Ori­gi­nal-Re­se­arch: GIGLIO​.COM S.p.A. – (von GBC AG): BUY

Re­se­arch | 10 No­vem­ber 2023 00:00

Ori­gi­nal-Re­se­arch: GIGLIO​.COM S.p.A. – from GBC AG

Clas­si­fi­ca­ti­on of GBC AG to GIGLIO​.COM S.p.A.
Com­pa­ny Name: GIGLIO​.COM S.p.A.
ISIN: IT0005453003

Re­ason for the re­se­arch: GBC Ita­li­an Cham­pi­ons
Re­com­men­da­ti­on: BUY
Tar­get pri­ce: 4.00 EUR
Last ra­ting ch­an­ge: -

Ana­lyst: Mat­thi­as Greif­fen­ber­ger, E. Geß­wein

„In­no­va­ti­ve on­line plat­form for lu­xu­ry fa­shion from Ita­ly“ Strong Per­for­mance Amidst Chal­len­ging Mar­ket Con­di­ti­ons in 1H23

GIGLIO​.COM has a ro­bust busi­ness mo­del that sets it apart from other mar­ket­places by exer­cis­ing con­trol over the en­ti­re va­lue chain, from ful­film­ent to in­voi­cing, of­fe­ring a le­vel of in­de­pen­dence that is rare in the in­dus­try. This ap­proach is made pos­si­ble th­rough a ful­ly-ow­ned, ad­ap­ta­ble, and cut­ting-edge tech­no­lo­gy in­fra­struc­tu­re, re­du­cing re­li­ance on third-par­ty plat­forms. No­ta­b­ly, GIGLIO​.COM has pro­ven its re­si­li­ence with a long-term track re­cord of re­ve­nue growth, a tes­ta­ment to its ad­ap­ta­bi­li­ty, even du­ring and af­ter the pan­de­mic. The com­pa­ny main­ta­ins a po­si­ti­ve cash flow and keeps Capex re­qui­re­ments low, due to the na­tu­re of its busi­ness mo­del. GIGLIO.COM’s com­pe­ti­ti­ve cus­to­mer ac­qui­si­ti­on cost and mo­de­ra­te mar­ke­ting in­vest­ments fur­ther sup­port its growth stra­tegy, ma­xi­mi­zing re­turns. The platform’s sel­ec­tion in­cludes hundreds of fa­shion lu­xu­ry brands, all wi­t­hout the bur­den of in­ven­to­ry ma­nage­ment, re­sul­ting in an ef­fi­ci­ent and cost-ef­fec­ti­ve ap­proach.

GIGLIO​.COM has es­tab­lished an im­pres­si­ve track re­cord of long-term gross mer­chan­di­se va­lue (GMV) growth, show­ca­sing re­si­li­ence and con­tin­ued pro­gress even in chal­len­ging macro-eco­no­mic sce­na­ri­os. From 2015 to 2022, the com­pa­ny achie­ved a re­mar­kab­le +45% CAGR in GMV. In 2022, GIGLIO​.COM re­a­ched a si­gni­fi­cant mi­le­stone, sur­pas­sing € 57 mil­li­on in GMV while also re­port­ing re­ve­nues ex­cee­ding € 51 mil­li­on, un­ders­coring its abili­ty to con­vert sa­les into sub­stan­ti­al re­ve­nue.

