FCF IPO Market Monitor European Initial Public Offerings - H1 2016 FCF Fox Corporate Finance
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FCF Fox Corporate Finance FCF IPO Market Monitor European Initial Public Offerings H1 2016 Data as of June 30, 2016 Published as of July 8, 2016
Table of Contents
E X E C U T I V E S U M M AR Y
FCF OVERVIEW
MARKET OVERVIEW
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
RECENT IPO CASE STUDIES
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
2
Executive Summary
The FCF IPO Market Executive Summary
Monitor is a
standardized report
▪ The FCF IPO Market Monitor is a comprehensive analysis of the European IPO markets and is published by FCF on a semi-
on the European annual basis. The analysis provides relevant pricing, performance and valuation metrics (e.g. ratios and multiples) of European
public offerings IPOs for the last six months
markets and serves a ▪ The selection of IPOs is based on the following criteria:
quick reference for – IPO date within the last 6 months
investors, corporates
– Primary listing at an European exchange*
and professionals
– Transaction size at least EUR 20m
– IPOs of companies operating in the financial services or real estate sector have been excluded
More advanced,
– Based on the transaction size, the IPOs are categorized as follows:
detailed and / or
Micro IPOs: EUR 20m – 50m, Small IPOs: EUR 50m – 100m, Medium IPOs: EUR 100m – 250m, Large IPOs: > EUR 250m
customized reports
are available upon ▪ The price indices are calculated based on the following criteria:
request – The relevant IPO has been issued within the last 2 years
– The constituents of each index are based on the transaction size at the time of IPO and are not re-allocated to other
categories over time
▪ To recommend colleagues or fellow investors to be added to the mailing list, kindly send an email with the respective contact
information
▪ The FCF IPO Market Monitor is available on FCF’s website at “www.fcf.de”
▪ All input data is provided by S&P Capital IQ and is not independently verified by FCF. Ratio and multiple calculations are driven
based on the input data available. For additional information and disclaimer, please refer to the last page
▪ If you have questions, comments or ideas, please do not hesitate to contact us
* Countries of exchanges: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, 3
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom
Table of Contents
EXECUTIVE SUMMARY
FCF OVERVIEW
MARKET OVERVIEW
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
RECENT IPO CASE STUDIES
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
4
FCF Overview
FCF seeks to provide Who We Are Capital Markets Capabilities and Services
its clients with
▪ Specialized investment bank and financing specialist Private /
financing Venture capital Private equity
▪ Advising public and private small / midcap companies Pre-IPO Growth capital
Equity
(i) at the lowest
cost, ▪ Advisor for structuring and placement of financing transactions: Capital increase / Private Investment in
(ii) with the highest – All instruments: Unbiased approach to all available corporate Public
Initial Public Offering (IPO) Public Equity (PIPE)
Dual-track (IPO and Block trade
flexibility, financing instruments (no product selling approach), allowing alternative transaction)
for customized financing structures
(iii) in the shortest Receivables financing / Overdraft / Revolving /
– All investors: Close and trusted relationships with senior Short-term Factoring / ABS Working capital facility
period of time,
executives of virtually all relevant equity and debt investors Debt Borrowing base / Guarantee /
(iv) with the highest – Fast process: Process management skills and direct / personal Inventory financing Letter of Credit
closing access to institutional debt and equity investors enable fast Bank loan facility Corporate bond
Debt
probability, and transactions Long-term (straight debt) (public / private)
with Leasing / Promissory note
▪ More than 50 transactions with a total placement volume in Debt Sale-and-lease back (Schuldscheindarlehen)
(v) financing partners High-yield / PIK bond Second lien
excess of €2.0 billion since foundation in 2005
that integrate well
▪ Approx. 20 professionals with offices in Munich and Dubai Mezzanine Mezzanine capital Convertible bond
into their strategy
Selected Transactions
5
FCF’s Equity Expertise
FCF is active as an Selected Public Clients IPO / Public Equity Markets Coverage
advisor to public and
private companies
regarding equity-
related transactions
FCF regularly
publishes specialized
research reports,
covering industry
trends, equity
valuations, debt
transactions, IPO and
M&A activity
FCF annually hosts
FCF IPO Conference Presenters FCF Family-2-Family Conference Presenters
the FCF IPO
Conference,
addressing going
public topics with
great relevance to
decision makers
FCF bi-annually
hosts its Family-2-
Family Conference,
an opportunity for
public companies to
present themselves
to family offices
6
Table of Contents
EXECUTIVE SUMMARY
FCF OVERVIEW
M AR K E T O V E R V I E W
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
RECENT IPO CASE STUDIES
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
7European H1 2016 IPOs – Overview
Fast Facts European IPOs - Performance Performance and Issuance by Exchange
0
▪ 38 IPOs in H1 in 2016 0 1# 37.9%
0
▪ EUR 8,688m Volume raised 9# 33.7%
0 11.2% Stockholm
▪ 3 withdrawn or postponed deals 0 9.2% 9.2%
Copenhagen
2# 20.9%
▪ 95% of 1H16 IPOs priced within range* 0
2# 17.5%
0 Helsinki
IPO +1D IPO +1M IPO - YTD
2# 11.7%
7# 9.0%
IPOs by Sector Amsterdam
3# 1.3%
-5.8% 3#
Utilities -9.1%
Energy Brussels 1#
Materials 3% 3% Consumer -14.3% 2#
Healthcare Discretionary
5% Paris
-14.7% 3#
Biotechnology 5%
34% -19.5% 3#
8%
Consumer
Staples 8% 38 0 0 0 0 0
13% Primary / Secondary Split & Price Range
Information 21%
Technology
Industrials Secondary Shares Primary Shares
44%
IPOs by Time 56%
3500 10 8 12
3000 9
10
2500 8 Below Range
6
2000 5 5% Within Range
6
1500
2380m
1712m
3077m
4
998m
520m
1000
0m
500 2
0 0
number of IPOs 95%
in each country (HQ)
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, All European IPOs, * where data available 8
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomEuropean IPOs – Performance (last 2 years)
200
Over the last two
years, all FCF IPO
indices outperformed
their European peers 180
(MSCI Europe Index) 176%
The FCF Medium
160
IPO Index (with
176%) has
significantly
outperformed all 140
other indices
120
112%
109%
100
80
82%
77%
60
Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16
MSCI Europe Index FCF Micro IPO Index FCF Small IPO Index FCF Medium IPO Index FCF Large IPO Index
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 9
