Member companies of the Intesa Sanpaolo Group, or their directors and/or representatives and/or employees and/or members of their households, may have a long or short position in any securities mentioned at any time, and may make a purchase and/or sale, or offer to make a purchase and/or sale, of any of the securities from time to time in the open market or otherwise. Intesa Sanpaolo SpA issues and circulates research to Qualified Institutional Investors in the USA only through Banca IMI Securities Corp., 1 William Street, New York, NY 10004, USA, Tel: (1) Residents in Italy: This document is intended for distribution only to professional investors as defined in art.31, Consob Regulation no of either as a printed document and/or in electronic form. Person and residents in the UK: This document is not for distribution in the United Kingdom to persons who would be defined as private customers under rules of the FSA. US persons: This document is intended for distribution in the United States only to Qualified Institutional Investors as defined in Rule 144a of the Securities Act of US Customers wishing to effect a transaction should do so only by contacting a representative at Banca IMI Securities Corp. in the US (see contact details above). Coverage policy and frequency of research reports The list of companies covered by the Research Department is available upon request. Intesa Sanpaolo SpA aims to provide continuous coverage of the companies on the list in conjunction with the timing of periodical accounting reports and any exceptional event that affects the issuer s operations. The companies for which Banca IMI acts as sponsor or specialist are covered in compliance with regulations issued by regulatory bodies with jurisdiction. In the case of a short note, we advise investors to refer to the most recent company report published by Intesa Sanpaolo SpA s Research Department for a full analysis of valuation methodology, earnings assumptions, risks and the historical of recommendation and target price. Research is available on Banca IMI s web site ( or by contacting your sales representative. Intesa Sanpaolo Research Department 7

8 Valuation methodology (long-term horizon: 12M) The Intesa Sanpaolo SpA Equity Research Department values the companies for which it assigns recommendations as follows: We obtain a fair value using a number of valuation methodologies including: discounted cash flow method (DCF), dividend discount model (DDM), embedded value methodology, return on allocated capital, break-up value, asset-based valuation method, sum-of-the-parts, and multiples-based models (for example PE, P/BV, PCF, EV/Sales, EV/EBITDA, EV/EBIT, etc.). The financial analysts use the above valuation methods alternatively and/or jointly at their discretion. The assigned target price may differ from the fair value, as it also takes into account overall market/sector conditions, corporate/market events, and corporate specifics (ie, holding discounts) reasonably considered to be possible drivers of the company s share price performance. These factors may also be assessed using the methodologies indicated above. Equity rating key: (long-term horizon: 12M) In its recommendations, Intesa Sanpaolo SpA uses an absolute rating system, which is not related to market performance and whose key is reported below: Equity rating key (long-term horizon: 12M) Long-term rating Definition BUY If the target price is 20% higher than the market price ADD If the target price is 10%-20% higher than the market price HOLD If the target price is 10% below or 10% above the market price REDUCE If the target price is 10%-20% lower than the market price SELL If the target price is 20% lower than the market price RATING SUSPENDED The investment rating and target price for this stock have been suspended as there is not a sufficient fundamental basis for determining an investment rating or target. The previous investment rating and target price, if any, are no longer in effect for this stock. NO RATING The company is or may be covered by the Research Department but no rating or target price is assigned either voluntarily or to comply with applicable regulations and/or firm policies in certain circumstances, including when Intesa Sanpaolo is acting in an advisory capacity in a merger or strategic transaction involving the company. TARGET PRICE The market price that the analyst believes the share may reach within a one-year time horizon MARKET PRICE Closing price on the day before the issue date of the report, as indicated on the first page, except where otherwise indicated Historical recommendations and target price trends (long-term horizon: 12M) Target price and market price trend (-1Y) Historical recommendations and target price trend (-1Y) 15 Date Rating TP Mkt Price 20-Mar-09 HOLD Apr-09 HOLD Jul-09 BUY Sep-09 BUY Oct-09 BUY Nov-09 BUY Nov-09 BUY Mar-09 Jul-09 Nov-09 Mar-10 I:MTV(P) Target Price Equity rating allocations (long-term horizon: 12M) Intesa Sanpaolo Research Rating Distribution (at 1 February 2010) Number of companies subject to recommendations: 91 (**) BUY ADD HOLD REDUCE SELL Total Equity Research Coverage % of which Intesa Sanpaolo s Clients % (*) (*) Companies on behalf of whom Intesa Sanpaolo and the other companies of the Intesa Sanpaolo Group have provided corporate and Investment banking services in the last 12 months; percentage of clients in each rating category. (**) The total number of companies covered is 104 Valuation methodology (short-term horizon: 3M) Our short-term investment ideas are based on ongoing special market situations, including among others: spreads between share categories; holding companies vs. subsidiaries; stub; control chain reshuffling; stressed capital situations; potential extraordinary deals (including capital increase/delisting/extraordinary dividends); and preys and predators. Investment ideas are presented either in relative terms (e.g. spread ordinary vs. savings; holding vs. subsidiaries) or in absolute terms (e.g. preys). The companies to which we assign short-term ratings are under regular coverage by our research analysts and, as such, are subject to fundamental analysis and long-term recommendations. The main differences attain to the time horizon considered (monthly vs. yearly) and 8 Intesa Sanpaolo Research Department

