Italiaonline - Investor | Equity story

Equity story

Italiaonline is the top Italian internet company, providing a complete range of products and services aimed to digitalize the enterprises.

Overview

Italiaonline – company listed on the MTA market by Borsa Italiana – is the top Italian internet company, with 4.8 million unique users (of which 3.2 million from smartphones) who daily surf on its web properties and a 63% market reach*. Italiaonline offers web marketing and digital advertising solutions, including media planning and lead generation services through social and media search engines. Company’s strategic aim is to consolidate the leadership in the digital advertising market for big accounts and in local marketing services, while its mission is to digitalize national SMEs. To SMEs, Italy’s real economic backbone, Italiaonline offers a complete products portfolio integrated on the entire value chain of digital services, from online presence to digital advertising, web design, web marketing and cloud solutions.

Italiaonline currently subsumes Libero, Virgilio and superEva portals, services for businesses and citizens by Pagine Gialle, Pagine Bianche and Tuttocittà, the online advertising concessionary IOL Advertising and 48 Media Agencies spread throughout Italy which, thanks to more than 680 agents, constitute the largest Italian network of service and product consultants for large and small businesses, serving over 200,000 SMEs and about 700 large customers.

MILLION unique users per day*

MILLION unique users per day from smartphones*

%

Market reach**

Large accounts***

Active customers SMEs***

* Source: Audiweb 2.0, powered by Nielsen – Total Digital Audience | DAUs – Daily Active Users – December 2018.
** Source: Audiweb 2.0, powered by Nielsen – Total Digital Audience | MAUs – Monthly
Active Users – December 2018.
*** Number of active customers, 12 months average at 31 December 2018.

Fiscal Year 2018

Million € REVENUES

Million € EBITDA*

* 56.1 Million € EBITDA normalised

%

EBITDA Margin**

** 17.3% EBITDA Margin normalised

Million € FREE CASH FLOW (Unlevered)

Fiscal Year 2017

Million € REVENUES

Million € EBITDA*

* 67.1 Million € EBITDA normalised

%

EBITDA margin**

** 19.8% EBITDA Margin normalised

Million € FREE CASH FLOW (Unlevered)

Notes:

The consolidated revenue reported in the FY2017 is €335.9 m; net of inconsistences (€2.5 m) linked to a better assessment of NWC of Consodata at 31 December 2017 following its reinstatement within the Group, the consolidated revenue for 2017 would be €338.5 m.

Normalised figures are net of non-recurring items deriving mainly from the release of provisions made in previous years (€8.5 m in 2017, €11.3 m in 2018), and net of the positive outcome of some previous litigation (€6 m in 2018); the 2017 figure includes IFRS 16 effects for €7.9 m.

A history of growth and successfully executed M&A.

2011
2012
2013
2014
2015
2016
2017
2018

2011

Libero SRL completes the spin-off from Wind Telecomunicazioni.

REVENUES: € 46 M

EBITDA: € 19 M

Pro-forma data to represent FY revenues since the spin-off from Wind Telecomunicazioni occurred on March 2011.

2012

Libero SRL acquires Matrix, the web company owning Virgilio.it.

REVENUES: € 51 M

EBITDA: € 21 M

REVENUES: € 74 M

EBITDA: € -27 M

EBITDA is adjusted for the Matrix acquisition cost of € 2.1 M.

2013

From the merge of Libero and Matrix, here’s Italiaonline: a successful integration.

REVENUES: € 92 M

EBITDA: € 22 M

2014

Italiaonline runs at full speed: revenues grow and margins increase substantially.

RICAVI: € 96 M

EBITDA: € 34 M

EBITDA is adjusted for IPO costs effect (€ 1.8 M).

2015

Italiaonline acquires Seat Pagine Gialle.

REVENUES: € 87 M

EBITDA: € 27 M

EBITDA-CAPEX: € 19 M

REVENUES: € 365 M

EBITDA: € 17 M

EBITDA-CAPEX: € -14 M

EBITDA is adjusted for extraordinary costs effect (€ 8.0 M, mostly related to Seat deal).

2016

The new Italiaonline was born.

REVENUES: € 390 M

EBITDA: € 67 M

EBITDA-CAPEX: € 44 M

2017

Top Italian internet company

REVENUES: € 338.5 M

EBITDA: € 68 M

EBITDA-CAPEX: € 41.3 M

2018

Italiaonline confirmed as the leading Italian internet company

REVENUES: € 324.8 M

EBITDA: € 73.3 M

EBITDA NORMALISED: € 56.1 M

NFP POSITIVE: € 67.0 M

Investment highlights

Leadership

Italiaonline is the largest internet company in Italy, best positioned to capture opportunities for development and growth of the market with an aggregator role.

Potentiality

In Italy the digital advertising market still shows wide margins of growth, given the delay in the use and development of the internet compared to the European average.

Presence

Italiaonline has a vast and widespread sales network extended throughout the country, which allows to penetrate deeply every segment of local business.

Customer base

Italiaonline has a quality and diversified customer portfolio, which ranges from multinational brands, to large companies, to small and medium-sized companies.

Offering

A complete offer of products and services integrated with web properties, technology partnerships with leading internet players and strategic relationships with Google and Facebook: Italiaonline shows a unique ability to digitalize small and medium-sized businesses.

Strategy

The direction taken by corporate strategies highlights a clear path to sustainable profitable growth.

Management

Italiaonline is led by an expert management in the digital industry, with a solid track-record in Merge & Acquisition operations.