Micro IPOs: EUR 20m – 50m, Small IPOs: EUR 50m – 100m, Medium IPOs: EUR 100m – 250m, Large IPOs: > EUR 250mTable of Contents
EXECUTIVE SUMMARY
FCF OVERVIEW
M AR K E T O V E R V I E W
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
RECENT IPO CASE STUDIES
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
10European H1 2016 Micro IPOs – Overview (1/3)
Fast Facts European Micro IPOs - Performance Performance and Issuance by Exchange
0
▪ 11 IPOs in H1 in 2016 0
0 Stockholm 3# 38.9%
▪ EUR 338m Volume raised (3.9% of
0 11.2%
European Volume) 0
9.9%
6.8%
▪ 1 withdrawn or postponed deals 0
3# 20.0%
0
▪ 100% of 1H16 Micro IPOs priced within IPO +1D IPO +1M IPO - YTD
range*
1# 1.9%
IPOs by Sector
-5.3% 1#
Materials
Brussels -9.1% 1#
Energy Biotechnology
9%
Healthcare 9% 27% -27.3% 2#
Paris
9%
11
-1 0 1
Information 9%
Technology 18% Consumer Primary / Secondary Split & Price Range
18% Discretionary
Industrials Secondary Shares Primary Shares
26%
IPOs by Time
74%
90 3 3 4
80 2 2 3
70 3
60
50 2 Within Range
40 1
2
30
73m
68m
82m
82m
33m
20 1
10 1
0 0 100%
number of IPOs
in each country (HQ)
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Large Micro IPOs: 250 –20m
IPOs: EUR 1500 – 50m,
EURm* where data available 11
European
EuropeanCountries
Countriesinclude: Austria,
include: Belgium,
Austria, Croatia,Croatia,
Belgium, Cyprus, Cyprus,
Czech Republic,
Czech Denmark,
Republic,Estonia,
Denmark,Finland, France,
Estonia, Germany,
Finland, Greece,
France, Hungary, Iceland,
Germany, Greece,Ireland,
Hungary, Iceland, Ireland,
Italy,
Italy,Latvia,
Latvia,Lithuania, Luxembourg,
Lithuania, Luxembourg,Malta,Malta,
Netherlands, Norway, Norway,
Netherlands, Poland, Portugal,
Poland,Romania, Slovakia,
Portugal, Romania,Slovenia, Spain,Slovenia,
Slovakia, Sweden, Switzerland, United Switzerland,
Spain, Sweden, Kingdom United KingdomEuropean H1 2016 Micro IPOs – Overview (2/3)
General Information Pricing & Volume Analysis
in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to-
Days (in % of total Current Current Price Price Final-to- Initial Initial High to Final Initial
Exchange Listing Filing-to- Issuing Issuing Size Issuing Share Market Range - Range - Initial Low Price Price Pricing Filing
Company Name HQ Country Standard Industry IPO Date Issuance Price Volume Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume
Lauritz.com Group Consumer
Denmark Sweden First North 22/06/2016 13 1.6 23.7 Micro No GS 32% - 68% 1.7 68.7 n/a n/a n/a n/a n/a n/a n/a n/a 13.8%
A/S Discretionary
Alternative
United United Consumer
Comptoir Group plc Investment 20/06/2016 5 0.6 20.8 Micro No GS 50% - 50% 0.8 75.3 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
Kingdom Kingdom Discretionary
Market
Française de Compartem
France France Energy 10/06/2016 18 27.0 37.5 Micro No GS 100% - 0% 21.0 106.4 27.0 35.5 31.3 31.3 0.0% 0.0% 0.0% -13.6% -34.8%
l'Energie SAS ent C
Wilson Therapeutics Main
Sweden Sweden Biotechnology 12/05/2016 13 5.3 44.8 Micro 4% 100% - 0% 4.5 115.6 5.0 6.3 5.7 5.7 0.0% 0.0% 0.0% -7.5% 9.8%
AB (publ) Market
Compoarte
ASIT biotech s.a. Belgium Belgium Biotechnology 10/05/2016 14 7.0 23.5 Micro No GS 100% - 0% 6.4 81.2 7.0 8.5 7.8 7.8 0.0% 0.0% 0.0% -9.7% -31.5%
ment C
Compartem
GeNeuro SA Switzerland France Biotechnology 14/04/2016 15 13.0 33.0 Micro No GS 100% - 0% 8.8 53.2 12.7 16.0 14.3 14.3 0.0% 0.0% 0.0% -9.1% -26.6%
ent B
SITI - B&T Group
Italy Italy AIM Italia Industrials 30/03/2016 14 8.0 23.0 Micro 13% 87% - 13% 8.2 24.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
S.p.A.
Alternative
United United Information
Blue Prism Group plc Investment 15/03/2016 0 1.0 26.9 Micro No GS 47% - 53% 1.4 87.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.2%
Kingdom Kingdom Technology
Market
Main
Garo AB (publ) Sweden Sweden Industrials 15/03/2016 8 7.9 31.6 Micro 15% 0% - 100% 17.8 178.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
Market
Alternative
Shield Therapeutics United United
Investment Healthcare 12/02/2016 0 1.9 41.8 Micro No GS 100% - 0% 1.9 203.9 n/a n/a n/a n/a n/a n/a n/a n/a 28.8%
plc Kingdom Kingdom
Market
B.R.A.I.N.
Biotechnology Prime
Germany Germany Materials 03/02/2016 14 9.0 31.5 Micro 3% 100% - 0% 8.5 139.8 9.0 12.0 10.5 10.5 0.0% 0.0% 0.0% -14.3% -25.0%
Research and Standard
Information Network
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Micro IPOs: EUR 20m – 50m ■ Primary Shares 12
Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary SharesEuropean H1 2016 Micro IPOs – Overview (3/3)
Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information
EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR
1 Month
IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to
Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer
Lauritz.com Group LETT Law Firm,
1.1% 5.2% 5.2% 5.2% 5.2% 11.5% 5.02% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a ABG Sundal Collier Holding n/a Baker & McKenzie Deloitte
A/S Linklaters
Holman Fenwick UHY Hacker
Comptoir Group plc 34.4% 20.8% 20.8% 20.8% 20.8% 16.7% 1.27% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1,038,124 Howard Kennedy
Willan Young
FirstEnergy Capital, Pareto
Française de
-4.4% -22.2% -22.2% -22.2% -22.2% 95.6% 0.19% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Securities, SG Corporate & n/a n/a - n/a
l'Energie SAS
Investment Banking
ABG Sundal Collier,
Wilson Therapeutics Ernst &
-0.5% -3.8% -4.6% -14.5% -14.5% 98.1% 0.33% n/a n/a n/a n/m n/m n/m n/a n/a 28.2% 17.2% Carnegie Investment Bank, n/a Advokatfirman Vinge Hammarskiöld & Co.
AB (publ) Young
DNB Sverige
KBC Securities, SG CMS DeBacker, Mazars Scrl,
ASIT biotech s.a. -3.6% -8.0% -9.8% -9.1% -9.1% 38.6% 0.42% n/a n/a 285.7x n/m n/m n/m n/a n/a 74.9% 47.1% Corporate & Investment n/a Freshfields Bruckhaus Allen & Overy RSM
Banking Deringer InterAudit
Bryan, Garnier & Co., SG
Bär & Karrer, Paul
GeNeuro SA -5.9% -23.2% -31.9% -32.3% -32.3% n/a n/a 8.8x 12.1x 1.7x n/m n/m n/m -8.6% 100.4% n/a 45.1% Corporate & Investment n/a - PwC
Hastings
Banking
SITI - B&T Group Grimaldi Studio
0.0% 3.8% 1.9% 1.9% 1.9% n/a n/a 0.7x 0.7x 0.6x 6.5x 6.0x 5.6x 27.3% 4.4% 136.9% 7.9% Banca Popolare Di Vicenza n/a - BDO
S.p.A. Legale, Starclex
Blue Prism Group plc 42.7% 42.8% 40.4% 41.4% 41.4% 51.1% 0.28% 9.8x 7.6x 5.8x n/m n/m n/m 31.0% 29.9% 360.4% -40.9% Investec Bank 1,076,008 Olswang Osborne Clarke BDO
Mannheimer Swartling Baker & McKenzie
Garo AB (publ) 40.1% 39.7% 75.1% 125.9% 125.9% 83.3% 0.13% 1.7x 1.5x 1.4x 14.4x 11.1x 10.0x 21.8% 12.3% 33.5% 18.3% Carnegie Investment Bank n/a n/a
Advokatbyrå Advokatbyrå
Stephenson Harwood,
Shield Therapeutics
3.1% 7.8% 20.7% -2.4% -2.4% 57.6% 0.06% 705.6x 66.0x 18.4x n/m n/m n/m n/a 519.1% 130.9% -20.9% Liberum Capital 1,250,048 Waller Lansden - KPMG
plc
Dortch & Davis
B.R.A.I.N.