The Group con­tin­ued to de­li­ver a ro­bust per­for­mance in the first half of 2023, against the back­drop of chal­len­ging mar­ket con­di­ti­ons. Giglio​.com re­por­ted a strong set of re­sults for this pe­ri­od. Their gross mer­chan­di­se vo­lu­me re­a­ched € 31.55 mil­li­on (PY: € 24.63 mil­li­on), and re­ve­nues stood at € 27.13 mil­li­on (PY: € 21.97 mil­li­on), with year-on-year growth of 28.1% and 23.5%, re­spec­tively. No­ta­b­ly, the company’s in­ter­na­tio­nal ex­pan­si­on stra­tegy has pro­ved suc­cessful, as for­eign mar­kets con­tri­bu­ted 66% of the to­tal gross mer­chan­di­se vo­lu­me, com­pared to 55% in the first half of 2019. The­se re­ve­nue gains were pri­ma­ri­ly dri­ven by im­pro­ve­ments in key per­for­mance in­di­ca­tors, in­clu­ding an ac­ti­ve cus­to­mer base ex­cee­ding 145,000 over the last 12 months, mar­king a 23% year-on-year in­crease. Ad­di­tio­nal­ly, avera­ge spen­ding in­creased by 10% year-on-year, and the con­ver­si­on rate show­ed a 6% year-on-year im­pro­ve­ment. The company’s pro­fi­ta­bi­li­ty also wit­nessed no­ta­ble im­pro­ve­ments. Ad­jus­ted EBITDA ne­ar­ly re­a­ched brea­k­e­ven, stan­ding at ap­pro­xi­m­ate­ly € ‑0.25 mil­li­on (PY: € ‑1.05 mil­li­on), si­gni­fi­cant­ly im­pro­ving its mar­gin from ‑4.8% in the first half of 2022 to ‑0.9%. The­se pro­fi­ta­bi­li­ty gains were pri­ma­ri­ly at­tri­bu­ted to enhance­ments in lo­gi­stics cos­ts, de­spi­te an in­fla­tio­na­ry en­vi­ron­ment. The new lo­gi­stics hub in Vi­modro­ne and Pa­ler­mo play­ed a si­gni­fi­cant role in the­se im­pro­ve­ments.

De­spi­te their strong per­for­mance in the first half of 2023, the com­pa­ny ack­now­led­ges the cur­rent macroe­co­no­mic chal­lenges and main­ta­ins a cau­tious ap­proach. They an­ti­ci­pa­te fur­ther im­pro­ve­ments in pro­fi­ta­bi­li­ty in the se­cond half of 2023, with a fo­cus on cost ra­tio­na­liza­ti­on. Se­ve­ral growth op­por­tu­ni­ties are on the ho­ri­zon, in­clu­ding the launch of a new app in May 2023 and the move of the lo­gi­stics hub in Pa­ler­mo to a lar­ger fa­ci­li­ty (7,000 sqm), which will also ac­com­mo­da­te ca­ta­log pro­duc­tion and pho­to shoots from the se­cond half of 2023. Ho­we­ver, the per­sis­tent macroe­co­no­mic de­ce­le­ra­ti­on and sub­dued con­su­mer spen­ding pose po­ten­ti­al chal­lenges in the co­ming months.

Ba­sed on our va­lua­ti­on mo­del, we have es­tab­lished a tar­get share pri­ce of € 4.00. Gi­ven the sub­stan­ti­al up­si­de po­ten­ti­al, we as­sign a Buy ra­ting.

Die voll­stän­di­ge Ana­ly­se kön­nen Sie hier down­loa­den:
http://​www​.more​-ir​.de/​d​/​2​8​2​0​9​.​pdf

Kon­takt für Rück­fra­gen
GBC AG
Hal­der­stra­ße 27
86150 Augs­burg
⁰⁸²¹⁄₂₄₁₁₃₃ 0
research@​gbc-​ag.​de
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Dis­clo­sure of po­ten­ti­al con­flicts of in­te­rest in ac­cordance with Sec­tion 85 WpHG and Art. 20 MAR The fol­lo­wing po­ten­ti­al con­flict of in­te­rest exists at the com­pa­ny ana­ly­sed abo­ve: see in­di­vi­du­al stu­dies; a ca­ta­lo­gue of po­ten­ti­al con­flicts of in­te­rest can be found at:
https://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​ung
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Edi­to­ri­al dead­line: 06.11.2023
Date and time of com­ple­ti­on of the re­se­arch re­port (ger­man ver­si­on): 09.11.2023 (08:13 am)
Date and time of the first dis­clo­sure of the re­se­arch re­port (ger­man ver­si­on): 09.11.2023 (10:00 am)
Date and time of com­ple­ti­on of the re­se­arch re­port (eng­lish ver­si­on): 09.11.2023 (8:07 pm)
Date and time of the first dis­clo­sure of the re­se­arch re­port (eng­lish ver­si­on): 10.11.2023 (10:30 am)

——————-über­mit­telt durch die EQS Group AG.——————-

Für den In­halt der Mit­tei­lung bzw. Re­se­arch ist al­lei­ne der Her­aus­ge­ber bzw.
Er­stel­ler der Stu­die ver­ant­wort­lich. Die­se Mel­dung ist kei­ne An­la­ge­be­ra­tung
oder Auf­for­de­rung zum Ab­schluss be­stimm­ter Bör­sen­ge­schäf­te.