Fiera Milano SpA – Value Analysis (MILAN:FM) : November 14, 2017

Capitalcube gives Fiera Milano SpA a score of 11.

Our analysis is based on comparing Fiera Milano SpA with the following peers – GL Events SA and Best Union Company S.p.A. (GLO-FR and BEST-IT).

Investment Outlook

Fiera Milano SpA has a fundamental score of 11 and has a relative valuation of OVERVALUED.

Fundamental Score

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Company Overview

  • From a peer analysis perspective, relative outperformance last month is up from a median performance last year.
  • It currently trades at a Price/Book ratio of (2.35).
  • FM-IT‘s EBITDA-based price implies better than peer median growth.The market seems to expect a turnaround in the company’s current EBITDA-based return on equity.
  • FM-IT has relatively low profit margins and median asset efficiency.
  • Compared with its chosen peers, the company’s annual revenues and earnings change at a slower rate, implying a lack of strategic focus and/or lack of execution success.
  • FM-IT‘s return on assets currently and over the past five years has trailed the peer median and suggests the company might be operationally challenged relative to its peers.
  • While FM-IT‘s revenues have increased slower than peer median, the market currently gives the company a higher than peer median Price/EBITDA ratio and may be factoring in some sort of a strategic play.
  • The company’s relatively low level of capital investment and below peer median returns on capital suggest that the company is in maintenance mode.
  • FM-IT‘s operating performance may not allow it to raise additional debt.

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Leverage & Liquidity

FM-IT would seem to have a hard time raising additional debt.

  • With debt at 29.44% of its enterprise value compared to an overall benchmark of 25% (Note: The peer median is currently 48.75%), and relatively tight interest coverage level of -18.19x, FM-IT would have a hard time raising much additional debt.
  • All 2 peers for the company have an outstanding debt balance.

FM-IT has moved to a relatively low liquidity from an Some Capacity profile at the prior year-end.

  • FM-IT‘s interest coverage is its lowest over the last four years and compares to a high of 8.19x in 2015.
  • The decrease in its interest coverage to -18.19x from 8.19x (in 2015) was also accompanied by a decrease in its peer median during this period to 3.60x from 8.19x.
  • Interest coverage fell 21.79 points relative to peers. It is also below the 2.50x coverage benchmark unlike the peer median.
  • FM-IT‘s debt-EV is its lowest over the last four years and compares to a high of 40.18% in 2012.
  • Like the interest coverage trend, the decrease in its debt-EV (to 29.44% from 38.42%) was also accompanied by a decrease in its peer median during this period (to 48.75% from 50.36%).
  • Relative to peers, debt-EV fell 7.37 percentage points.

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Key Liquidity Items

Company Debt/Enterprise Value (%) Current Ratio Interest Coverage (x) Cash Flow To Total Debt (%)
GL Events SA 60.41 0.86 3.6 14.45
Best Union Company S.p.A. 48.75 1.08 5.64 47.35
Fiera Milano SpA 29.44 0.6 -18.19 -1.52
Peer Median 48.75 0.86 3.6 14.45
Best In Class 29.44 1.08 5.64 47.35

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Company Profile

Fiera Milano SpA engages in the exhibition and congress sectors. It deals with five areas of activity: Organisation and hospitality for exhibition events in Italy and abroad; Assembling services; Media (online and offline editorial services and content production; training; and events organising); Conference management. The company was founded in April 1920 and is headquartered in Rho, Italy.


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