Biotechnology
16.7% 12.2% 1.1% -5.3% -5.3% 39.5% 0.07% 5.3x 4.7x 3.5x n/m 424.2x 32.6x 57.2% 22.0% -68.1% n/a Oddo Seydler Bank 1,260,000 n/a Noerr PwC
Research and
Information Network
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 13
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this yearEuropean Micro IPOs – Performance (last 2 years)
150
Over the last two
years, the FCF Micro
IPO Index has
140
significantly
outperformed its
benchmark index by 130
28 percentage points
120
110
109%
100
90
80
81%
70
60
Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16
MSCI Europe Micro Cap Index FCF Micro IPO Index
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Micro IPOs: EUR 20m – 50m 14Micro IPOs and Market Volatility – Performance Overview
VSTOXX – LTM
50
60 45 VSTOXX –
Final-to-Filing Volume -26.6% 40
Last 6M
Adjustment
35
+1d Performance: -5.9%
55 30
Performance since -32.3%
Final-to-Filing Volume +28.8% 25
IPO:
Adjustment: 20
+1d Performance: +3.1% Final-to-Filing Volume 0.0% 15
50 Performance since -2.4% Adjustment 10
IPO: +1d Performance: 0.0%
Performance since +1.9%
45 IPO: Final-to-Filing Volume +9.8% Final-to-Filing Volume 0.0%
Adjustment Adjustment
Final-to-Filing Volume -25.0% Final-to-Filing Volume +0.2% +1d Performance: -0.5% +1d Performance: +34.4%
Adjustment: Adjustment Performance since -14.5% Performance since +20.8%
40 +1d Performance: +16.7% +1d Performance: +42.7% IPO: IPO:
Performance since -5.3% Performance since +41.4%
IPO: IPO: Final-to-Filing Volume -34.8%
Adjustment
35 Final-to-Filing Volume -31.5% +1d Performance: -4.4%
Adjustment
Performance since -22.2%
+1d Performance: -3.6% IPO:
30 Performance since -9.1%
IPO:
25
20
Final-to-Filing Volume 0.0%
Adjustment Final-to-Filing Volume +13.8%
15 +1d Performance: +40.1% Adjustment
Performance since +125.9% +1d Performance: +1.1%
IPO: Performance since +5.2%
IPO:
10
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 15Table of Contents
EXECUTIVE SUMMARY
FCF OVERVIEW
M AR K E T O V E R V I E W
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
RECENT IPO CASE STUDIES
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
16European H1 2016 Small IPOs – Overview (1/3)
Fast Facts European
0
Small IPOs - Performance Performance and Issuance by Exchange
0
▪ 8 IPOs in H1 in 2016
0
▪ EUR 647m Volume raised (7.4% of 0
European Volume) 0
24.1% 23.4% 1# 37.3%
Helsinki
15.9%
▪ 0 withdrawn or postponed deals 0
▪ 100% of 1H16 IPOs priced within range* 0
IPO +1D IPO +1M IPO - YTD
Stockholm 4# 36.5%
IPOs by Sector
Healthcare
Information 3# 1.4%
Industrials 13% Technology
13% 38%
8 0 0 0
Consumer 13%
Discretionary Primary / Secondary Split & Price Range
25%
Consumer Staples Secondary Shares Primary Shares
40%
IPOs by Time
60%
3
250 4
200
2 3
3
150 2 Within Range
1 1 1
100 2
183m
224m
1
90m
69m
81m
50 1
0 0 100%
number of IPOs
in each country (HQ)
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Small IPOs: EUR 50m – 100m, * where data available 17
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomEuropean H1 2016 Small IPOs – Overview (2/3)
General Information Pricing & Volume Analysis
in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to-
Days (in % of total Current Current Price Price Final-to- Initial Initial High to Final Initial
Exchange Listing Filing-to- Issuing Issuing Size Issuing Share Market Range - Range - Initial Low Price Price Pricing Filing
Company Name HQ Country Standard Industry IPO Date Issuance Price Volume Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume
Alternative
Accrol Group United United Consumer
Investment 09/06/2016 14 1.3 81.1 Small No GS 68% - 32% 1.2 111.9 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
Holdings Plc Kingdom Kingdom Staples
Market
Paradox Interactive Information
Sweden Sweden First North 26/05/2016 31 3.6 58.1 Small No GS 0% - 100% 5.5 580.6 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
AB (publ) Technology
Alternative
United United Information
Midwich Group plc Investment 05/05/2016 15 2.6 95.5 Small No GS 35% - 65% 2.7 214.1 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
Kingdom Kingdom Technology
Market
Alternative
Hotel Chocolat Group United United Consumer
Investment 05/05/2016 57 1.9 70.5 Small No GS 22% - 78% 2.0 229.0 n/a n/a n/a n/a n/a n/a n/a n/a 11.0%
Plc Kingdom Kingdom Staples
Market
Main
Lehto Group Oyj Finland Finland Industrials 27/04/2016 16 5.1 69.3 Small 11% 87% - 13% 7.0 407.8 4.5 5.1 4.8 4.8 0.0% 0.0% 0.0% 6.3% 0.0%
Market
Main
Humana AB Sweden Sweden Healthcare 22/03/2016 13 6.7 84.8 Small 13% 57% - 43% 8.1 429.1 5.9 6.7 6.3 6.3 0.0% 0.0% 0.0% 6.9% 0.3%
Market
Consumer
LeoVegas AB (publ) Sweden Sweden First North 17/03/2016 13 3.5 98.2 Small 14% 21% - 79% 3.4 354.3 3.0 3.5 3.2 3.2 0.0% 0.0% 0.0% 6.7% 0.0%
Discretionary
Information
Catena Media plc Malta Sweden First North 11/02/2016 10 3.5 89.5 Small 15% 28% - 72% 6.0 308.8 2.8 3.6 3.2 3.2 0.0% 0.0% 0.0% 8.2% -3.2%
Technology
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Small IPOs: EUR 50m – 100m ■ Primary Shares 18
Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary SharesEuropean H1 2016 Small IPOs – Overview (3/3)
Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information
EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR
1 Month
IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to
Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer
Accrol Group
-13.9% -5.8% -5.8% -5.8% -5.8% n/a n/a n/m n/m n/a n/m n/m n/a n/a n/a n/a n/a n/a n/a Addleshaw Goddard DWF Biggart Baillie PwC
Holdings Plc
Paradox Interactive Setterwalls
34.2% 54.4% 55.4% 54.4% 54.4% 4.0% 14.94% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Avanza Bank n/a - n/a
AB (publ) Advokatbyrå
Grant
Midwich Group plc 12.5% 28.5% -0.2% 2.0% 2.0% 60.9% 0.60% 0.7x 0.6x 0.6x 12.3x 10.9x 10.2x 8.9% 7.1% 19.5% 9.8% Investec Bank 2,388,153 Mills & Reeve Norton Rose Fulbright
Thornton UK
Hotel Chocolat Group
28.3% 38.0% 8.9% 7.9% 7.9% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Stephenson Harwood - BDO
Plc
OP Yrityspankki, Pareto
Lehto Group Oyj 15.7% 22.9% 37.6% 37.3% 37.3% n/a n/a 1.0x 0.9x 0.8x 10.8x 9.2x 8.2x 35.9% 11.4% 120.5% 17.0% n/a Krogerus Attorneys Roschier Attorneys n/a
Securities
ABG Sundal Collier, Gernandt &
Mannheimer Swartling
Humana AB 12.3% 13.3% 21.6% 20.2% 20.2% 25.5% 0.44% 1.2x 1.1x 1.1x 17.6x 17.4x 15.7x 10.9% 7.5% 9.0% 10.9% Carnegie, DNB Bank, n/a Danielsson KPMG
Advokatbyrå
Skandinaviska Enskilda Advokatbyrå
Baker & McKenzie
Carnegie, Skandinaviska
LeoVegas AB (publ) 18.6% 10.8% -1.4% -0.9% -0.9% 65.2% 0.34% 2.6x 1.7x 1.2x 74.8x 62.3x 9.2x 95.6% 43.0% 1.9% 311.7% 4,910,570 Advokatbyrå, Baker & Hammarskiöld & Co. PwC
Enskilda
Mckenzie
Ganado & Associates,
Gernandt & Baker & McKenzie
Catena Media plc 19.7% 31.1% 58.8% 72.5% 72.5% 43.1% 0.41% 4.8x 3.7x 3.1x 8.9x 7.0x 5.9x 226.3% 25.5% 207.1% 22.5% Carnegie n/a PwC
Danielsson Advokatbyrå
Advokatbyrå
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 19
