Research | 10 November 2023 00:00
Original-Research: Sanlorenzo S.p.A. – from GBC AG
Classification of GBC AG to Sanlorenzo S.p.A.
Company Name: Sanlorenzo S.p.A.
ISIN: IT0003549422
Reason for the research: GBC Italian Champions
Recommendation: BUY
Target price: 52.75 EUR
Last rating change: -
Analyst: Matthias Greiffenberger, E. Geßwein
„Maritime luxury with high growth momentum“ A high order backlog as well as a large number of M&A activities ensure sustainable profitable growth; renowned cooperations in the field of hydrogen fuel cells offer additional potential
Timeless masterpieces in the interplay of art and design – this is what San Lorenzo S.p.A. has stood for for more than half a century. This manufacturer of luxury yachts has grown steadily over the past few years and has thus been able to profit from the worldwide increase in demand for high-quality, unique maritime boats. The company was thus able to increase its Net Revenues New Yachts from € 327.29 million in 2018 to € 740.68 million in 2022 (factor 2.3). The net profit for the year increased by around 585% in the same period, and thus also significantly from € 12.66 million to € 74.15 million.
Sanlorenzo S.p.A. closed the past financial year 2022 with Net Revenues New Yachts of € 740.68 million and was thus able to continue the positive growth trend of recent years (previous year: € 585.90 million). The company also presents very convincing figures for the first half of 2023. With an increase in Net Revenues New Yachts of 12.6% to € 388.43 million (previous year: € 344.87million), the net profit for the period rose significantly by 18% to € 38.91 million (previous year: € 32.93 million). The company can look back on a constantly high order backlog, which already covers 75% of the expected total turnover for the current year. Due to the low availability of high-quality yachts, a high backlog is also expected in the coming years, so that an order volume of more than € 450 million has already been secured until 2026.
An important factor in the operating business is the complementary inorganic growth strategy with the integration of strategically important materials and processes into the company’s own value chain. Vertical integration and entering into partnerships with key suppliers enables the company to control its own cost structure and ensure the necessary agility and flexibility within the business model. In the past financial year, investments were made in the suppliers Duerre S.r.l. (high-quality furniture) and Sa.La. S.r.l. (sheet metal processing) and Sea Energy S.r.l. (electronic ship equipment). In the current business year, their portfolio has also been expanded in the area of production capacities (49% share in Sea Energy S.r.l.) and by increasing their share in Duerre S.r.l. (now 33% share). Their investment activities are covered by the constantly high level of liquid funds amounting to € 222.55 million (30.06.2023).
Another growth driver is the continuous development of the company’s own drives. In this context, the use of sustainable forms of propulsion is being targeted. Together with Siemens Energy and Rolls-Royce Solution, the company is also working on the implementation of hydrogen fuel cells in maritime shipbuilding, with the first delivery planned for 2024.
For the current business year, we expect a turnover of € 851.59 million and a net profit of € 84.73 million. In the coming years 2024 and 2025, revenue and net income should continue to increase, whereby we currently assume a revenue target of over € 1 billion in 2025 within the scope of our estimates. On this basis, we have valued Sanlorenzo S.p.A. with our DCF model and determined a fair value of € 52.75 per share. In view of the current price level, we give the stock a BUY rating and see good upside potential.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28209.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/de/Offenlegung
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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)
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