9 definitions (short-term long/short vs. long-term buy/sell ). Note that the short-term relative recommendations of these investment ideas may differ from our long-term recommendations. We monitor the monthly performance of our short-term investment ideas and follow them until their closure. Equity rating key (short-term horizon: 3M) Equity rating key (short-term horizon: 3M) Short-term rating Definition LONG Stock price expected to rise or outperform within three months from the time the rating was assigned due to a specific catalyst or event SHORT Stock price expected to fall or underperform within three months from the time the rating was assigned due to a specific catalyst or event Company specific disclosures Banca IMI discloses interests and conflicts of interest, as defined by: Articles 69-quater and 69-quinquies, of Consob Resolution No of , as subsequently amended and supplemented; the NYSE s Rule 472 and the NASD s Rule 2711; the FSA Policy Statement 04/06 Conflicts of Interest in Investment Research March 2004 and the Policy Statement 05/03 Implementation of Market Abuse Directive, March The Intesa Sanpaolo Group maintains procedures and organisational mechanisms (Information barriers) to professionally manage conflicts of interest in relation to investment research. We provide the following information on Intesa Sanpaolo Group s conflicts of interest: 1 The Intesa Sanpaolo Group has a conflict of interest inasmuch as it plans to solicit investment banking business or intends to seek compensation from the Company in the next three months. 2 Banca IMI is a specialist relative to securities issued by MONDO TV. Intesa Sanpaolo Research Department 9

10 Intesa Sanpaolo Research Department Head of Research Gregorio De Felice Head of Equity & Credit Research Giampaolo Trasi Equity Research Monica Bosio Luca Bacoccoli Marta Caprini Laura Carmignani Sergio Ciaramella Manuela Meroni Gian Luca Pacini Bruno Permutti Fabio M. Picardi Roberto Ranieri Lorenzo Re Corporate Broking Research Alberto Francese Serena Polini Research Production Anna Whatley Cinzia Bovina Bruce Marshall Annita Ricci Banca IMI SpA Piazzetta Giordano Dell Amore, Milan, Italy Tel: Banca IMI Securities Corp. 1 William Street New York, NY, USA Tel: (1) Banca IMI London Branch 90 Queen Street London EC4N 1SA, UK Tel Banca IMI Institutional Sales Nicola Maccario nicola.maccario@bancaimi.com Carlo Cavalieri carlo.cavalieri@bancaimi.com Francesca Guadagni francesca.guadagni@bancaimi.com Robert Meier robert.meier@bancaimi.com Daniela Stucchi daniela.stucchi@bancaimi.com Mark Wilson mark.wilson@bancaimi.com US Institutional Sales Stephane Ventilato Stephane.Ventilato@bancaimi.com Jack Del Duca DelDucaJ@bancaimius.com Barbara Leonardi LeonardiB@bancaimius.com Gregory Halvorsen gregory.halvorsen@bancaimi.com Sales Trading Roberto Gussoni roberto.gussoni@bancaimi.com Claudio Manes claudio.manes@bancaimi.com Adele Marchetti adele.marchetti@bancaimi.com Lorenzo Pennati lorenzo.pennati@bancaimi.com Equity Derivatives Institutional Sales Andrea Martini andrea.martini@bancaimi.com Emanuele Manini emanuele.manini@bancaimi.com Market Hub Brokerage & Execution Italian Equities - Sergio Francolini sergio.francolini@bancaimi.com Foreign Equities - Francesco Riccardi francesco.riccardi@bancaimi.com Market Hub Exchange Traded Derivatives Biagio Merola - Milan biagio.merola@bancaimi.com Market sales Giovanni Spotti giovanni.spotti@bancaimi.com 10 Intesa Sanpaolo Research Department