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this yearEuropean Small IPOs – Performance (last 2 years)
110
After a significant
performance increase
at the beginning of
2016, the FCF Small 105
IPO Index has fallen
to a similar level as
its benchmark index 100
95
90
85
86%
80
82%
75
70
Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16
MSCI Europe Small Cap Index FCF Small IPO Index
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Small IPOs: EUR 50m – 100m 20Small IPOs and Market Volatility – Performance Overview
VSTOXX – LTM
50
60 45 VSTOXX –
40
Last 6M
35
Final-to-Filing Volume +11.0%
55 Final-to-Filing Volume +0.3% Adjustment
30
Adjustment: 25
+1d Performance: +28.3%
+1d Performance: +12.3% 20
Performance since +7.9%
Final-to-Filing Volume -3.2% Performance since +20.2% IPO:
15
50
Adjustment: IPO: 10
+1d Performance: +19.7%
Performance since +72.5%
45 IPO:
Final-to-Filing Volume 0.0%
Final-to-Filing Volume 0.0% Adjustment:
Adjustment:
+1d Performance: +12.5%
+1d Performance: +18.6%
40 Performance since +2.0%
Performance since -0.9% IPO:
IPO:
35
Final-to-Filing Volume 0.0%
Adjustment: Final-to-Filing Volume 0.0%
Adjustment:
+1d Performance: +15.7%
30 +1d Performance: +34.2%
Performance since +37.3%
IPO: Performance since +54.4%
IPO:
25
20
Final-to-Filing Volume 0.0%
Adjustment
15 +1d Performance: -13.9%
Performance since -5.8%
IPO:
10
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 21Table of Contents
EXECUTIVE SUMMARY
FCF OVERVIEW
M AR K E T O V E R V I E W
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
RECENT IPO CASE STUDIES
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
22European H1 2016 Medium IPOs – Overview (1/3)
Fast Facts European Medium IPOs - Performance Performance and Issuance by Exchange
0
▪ 9 IPOs in H1 in 2016 0
0 1# 21.5%
▪ EUR 1,183m Volume raised (13.6% of 0
European Volume) 10.9%
0 8.1%
2# 20.5%
▪ 1 withdrawn or postponed deals 0 Stockholm
1.9%
▪ 100% of 1H16 IPOs priced within range* 0
IPO +1D IPO +1M IPO - YTD 1# 7.1%
Amsterdam
-1.0% 1#
IPOs by Sector
Helsinki
-2.2% 1#
Materials
-15.0% 1#
Information
Technology 11%
Consumer
11% -17.1% 2#
Discretionary
9
56% 0 0 0
22%
Primary / Secondary Split & Price Range
Industrials
Secondary Shares Primary Shares
24%
IPOs by Time
76%
4
700 5
600 3 4
500 4
2 3
400 3 Within Range
300 2
632m
339m
211m
200 2
0m
0m
0m
1
100 1
0 0 100%
number of IPOs
in each country (HQ)
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Medium IPOs: EUR 100m – 250m, * where data available 23
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomEuropean H1 2016 Medium IPOs – Overview (2/3)
General Information Pricing & Volume Analysis
in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to-
Days (in % of total Current Current Price Price Final-to- Initial Initial High to Final Initial
Exchange Listing Filing-to- Issuing Issuing Size Issuing Share Market Range - Range - Initial Low Price Price Pricing Filing
Company Name HQ Country Standard Industry IPO Date Issuance Price Volume Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume
Main Consumer
AcadeMedia AB Sweden Sweden 15/06/2016 19 4.3 101.5 Medium No GS 37% - 63% 6.3 589.8 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
Market Discretionary
Nordic Waterproofing Main
Sweden Sweden Industrials 10/06/2016 11 7.6 109.9 Medium No GS 0% - 100% 7.2 172.7 7.1 8.1 7.6 7.6 0.0% 0.0% 0.0% 0.0% -6.6%
Holding A/S Market
Alternative
United United Consumer
Joules Limited Investment 23/05/2016 20 2.1 100.1 Medium No GS 15% - 85% 2.0 179.1 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
Kingdom Kingdom Discretionary
Market
United United Main Consumer
Motorpoint Group plc 13/05/2016 0 2.5 127.2 Medium No GS 0% - 100% 2.3 233.4 n/a n/a n/a n/a n/a n/a n/a n/a 0.2%
Kingdom Kingdom Market Discretionary
Netherland Compartem
Sif Holding N.V. Netherlands Industrials 11/05/2016 2 14.0 112.0 Medium 6% 0% - 100% 15.0 382.5 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
s ent B
Consumer
Technogym S.p.A. Italy Italy MTA 28/04/2016 10 3.3 162.5 Medium 15% 0% - 100% 4.0 790.0 3.0 3.8 3.4 3.4 0.0% 0.0% 0.0% -3.7% -13.3%
Discretionary
Main Consumer
Tokmanni Group Oyj Finland Finland 28/04/2016 13 6.7 157.6 Medium 5% 60% - 40% 6.6 385.6 6.3 7.6 6.9 6.9 0.0% 0.0% 0.0% -3.2% -9.4%
Market Discretionary
Global Dominion Continous Information
Spain Spain 26/04/2016 12 2.7 150.0 Medium 9% 100% - 0% 2.3 394.9 2.6 3.2 2.9 2.9 0.0% 0.0% 0.0% -5.5% 0.0%
Access, S.A. Market Technology
United United Main
Forterra plc Materials 25/04/2016 27 2.3 162.1 Medium No GS 0% - 100% 1.7 343.1 n/a n/a n/a n/a n/a n/a n/a n/a -0.3%
Kingdom Kingdom Market
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Medium IPOs: EUR 100m– 250m ■ Primary Shares 24
Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary SharesEuropean H1 2016 Medium IPOs – Overview (3/3)
Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information
EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR
1 Month
IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to
Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer
Carnegie, DNB Bank,
Advokatfirman Vinge,
AcadeMedia AB 35.7% 46.7% 46.7% 46.7% 46.7% 95.9% 1.18% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Nordea Bank, Skandinaviska n/a White & Case Advokat EY
Latham & Watkins
Enskilda
ABG Sundal Collier, Plesner Svane Gernandt &
Nordic Waterproofing
-0.4% -5.7% -5.7% -5.7% -5.7% 57.5% 3.94% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Carnegie Investment Bank n/a Gronborg, Roschier Danielsson PwC
Holding A/S
AB Attorneys Advokatbyrå
Joules Limited 23.2% 4.7% 0.1% -1.0% -1.0% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Liberum Capita, Peel Hunt n/a Eversheds Ashurst Deloitte
Numis Securities, Shore
Motorpoint Group plc 13.4% 11.1% -8.4% -8.2% -8.2% 60.4% 0.77% 0.3x 0.3x n/a 11.3x 9.8x n/a n/a 15.2% n/a 21.5% 2,543,883 Pinsent Masons DLA Piper PwC
Capital Stockbrokers
ABN AMRO, Coöperatieve NautaDutilh, Stibbe, Shearman &
Sif Holding N.V. 0.0% 13.5% 4.5% 7.1% 7.1% 31.0% 0.63% 1.1x 1.0x 0.9x 7.1x 5.5x 4.9x 15.7% 5.1% 8.9% 11.4% 2,520,000 EY
Rabobank, HSBC, ING Proskauer Rose Sterling
GS, J.P. Morgan Securities,
Cleary Gottlieb Steen
Technogym S.p.A. 11.4% 29.2% 21.7% 21.5% 21.5% 28.8% 1.21% 1.4x 1.3x 1.3x 9.0x 7.9x 7.1x 7.7% 6.0% 34.5% 11.8% Mediobanca Banca di n/a White & Case PwC
& Hamilton
Credito Finanziario
Cleary Gottlieb Steen
BoAML, Carnegie, GS,
Tokmanni Group Oyj 0.0% 0.7% 0.7% -2.2% -2.2% 37.2% 3.58% 0.7x 0.7x 0.7x 9.5x 8.3x 7.5x 2.8% 3.8% 3.3% 13.0% n/a White & Case & Hamilton, Roschier KPMG
Nordea Bank
Attorneys
DLA Piper Rudnick
Global Dominion Banco Santander, JB Clifford Chance,
-5.8% -1.4% -10.2% -15.0% -15.0% 41.7% 0.75% 0.7x 0.7x 0.6x 9.7x 8.3x 7.4x 48.4% 10.4% 126.9% 15.0% 3,750,000 Gray Cary Spain, DLA PwC
Access, S.A. Capital, SocGen Clifford Chance
Piper
Gibson, Dunn &
Forterra plc -4.1% -1.0% -28.7% -26.1% -26.1% 93.4% 0.34% 2.3x 2.2x 2.1x 9.7x 8.8x 8.3x 8.2% 5.4% 15.9% 9.5% Citigroup, CS, DB 3,241,010 - EY
