UPDATES ON SANLORENZO YACHT
The leader in the luxury yachting sector
Some recent key updates and news on our client listed on EURONEXT STAR MILAN
Sanlorenzo is a global operator specialised in the design, production and sale of made-to-measure yachts, superyachts, fitted out and customised according to the requests and desires of an exclusive clientele
10 DECEMBER 2021: TWO YEARS OF LISTING
Sanlorenzo has celebrated two years since its IPO on EURONEXT STAR MILAN, which took place on 10 December 2019. Thanks to the vision of Chairman&CEO, Massimo Perotti, along with the strong expertise of his outstanding management team, the Company achieved impressive results which testify the soundness of Sanlorenzo’s business model, and the ability to navigate with constancy and resolution, even during one of the most challenging periods of the last 50 years.
Just to provide some key figures:
Robust top line growth over the period 2019-2021E, along with strong increase in profitability – Stock price increased by over 140% in two years – around 125% over the last year only – with a Market Cap which topping 1,27bn euro vs 566m euro at IPO
Sanlorenzo completes the sale of the new flagship of the fleet, the first diesel-electric 72Steel, equipped with the greatest green technology currently available on the market. The Superyacht Division looks back on a record-breaking year and prepares for the realisation of an unprecedented project: the new flagship of the fleet.
Sanlorenzo met with top tier investors at the Mid&Small Conference set in Milan, organized in presence by Virgilio IR and Alantra – The main message to the audience was: Sanlorenzo is a solid company with a successful business model, anticipating future key trends of the industry. Top management is confident in getting a bull’s eye on the goals that it set itself.
If you have missed it, watch Massimo Perotti, Chairman&CEO of Sanlorenzo Interview on LaPresse and Money.it
Price Objectives review in November
BofA: TP increased to €45/s from €36/s
“We believe that growing UHNWI (ultra-high-net-worth individuals) population will continue to be supportive of Sanlorenzo longer term. The fact that SL is expanding its production capacity (acquisition of three industrial facilities this quarter); and coverage of yachting sub-segments increases our conviction that SL will be able to keep up with the growing demand within the ultra-luxury segment. Potential acquisition of Perini Navi via the JV with Ferretti could deliver revenue & industrial synergies as part of SL portfolio once turned around.”
Kepler: TP increased to €41.30/s from €33.30/s
“Key points: A global leading positioning in luxury yacht making, in particular in the 30-40m segment; the direct relationship with customers, has allowed the company to outperform key competitors over time; new product launches, regional diversification and improving pricing power in the super yacht segment should allow Sanlorenzo to keep outperforming its reference market; with fears over the COVID-19 impact dissipating and a strong backlog on hands, we anticipate doble digit revenues growth in both 2021 and 2022.”
Intesa Sanpaolo: TP increased to €41.3/s from €36.1/s
“We believe that the recent business developments should contribute to increase 2022E earnings visibility and that in addition to new product launches, the gradual reduction of the price gap vs. competitors in its superyacht division and the good pricing power, should represent a solid basis for the group’s top-line and profitability growth in the next 2-3 years. Thus while leaving our 2021E forecasts unchanged, we raise our 2022E-23E top-line forecasts by 1.9% and 3.9% and our EBITDA estimates by 2.5% and 7.1%, respectively.”
Berenberg: TP increased to €41.50/s from €35.50/s
“Attractive niche market: We think that the luxury yacht segment is particularly attractive, as it benefits from long-term drivers (growth in the number of ultra-high net-worth individuals, a low penetration rate and consolidation) and provides good visibility to manufacturers due to long lead times and significant backlogs – Healthy cash generation and balance sheet: Sanlorenzo’s cash generation is set to increase as soon as 2021, as the group ends its expansion capex cycle. Combined with a healthy balance sheet position, we think this offers management room for manoeuvre, including M&A and a resumption of the dividend policy.”
Sanlorenzo is a worldwide leader in terms of number of yachts over 30 metres long. It is the only player in luxury yachting to compete in different segments with a single brand, producing yachts and superyachts tailored to every boat owner, characterised by a distinctive and timeless design. Sanlorenzo’s production is broken down into three divisions: • Yacht Division – yachts in composite between 24 and 38 metres; • Superyacht Division – superyachts in aluminium and steel between 40 and 72 metres; • Bluegame Division – sport utility yachts between 13 and 23 metres.
Sanlorenzo’s production is articulated over four production sites located in La Spezia, Ameglia (SP), Viareggio (LU) and Massa. The Group employs around 500 people and cooperates with a network of 1,500 qualified craft enterprises. It can rely on an international distribution network and a widespread service network for customers all over the world. In 2020, the Group generated net revenues from the sale of new yachts of around €458 million, adjusted EBITDA of €71 million and a Group net profit of €35 million.
“Made to Measure Yachts since 1958”
IR and Media Advisors for Sanlorenzo:
Mara Di Giorgio, +39 335.7737417 – mara@twin.services
Simona D’Agostino, +39 335.7729138 – simona.dagostino@hear-ir.com
Chiara Bortolato, +39 347 853 3894 – chiara@twin.services
HEAR-ir is Partner of TWIN – www.twin.services
