MailUp : Fidentiis Equities started the coverage of MailUp with a BUY rating at EUR 3.2-3.4 valuation range vs a current market price of EUR 2.56
October 12, 2017 at 03:45 am EDT
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MailUp S.p.A. (the 'Company' or 'MailUp'), a company listed on the multilateral trading facility AIM Italia / Alternative Investment Market and operating in the marketing technology field (Reuters: MAIL.MI) (Bloomberg: MAIL IM) (ISIN IT0005040354), hereby notifies that Fidentiis Equities, one of the leading specialist on the Iberia Equities & Italian Equities has started the coverage of MailUp with a BUY rating at EUR 3.2-3.4 valuation range (above the current market price, which is EUR 2.56 - Oct 10 2017).
Key Highlights of MailUp Group by Fidentiis Equities are:
MailUp revenues increased from EUR 6M in FY13 to EUR 21M in FY16 (both organically and through acquisitions), +52% CAGR in the 3 years;
Circa 40% of revenues comes from subscription-based services to corporates;
FY16 EBITDA of EUR 2.4M (3x growth vs. FY15), FY16 Net Income EUR 0.8M;
MailUp is cash positive (EUR 1.9M 1H17 NFP). After the recent EUR 6M capital increase it is expected to be in the range of EUR 8M;
MailUp is expected to grow by 17% annually on revenues. EBITDA margin should improve at 17% by 2022E. Net cash position should reach EUR 23M by 2022E assuming no acquisitions;
MailUp goals: to expand its solutions through acquisitions with a focus on marketing automation and to enlarge geographically its business;
Stock price is up 47% YTD and is now trading at 34x and 21x '18-'19 PE; '17 FCF yield is 2% based on our estimates. Initiation of coverage has a BUY rating and a DCF-based valuation range of € 3.2-3.4 per share. MailUp trades at a slight discount compared to marketing technology companies on EV/Sales and EV/EBITDA multiples.
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MailUp S.p.A. published this content on 12 October 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 October 2017 07:44:02 UTC.
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Growens SpA, formerly known as MailUp SpA, is an Italy-based company engaged in the Internet services industry. The Company is active in direct marketing, through the field of the email services. Growens SpA is a digital platform, which is used for managing and sending newsletters, short message service (sms) and faxs. It combines campaign management tools, through triggered messages, dynamic content, flexible A/B testing and social features, with a simple mail transfer protocol (SMTP) relay service and plug-in for ecommerce, customer relationship management (CRM) and content management systems (CMS). The Company operates through a number subsidiaries, including gile Telecom SpA, MailUp Inc, Network Srl, Denmark A/S, Globase International ApS and Acumbamail SL. It is active in the domestic market, as well as in Spain, the United States and Latin America Spanish-speaking countries, among others.