Crutcher, Linklaters
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 25
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this yearEuropean Medium IPOs – Performance (last 2 years)
200
Over the last two
years, the FCF
Medium IPO Index
has significantly 180
outperformed its 176%
benchmark index by
92 percentage points
160
140
120
100
84%
80
60
Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16
MSCI Europe Mid Cap Index FCF Medium IPO Index
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Medium IPOs: EUR 100m– 250m 26Medium IPOs and Market Volatility – Performance Overview
VSTOXX – LTM
50
60 VSTOXX –
Final-to-Filing Volume +0.2% 45
Adjustment: 40
Last 6M
+1d Performance: +13.4% 35
55 Performance since -8.2% 30
IPO: 25
Final-to-Filing Volume 0.0%
20
Adjustment: 15
50 Final-to-Filing Volume -13.3%
+1d Performance: 0.0% Adjustment:
10
Performance since +7.1% +1d Performance: +11.4%
IPO:
Performance since +21.5%
45 IPO:
Final-to-Filing Volume 0.0%
Adjustment:
Final-to-Filing Volume -9.4% +1d Performance: +35.7%
40 Adjustment:
Performance since +46.7%
+1d Performance: 0.0% IPO:
Performance since -2.2%
IPO:
35
Final-to-Filing Volume -6.6%
Final-to-Filing Volume -0.3% Adjustment:
Adjustment:
+1d Performance: -0.4%
30 +1d Performance: -4.1%
Performance since -5.7%
Performance since -26.1% IPO:
IPO:
25
20
Final-to-Filing Volume 0.0% Final-to-Filing Volume 0.0%
Adjustment: Adjustment:
15
+1d Performance: -5.8% +1d Performance: +23.2%
Performance since -15.0% Performance since -1.0%
IPO: IPO:
10
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 27Table of Contents
EXECUTIVE SUMMARY
FCF OVERVIEW
M AR K E T O V E R V I E W
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
RECENT IPO CASE STUDIES
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
28European H1 2016 Large IPOs – Overview (1/3)
Fast Facts European Large IPOs - Performance Performance and Issuance by Exchange
0
0
▪ 10 IPOs in H1 in 2016 0
1# 37.9%
▪ EUR 6,520m Volume raised (75.6% of 0
European Volume) 0 5.9%
0 3.7% 2# 20.9%
▪ 1 withdrawn or postponed deals 0 2.6% Copenhagen
▪ 89% of 1H16 IPOs priced within range* 0
IPO +1D IPO +1M IPO - YTD 1# 16.8%
Paris
1# 10.4%
IPOs by Sector
Amsterdam
-1.6% 2#
Utilities
Consumer -21.8% 2#
Staples Consumer
10%
Discretionary
10% -23.2% 1#
10 50%
0 0 0 0 0 1
30% Primary / Secondary Split & Price Range
Industrials
Secondary Shares Primary Shares
32%
IPOs by Time
68%
3 2
3000 4
2500 3
2 2
2000 3 Below Range
2 Within Range
1500 1 2
1646m
1080m
2702m
11%
835m
256m
1000 1
500 1
0 0
number of IPOs 89%
in each country (HQ)
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Large IPOs: > EUR 250m, * where data available 29
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomEuropean H1 2016 Large IPOs – Overview (2/3)
General Information Pricing & Volume Analysis
in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to-
Days (in % of total Current Current Price Price Final-to- Initial Initial High to Final Initial
Exchange Listing Filing-to- Issuing Issuing Size Issuing Share Market Range - Range - Initial Low Price Price Pricing Filing
Company Name HQ Country Standard Industry IPO Date Issuance Price Volume Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume
Basic Fit Nederland Netherland Compartem Consumer
Netherlands 10/06/2016 11 15.0 400.0 Large No GS 93% - 7% 14.0 1,181.1 15.0 20.0 17.5 17.5 0.0% 0.0% 0.0% -14.3% -25.0%
B.V. s ent A Discretionary
Main
DONG Energy AS Denmark Denmark Utilities 09/06/2016 14 31.6 2,302.1 Large 15% 0% - 100% 32.3 16,189.3 26.9 34.3 30.6 30.6 0.0% 0.0% 0.0% 3.3% -7.8%
Market
Netherland Compartem
Philips Lighting N.V. Netherlands Industrials 26/05/2016 10 20.0 750.0 Large 15% 0% - 100% 20.8 3,112.5 19.0 20.0 19.5 20.5 -4.9% 2.7% -11.1% 2.6% -11.1%
s ent A
Maisons du Monde Compartem Consumer
France France 26/05/2016 13 17.0 330.0 Large 15% 48% - 52% 18.8 848.7 16.5 22.3 19.4 19.4 0.0% 0.0% 0.0% -12.3% -14.3%
SA ent B Discretionary
Parques Reunidos
Continous Consumer
Servicios Centrales, Spain Spain 28/04/2016 9 15.5 600.2 Large No GS 87% - 13% 13.1 1,053.7 15.5 20.5 18.0 18.0 0.0% 0.0% 0.0% -13.9% -12.5%
Market Discretionary
S.A.U.
Telepizza Group, Continous Consumer
Spain Spain 26/04/2016 12 7.8 550.0 Large 10% 22% - 78% 5.6 563.9 7.8 8.8 8.3 8.3 0.0% 10.7% -7.9% -6.1% 0.0%
S.A.U. Market Discretionary
Swiss
VAT Group AG Switzerland Switzerland Industrials 14/04/2016 14 41.3 495.8 Large 15% 0% - 100% 57.0 1,709.0 39.5 41.3 40.4 39.0 3.5% 10.3% -2.2% 2.3% -2.2%
Shares
Prime
Senvion S.A. Germany Germany Industrials 21/03/2016 0 15.8 255.9 Large 15% 0% - 100% 12.1 865.3 15.5 17.0 16.3 16.3 0.0% 0.0% 0.0% -3.1% -7.4%
Standard
Scandinavian Main Consumer
Denmark Denmark 10/02/2016 13 10.5 476.9 Large 1% 0% - 100% 14.7 1,468.7 9.8 11.6 10.7 10.7 0.0% 0.0% 0.0% -1.5% -9.1%
Tobacco Group A/S Market Staples
United United Main Consumer
Ascential plc 09/02/2016 26 2.6 358.6 Large 7% 71% - 29% 3.0 1,198.7 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
Kingdom Kingdom Market Discretionary
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Large IPOs: > 250 EURm ■ Primary Shares 30
Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary SharesEuropean H1 2016 Large IPOs – Overview (3/3)
Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information
EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR
1 Month
IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to
Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer
ABN AMRO, Barclays,
Shearman & Sterling,
Basic Fit Nederland Coöperatieve Rabobank, DB, Stibbe, Sullivan &
-9.0% -7.0% -7.0% -7.0% -7.0% 70.9% 1.13% 3.7x 3.1x 2.6x 11.4x 8.8x 7.1x 24.1% 19.1% 40.3% 26.2% 7,000,000 Rutgers Posch Visée EY
B.V. ING Bank, KBC Securities, Cromwell
Endedijk
MS, NIBC Bank
Abg Sundal Collier, Citi,
Davis Polk &
Coöperatieve Rabobank, Gorrissen Federspiel,
DONG Energy AS 7.2% 2.2% 2.2% 2.2% 2.2% 42.8% 1.38% n/a n/a n/a n/a n/a n/a 0.5% -2.4% 11.7% -5.4% n/a Wardwell, Kromann PwC
Danske, JPM, MS, Nordea, Latham & Watkins
Reumert
RBC, UBS
ABN AMRO, Citi, De Brauw Blackstone
Stibbe, Davis Polk &
Philips Lighting N.V. 10.0% 4.3% 5.3% 3.8% 3.8% 28.8% 1.91% 0.5x 0.5x 0.5x 5.2x 5.1x 4.9x 3.2% 0.9% 5.6% 0.7% Coöperatieve Rabobank, GS, 9,375,000 Westbroek, Sullivan & EY, KMPG
Wardwell
ING, JPM, MS, SG CIB Cromwell
Maisons du Monde Citi, Crédit Agricole,GS, Deloitte,
5.9% 7.1% 10.1% 10.4% 10.4% 52.2% 0.80% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a -
SA JPM, Jefferie, SG CIB KPMG
Parques Reunidos Banca IMI, Banco Uría Menéndez
Freshfields Bruckhaus
Servicios Centrales, -4.8% -4.7% -13.5% -15.8% -15.8% 46.7% 0.96% 2.9x 2.8x 2.6x 8.8x 8.1x 7.5x 7.0% 5.7% 9.9% 8.6% Santander, Barclays, BNP, 12,003,500 Abogados, White & KPMG
Deringer
S.A.U. CaixaBank, DB, MS Case
Banco Bilbao, Banco Uría Menéndez
Telepizza Group,
-19.4% -15.7% -27.7% -27.7% -27.7% n/a n/a 2.5x 2.3x 2.2x 13.0x 11.5x 10.8x 2.4% 7.2% 32.4% 9.8% Santander, Barclays, ML, 10,312,500 Linklaters Abogados, Davis Polk KPMG
S.A.U.
Nomura, UBS & Wardwell
Freshfields Bruckhaus
Vontobel, CS, JPM, Latham & Watkins,
VAT Group AG 4.5% 17.5% 36.0% 37.9% 37.9% 46.0% 3.16% n/m n/m n/m n/m n/m n/m n/a 7.6% n/a 9.4% n/a Deringer, Bär & KPMG
Berenberg, UBS Niederer; Kraft & Frey
Karrer
Barclay, Citi, DB, JPM, White & Case
Senvion S.A. 0.9% -0.9% -23.8% -23.2% -23.2% 31.9% 0.19% n/a n/a n/m n/a n/a n/m 11.6% 3.4% 45.2% 5.3% n/a Allen & Overy EY
Berenberg, ML, MS Feddersen
Plesner Svane
Scandinavian Kromann Reumert,
27.2% 35.1% 32.2% 39.7% 39.7% 35.5% 0.26% 1.9x 1.9x 1.9x 9.1x 8.8x 8.6x 5.2% 1.4% 13.3% 2.7% Carnegie, DB, JPM, Nordea n/a Gronborg, Latham & PwC
Tobacco Group A/S White & Case
Watkins
Simpson Thacher &
Ascential plc 3.8% 20.8% 17.8% 16.8% 16.8% 22.0% 0.44% 3.4x 3.3x 3.0x 11.8x 11.0x 10.1x 5.4% 6.3% 38.4% 7.7% BNP, DB, GS, ML, Numis 5,378,302 Clifford Chance KPMG
Bartlett
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 31
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this yearEuropean Large IPOs – Performance (last 2 years)
150
Over the last two
years, the FCF Large
IPO Index has
140
significantly
outperformed its
benchmark index by 130
37 percentage points
120
112%
110
100
90
80
75%
70
60
Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16
MSCI Europe Large Cap Index FCF Large IPO Index
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research, Large IPOs: > EUR 250m 32Large IPOs and Market Volatility – Performance Overview
VSTOXX – LTM
50
60 45 VSTOXX –
40
Last 6M
35
55 30
25
Final-to-Filing Volume -9.1%
20
Adjustment: 15
50
+1d Performance: +27.2% 10
Performance since +39.7% Final-to-Filing Volume -12.5%
IPO: Adjustment:
45 +1d Performance: -4.8%
Final-to-Filing Volume -25.0%
Performance since -15.8% Adjustment:
Final-to-Filing Volume 0.0% IPO:
+1d Performance: -9.0%
Adjustment: Final-to-Filing Volume -7.4%
40 Adjustment: Performance since -7.0%
+1d Performance: +3.8% IPO:
Performance since +16.8% +1d Performance: +0.9%
IPO: Performance since -23.2%
IPO:
35
Final-to-Filing Volume 0.0% Final-to-Filing Volume -11.1%
Adjustment: Adjustment:
+1d Performance: -19.4% +1d Performance: +10.0%
30 Performance since -27.7% Performance since +3.8%
IPO: IPO:
25
20
Final-to-Filing Volume -7.8%
Final-to-Filing Volume -2.2% Final-to-Filing Volume -14.3% Adjustment:
Adjustment: Adjustment: +1d Performance: +7.2%
15
+1d Performance: +4.5% +1d Performance: +5.9% Performance since +2.2%
Performance since +37.9% Performance since +10.4% IPO:
IPO: IPO:
10
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16
Source: S&P Capital IQ as of 30.06.2016, FCF Equity Research 33Table of Contents
EXECUTIVE SUMMARY
FCF OVERVIEW
MARKET OVERVIEW
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
R E C E N T I P O C AS E S T U D I E S
- MICRO IPOS
- SMALL IPOS
- MEDIUM IPOS
- LARGE IPOS
34Lauritz.com Group A/S
Company Description IPO Facts .
Sector: Internet Retail Ticker OM:LAUR Financial Advisors
Lauritz.com Group A/S provides online auction services in Denmark. The company engages in the Exchange Stockholm Stock Exchange ABG Sundal Collier Holding ASA
Initial Filing Date 09-Jun-16
auction of art, design classics, antiques, and home luxury through its Lauritz.com Website. Its
Announced Date 09-Jun-16
product categories comprise antique and modern art, furniture, lighting, carpets, ceramics, silver,
# Days Announced to Offer 13
jewelry, clocks, wine, weapons etc. The company primarily serves trendsetters, pensioners,
Offer Date 22-Jun-16
students, and top executives. As of May 27, 2016, it had 26 auction houses, including 8 owned
houses and 18 partner houses located in Denmark, Sweden, Norway, Germany, and Belgium. The
company was founded in 1885 and is headquartered in Søborg, Denmark. Lauritz.com Group A/S IPO Price (EUR) 1.61
operates as a subsidiary of Lauritz.com Holding A/S. Filing Price Range (EUR) n/a
Final Price Range (EUR) n/a
Legal Counsel
Shares Offered (incl. Greenshoe) 14.8m
Greenshoe 0.0% Baker & McKenzie Advokatbyrå KB
Filing Volume (EUR) 20.9m
1
Final Volume (EUR) 2 23.7m
Filing-to-Final Change 13.8%
Public Shareholders 1 Accounting Advisors
2
Primary / Secondary Split
Lauritz.com Holding A/S 84% Deloitte Statsautoriseret Revisionsaktieselskab
Rode Sundstrøm, Mette Margrethe 4% Primary 32%
0 0.0% Secondary 68%
0 0.0%
0 0.0% Key Financials
Free Float 11% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations
Share Price Performance Revenue 30.5 n/a n/a n/a n/a
IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy
Lauritz.com Group A/S 8.0% n/a n/a 5.2% EBITDA 5.1 n/a n/a n/a n/a 0 Outperform
OMX Stockholm 0.6% n/a n/a (1.2%) Margin 16.8% n/a n/a n/a 0 Hold
110 EBIT 4.1 n/a n/a n/a n/a 0 Underperform
Margin 13.4% n/a n/a n/a 0 Sell
Prices Rebased (in %)
105 Net Income 0.2 n/a n/a n/a n/a
Margin 0.6% n/a n/a n/a
100
(EURm) Valuation FY 2016
JJJJ FY 2017 FY 2018
95 Enterprise Value 109.0 EV/Sales n/a n/a n/a
Net Debt 41.1 EV/EBITDA n/a n/a n/a
90 Minority Interest 0.0 EV/EBIT n/a n/a n/a
Jun-16
Preferred Equity 0.0 P/E n/a n/a n/a
Lauritz.com Group A/S OMX Stockholm All Share Index Market Cap 68.7 P/B n/a n/a n/a
Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 35
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeComptoir Group plc
Company Description IPO Facts .
Sector: Restaurants Ticker AIM:COM Financial Advisors
Comptoir Group plc owns and operates restaurants in the United Kingdom. It offers various food Exchange AIM - London Stock Exchange 0
Initial Filing Date 15-Jun-16
menus and drinks. The company was formerly known as Levant Restaurants Group Limited and
Announced Date 15-Jun-16
changed its name to Comptoir Group plc in June, 2016. Comptoir Group plc was founded in 2000 and
# Days Announced to Offer 5
is based in London, United Kingdom.
Offer Date 20-Jun-16
IPO Price (EUR) 0.65
Filing Price Range (EUR) n/a
Final Price Range (EUR) n/a
Legal Counsel
Shares Offered (incl. Greenshoe) 32.0m
Greenshoe 0.0% Holman Fenwick Willan LLP
Filing Volume (EUR) 20.8m
1
Final Volume (EUR) 2 20.8m
Filing-to-Final Change 0.0%
Public Shareholders 1 Accounting Advisors
2
Primary / Secondary Split
Kitous, Ahmed 63% UHY Hacker Young LLP
Hanna, Chaker 21% Primary 50%
Schroder Investment Management Limited 5% Secondary 50%
0 0.0%
0 0.0% Key Financials
Free Float 11% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations
Share Price Performance Revenue 24.1 n/a n/a n/a n/a
IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy
Comptoir Group plc 34.4% n/a n/a 20.8% EBITDA 2.8 n/a n/a n/a n/a 0 Outperform
FTSE AIM (0.1%) n/a n/a (1.2%) Margin 11.7% n/a n/a n/a 0 Hold
150 EBIT 1.9 n/a n/a n/a n/a 0 Underperform
140
Margin 7.8% n/a n/a n/a 0 Sell
Prices Rebased (in %)
Net Income 1.4 n/a n/a n/a n/a
130 Margin 5.8% n/a n/a n/a
120
(EURm) Valuation FY 2016
JJJJ FY 2017 FY 2018
110
Enterprise Value 77.3 EV/Sales n/a n/a n/a
100
Net Debt 2.4 EV/EBITDA n/a n/a n/a
90 Minority Interest 0.0 EV/EBIT n/a n/a n/a
Jun-16
Preferred Equity 0.0 P/E n/a n/a n/a
Comptoir Group plc FTSE AIM UK 100 Index Market Cap 75.3 P/B n/a n/a n/a
Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 36
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeFrancaise de l’Energie SAS
Company Description IPO Facts .
Sector: Oil and Gas Exploration and Production Ticker ENXTPA:LFDE Financial Advisors
Française de l'Energie SAS engages in the exploration and production of oil and gas resources in Exchange EURONEXT Paris FirstEnergy Capital LLP
Initial Filing Date 23-May-16
France. It primarily focuses on coal bed methane and coal mine methane. The company operates in Pareto Securities AS
Announced Date 23-May-16
two mining areas, such as Lorraine located at the border of France and Germany, and Nord-Pas de SG Corporate & Investment Banking
# Days Announced to Offer 18
Calais basin located at the border of France and Belgium. It holds 253 billion cubic feet of proved and
Offer Date 10-Jun-16
probable reserves across the Nord-Pas de Calais and Lorraine basins, as well as holds 6 trillion cubic
feet of contingent resources. Française de l'Energie SAS was founded in 2007 and is headquartered
in Forbach, France. IPO Price (EUR) 27.00
Filing Price Range (EUR) 27.00 - 35.50
Final Price Range (EUR) n/a
Legal Counsel
Shares Offered (incl. Greenshoe) 1.4m
Greenshoe 0.0% n/a
Filing Volume (EUR) 57.5m
1
Final Volume (EUR) 2 37.5m
Filing-to-Final Change (34.8%)
Public Shareholders 1 Accounting Advisors
2
Primary / Secondary Split
Moulin, Julien 4% n/a
0 0.0% Primary 100%
0 0.0% Secondary 0%
0 0.0%
0 0.0% Key Financials
Free Float 96% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations
Share Price Performance Revenue n/a n/a n/a n/a n/a
IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy
Française de l'Energie SAS (4.4%) n/a n/a (22.2%) EBITDA (3.4) n/a n/a n/a n/a 0 Outperform
Euronext 150 (2.2%) n/a n/a (4.3%) Margin n/m n/a n/a n/a 0 Hold
105 EBIT (3.4) n/a n/a n/a n/a 0 Underperform
100 Margin n/m n/a n/a n/a 0 Sell
Prices Rebased (in %)
95 Net Income (4.2) n/a n/a n/a n/a
Margin n/m n/a n/a n/a
90
85
(EURm) Valuation FY 2016
JJJJ FY 2017 FY 2018
80
Enterprise Value 123.2 EV/Sales n/a n/a n/a
75 16.9
Net Debt EV/EBITDA n/a n/a n/a
70 Minority Interest 0.0 EV/EBIT n/a n/a n/a
Jun-16
Preferred Equity 0.0 P/E n/a n/a n/a
Française de l'Energie SAS Euronext 150 Index Market Cap 106.4 P/B n/a n/a n/a
Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 37
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeWilson Therapeutics AB
Company Description IPO Facts .
Sector: Biotechnology Ticker OM:WTX Financial Advisors
Wilson Therapeutics AB (publ), a biopharmaceutical company, focuses on developing therapies Exchange Stockholm Stock Exchange ABG Sundal Collier AB
Initial Filing Date 29-Apr-16
addressing unmet medical needs in rare diseases. The company develops its lead product Carnegie Investment Bank AB
Announced Date 29-Apr-16
Decuprate, which is undergoing a clinical phase II trial for patients with Wilson Disease. The DNB Sverige
# Days Announced to Offer 13
company is headquartered in Stockholm, Sweden.
Offer Date 12-May-16
IPO Price (EUR) 5.26
Filing Price Range (EUR) 5.04 - 6.33
Final Price Range (EUR) 5.04 - 6.33
Legal Counsel
Shares Offered (incl. Greenshoe) 8.9m
Greenshoe 4.4% Hammarskiöld & Co. AB
Filing Volume (EUR) 40.8m
2
Final Volume (EUR) 44.8m
Filing-to-Final Change 9.8%
Public Shareholders 1 Accounting Advisors
2
Primary / Secondary Split
HealthCap 28% Ernst & Young AB
Abingworth LLP 15% Primary 100%
MVM Life Science Partners LLP 15% Secondary 0%
NeoMed 7%
Hansson, Jonas 0.2% Key Financials
Free Float 35% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations
Share Price Performance Revenue n/a n/a n/a n/a n/a
IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 2 Buy
Wilson Therapeutics AB (publ) 0.0% n/a n/a (14.5%) EBITDA (8.6) (9.5) (11.9) (13.1) 17.2% 0 Outperform
OMX Stockholm (0.8%) n/a n/a (0.3%) Margin n/m n/m n/m n/m 0 Hold
110 EBIT (8.6) (9.6) (12.0) (14.1) 21.3% 0 Underperform
Margin n/m n/m n/m n/m 0 Sell
105
Prices Rebased (in %)
Net Income (8.6) (8.9) (11.3) (13.5) 23.3%
100 Margin n/m n/m n/m n/m
95 (EURm) Valuation FY 2016
JJJJ FY 2017 FY 2018
90 Enterprise Value 110.0 EV/Sales n/a n/a n/a
Net Debt (5.7) EV/EBITDA nm nm nm
85 Minority Interest 0.0 EV/EBIT nm nm nm
May-16
Preferred Equity 0.0 P/E -13.0x -10.2x -8.6x
Wilson Therapeutics AB (publ) OMX Stockholm All Share Index Market Cap 115.6 P/B n/a 3.4x 5.3x
Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 38
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeASIT biotech s.a.
Company Description IPO Facts .
Sector: Biotechnology Ticker ENXTBR:ASIT Financial Advisors
ASIT biotech s.a., a clinical stage biopharmaceutical company, develops and markets Exchange EURONEXT Brussels KBC Securities NV
Initial Filing Date 26-Apr-16
immunotherapy drugs for the treatment of respiratory and food allergies. Its products include gp- SG Corporate & Investment Banking
Announced Date 26-Apr-16
ASIT+ for the treatment of grass pollen rhinitis; hdm-ASIT+ for the treatment of house dust mite
# Days Announced to Offer 14
asthma; and product candidates for other indications, such as airborne and food allergens. ASIT
Offer Date 10-May-16
biotech s.a. was formerly known as BioTech Tools SA and changed its name to ASIT biotech s.a. in
August 2015. The company was founded in 1997 and is based in Woluwe-Saint-Lambert, Belgium.
IPO Price (EUR) 7.00
Filing Price Range (EUR) 7.00 - 8.50
Final Price Range (EUR) n/a
Legal Counsel
Shares Offered (incl. Greenshoe) 3.4m
Greenshoe 0.0% Allen & Overy LLP (Brussels)
Filing Volume (EUR) 34.2m
2
Final Volume (EUR) 2 23.5m
Filing-to-Final Change (31.5%)
Public Shareholders 1 Accounting Advisors
2
Primary / Secondary Split
Federal Holding and Investment Company 11% Mazars Scrl
de Spoelberch, Rodolphe 10% Primary 65% RSM InterAudit
S.R.I.B. s.a. 7% Secondary 35%
Société Régionale d'Investissement de Wallonie S.A. 6%
Epimède SA 6% Key Financials
Free Float 61% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations
Share Price Performance Revenue 0.0 n/a n/a 0.3 n/a
IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 1 Buy
ASIT biotech s.a. (3.6%) n/a n/a (9.1%) EBITDA (7.6) (13.1) (20.9) (28.5) 47.1% 1 Outperform
Euronext 150 (0.3%) n/a n/a (3.8%) Margin n/m n/m n/m n/m 0 Hold
105 EBIT (7.6) (13.1) (20.9) (28.5) 47.4% 0 Underperform
100
Margin n/m n/m n/m n/m 0 Sell
Prices Rebased (in %)
Net Income (7.7) (11.4) (22.2) (41.0) 89.6%
95 Margin n/m n/m n/m n/m
90
(EURm) Valuation FY 2016
JJJJ FY 2017 FY 2018
85
Enterprise Value 80.8 EV/Sales n/a n/a 269.2x
80
Net Debt (0.4) EV/EBITDA nm nm nm
75 Minority Interest 0.0 EV/EBIT nm nm nm
May-16
Preferred Equity 0.0 P/E -7.1x -3.7x -2.0x
ASIT biotech s.a. Euronext 150 Index Market Cap 81.2 P/B n/a n/a n/a
Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 39
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeGeNeuro SA
Company Description IPO Facts .
Sector: Biotechnology Ticker ENXTPA:GNRO Financial Advisors
GeNeuro SA, a clinical stage pharmaceutical company, develops drugs for the treatment of Exchange EURONEXT Paris Bryan, Garnier & Co. GmbH
Initial Filing Date 30-Mar-16
autoimmune diseases. It develops GNbAC1, a monoclonal antibody that is in phase IIb of clinical SG Corporate & Investment Banking
Announced Date 30-Mar-16
development, as a treatment for multiple sclerosis. The company also focuses on developing its
# Days Announced to Offer 15
platform for other neurological diseases and autoimmune diseases, such as type 1 diabetes and
Offer Date 14-Apr-16
chronic inflammatory demyelinating polyneuropathy. GeNeuro SA has a collaboration agreement with
Servier to develop a medicine targeting a potential causal factor of multiple sclerosisis. The company
was founded in 2006 and is based in Plan-les-Ouates, Switzerland. IPO Price (EUR) 13.00
Filing Price Range (EUR) 12.65 - 15.95
Final Price Range (EUR) 15.50 - 17.00
Legal Counsel
Shares Offered (incl. Greenshoe) 2.5m
Greenshoe 0.0% n/a
Filing Volume (EUR) 44.9m
2
Final Volume (EUR) 33.0m
Filing-to-Final Change (26.6%)
Public Shareholders 1 Accounting Advisors
2
Primary / Secondary Split
Eclosion SA 105% PricewaterhouseCoopers SA
Institut Mérieux SA 82% Primary 100%
LES LABORATOIRES SERVIER SAS 21% Secondary 0%
J.P. Morgan Asset Management, Inc. 4%
Perron, Hervé 1% Key Financials
Free Float nm (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations
Share Price Performance Revenue 2.5 6.1 5.0 24.5 100.4%
IPO +1D IPO +3M IPO +6M since IPO Growth (18.0%) 390.0% 2 Buy
GeNeuro SA (5.9%) n/a n/a (32.3%) EBITDA (4.3) (5.3) (3.7) (11.1) 45.1% 0 Outperform
Euronext 150 (0.4%) n/a n/a (5.2%) Margin n/m n/m n/m n/m 0 Hold
105 EBIT (4.3) (7.7) (8.3) (2.4) (44.0%) 0 Underperform
100 Margin n/m n/m n/m n/m 0 Sell
95
Prices Rebased (in %)
Net Income (4.5) (7.8) (8.4) (2.6) (42.3%)
90 Margin n/m n/m n/m n/m
85
80
(EURm) Valuation FY 2016
JJJJ FY 2017 FY 2018
75
70 Enterprise Value 33.8 EV/Sales 5.5x 6.8x 1.4x
65 Net Debt (19.4) EV/EBITDA nm nm nm
60 Minority Interest 0.0 EV/EBIT nm nm nm
Apr-16
Preferred Equity 0.0 P/E -6.8x -6.3x -20.5x
GeNeuro SA Euronext 150 Index Market Cap 53.2 P/B n/a 5.1x 9.0x
Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 40
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeSITI – B&T Group S.p.A.
Company Description IPO Facts .
Sector: Industrial Machinery Ticker BIT:SITI Financial Advisors
SITI - B&T Group S.p.A. engages in the production and distribution of plants for the tile or ceramic Exchange Borsa Italia Banca Popolare Di Vicenza S.C.p.A.
Initial Filing Date 16-Mar-16
manufacturing industry worldwide. It also offers digital decorating machines and digital graphic design
Announced Date 16-Mar-16
projects; and plants for sanitaryware. In addition, the company provides technical assistance for the
# Days Announced to Offer 14
installation, maintenance, and modernization phases of production lines. The company was founded
Offer Date 30-Mar-16
in 1961 and is based in Formigine, Italy. SITI - B&T Group S.p.A. operates as a subsidiary of Barbieri
& Tarozzi Holding.
IPO Price (EUR) 8.00
Filing Price Range (EUR) n/a
Final Price Range (EUR) n/a
Legal Counsel
Shares Offered (incl. Greenshoe) 3.3m
Greenshoe 13.0% n/a
Filing Volume (EUR) 23.0m
1
Final Volume (EUR) 2 23.0m
Filing-to-Final Change 0.0%
Public Shareholders 1 Accounting Advisors
2
Primary / Secondary Split
Barbieri & Tarozzi Holding S.p.A. 0.0% BDO Italia
Patrimony 1873 S.A. 0.0% Primary 87%
0 0.0% Secondary 13%
0 0.0%
0 0.0% Key Financials
Free Float 100% (EURm) LTM FY 2016 FY 2017 FY 2018 CAGR 16-18 # of Recommendations
Share Price Performance Revenue 172.0 193.0 199.7 210.4 4.4%
IPO +1D IPO +3M IPO +6M since IPO Growth 3.5% 5.4% 0 Buy
SITI - B&T Group S.p.A. 0.0% 1.9% n/a 1.9% EBITDA 12.2 20.7 22.5 24.1 7.9% 0 Outperform
FTSE MIB (1.4%) (13.2%) n/a (11.9%) Margin 7.1% 10.7% 11.3% 11.5% 0 Hold
110 EBIT 8.9 16.2 17.8 19.2 8.9% 0 Underperform
105
Margin 5.2% 8.4% 8.9% 9.1% 0 Sell
Prices Rebased (in %)
Net Income 5.7 8.9 10.0 10.9 10.7%
100 Margin 3.3% 4.6% 5.0% 5.2%
95
(EURm) Valuation FY 2016
JJJJ FY 2017 FY 2018
90
Enterprise Value 71.1 EV/Sales 0.4x 0.4x 0.3x
85
Net Debt 40.8 EV/EBITDA 3.4x 3.2x 2.9x
80 Minority Interest 5.8 EV/EBIT 4.4x 4.0x 3.7x
Mar-16
Preferred Equity 0.0 P/E 2.7x 2.4x 2.2x
SITI - B&T Group S.p.A. FTSE MIB INDEX Market Cap 24.5 P/B n/a n/a n/a
Source: S&P Capital IQ as of 30.06.2016, Implied Free Float 41
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeYou can also read
