Unidata S.p.a. · MIL:UD
Unidata — Investor Presentation (September 2023)
45 slides from Unidata's investor presentation, Sep 27, 2023
Slide 1: Investor Presentation
27 SEPTEMBER 2023 INVESTOR PRESENTATION
Slide 2: Today's Speakers
TODAY’S SPEAKERS Renato Brunetti Roberto Giacometti Chairman & CEO CFO & Investor Relations Officer Expert in IT systems and software projects. Expert in Administration, Finance, Planning and In 1985, he founded Unidata together with Control. He held the position of General Manager two partners, gui
Slide 3: Index
INDEX COMPANY OVERVIEW TWT GROUP MAIN PROJECTS KEY FINANCIALS H1 2023 SUSTAINABILITY GROWTH STRATEGY INVESTMENT HIGHLIGHTS INVESTOR PRESENTATION 3
Slide 4: Company Overview
COMPANY OVERVIEW INVESTOR PRESENTATION
Slide 5: History
HISTORY 1985 1994 1999 - 2002 2002 2017 2020 Foundation Unidata Unidata was Beginning of the Unidata extends Listing on Unidata starts revolutionizes its sold to construction of the its activities to Euronext operating as an core business and Cable&Wireless proprietary Cloud services Growth Milan Ha
Slide 6: History
HISTORY 2020 2022 2022 2023 2023 2023 JV with CEBF to Agreement with JV with Azimut to Unidata win the Closing of the Listing on deploy high-quality Azimut to build a build 900 km of tender for the IoT acquisition of Euronext FTTH networks in green neutral Tier submarine optical system managing TWT
Slide 7: Fiber & Networking
FIBER & NETWORKING The Unidata Fiber Network infrastructure is concentrated in the most important cities of Lazio Region, where Unidata offers complete coverage of the territory with Gigafiber: direct FTTH (Fiber to the Home) connectivity (100% Fiber optic). OVER 5,900 KM OF FIBER OPTIC CABLING LAUN
Slide 8: Cloud & Data Center
CLOUD & DATA CENTER The Unidata Data Center was built in line with the conditions required by certification standards Rating 4 (formerly TIER IV) with additional features to ensure the highest level of infrastructure security and reliable continuity of service provision. The Data Center occupies a s
Slide 9: IoT & Smart Solutions
IoT & SMART SOLUTIONS LoRa™ is the new wireless technology to support IoT solutions wide communication range (several Km) to reach devices high penetration to reach any object wherever it is installed low power consumption (many years with a single battery) open standard to create private public col
Slide 10: IoT and Smart Metering: Tenders Awarded in 2023
IoT AND SMART METERING: TENDERS AWARDED IN 2023 Award in Temporary Grouping of Award in Public Private Partnership of the Award of the contract for the Companies, with the role of Mandatory, concession for the implementation and Connectivity service for the meters of with BIP S.p.A. and Lektor S.r.l
Slide 11: Additional Key Services
ADDITIONAL KEY SERVICES In addition to the three main areas, Unidata develops some additional key services: Fiber infrastructure construction Unidata directly builds the fiber optic network for Unidata and Unifiber in some key areas, as for instance in the grey areas of Latium, Apulia, Molise. Proje
Slide 12: TWT Group
TWT GROUP INVESTOR PRESENTATION
Slide 13: TWT Group
TWT GROUP • Founded in 1995 in Milan, TWT Group is a primary Italian TLC, connectivity and ICT services operator specialized in the B2B segment1 • TWT Group’s vision is to become a recognized “atelier of telecommunications” with a bespoke B2B offering Proprietary optic fiber in Proprietary datacente
Slide 14: Unidata & TWT: Strong Complementarity
UNIDATA & TWT: STRONG COMPLEMENTARITY Central Italy & recent Domestic reach, with a strong Geography expansion in Puglia presence in entire Italy Corporate / Wholesale White Label / Corporate Commercial B2B & Consumer Only B2B Historical core Asset-light Infrastructure business (focus on services) N
Slide 15: Industrial Synergies 2023-2025
INDUSTRIAL SYNERGIES 2023-2025 The acquisition of TWT Group will allow several business synergies and cost savings that will generate year by year a positive impact on EBITDA and EBITDA Margin: Continuous growth of both Unidata and TWT core business in B2B channels Sale of the offering of Unidata th
Slide 16: Main Projects
MAIN PROJECTS
Slide 17: Unifiber (JV with CEBF)
UNIFIBER (JV WITH CEBF) Closing signed in 2020 with Connecting Europe Broadband Europe (CEBF)1 and the activity started in 2H 2021. FTTH access network implementation in “gray areas” without FTTH, localized in Lazio region. Unifiber owns the passive FTTH network. INDUSTRIAL ROLE OF UNIDATA Design,
Slide 18: FTTH for Gray Areas of Lazio
FTTH FOR GRAY AREAS OF LAZIO Objective 193,000 homes 8,000 businesses 2H 2021 2Q 2023 4Q 2025 Start of the State of the art: End of the construction of 79,323 homes & construction of the fiber network 1,824 businesses the fiber connected network INVESTOR PRESENTATION 18
Slide 19: Financial Structure of the Project
FINANCIAL STRUCTURE OF THE PROJECT FINANCIAL INVESTMENT % of Total Investment % of Investment % Shareholders Investment Unidata Eu 7.0 mn ~ 19.0% 30.0% CEBF Eu 30.0 mn ~ 81.0% 70.0% IRR DOUBLE DIGIT Equity Eu 37.0 mn 100% 100% 41.0% Last M&A transactions multiples1 External and Self Financing Eu 53.
Slide 20: Unitirreno (JV with Azimut)
UNITIRRENO (JV WITH AZIMUT) Closing signed in 2023 with Azimut - Fondo Infrastrutture per la Crescita ESG1 and the activity already started. Submarine cable system in Tirreno Sea of about 900 km from Mazara del Vallo to Genova, with a junction point near Rome-Fiumicino and one in Sardinia. HoldCo IN
Slide 21: The Shortest and Most Reliable Path to Northern Europe
THE SHORTEST AND MOST RELIABLE PATH TO NORTHERN EUROPE 4Q 2022 – 2Q 2024 – 1Q 2025 2Q 2025 1Q 2024 4Q 2024 Marine Survey Subsea and System Ready for Process & Permits Equipment Cable Deployment Service Application Manufacturing KEY INDUSTRIAL PARTNERS Marine Deployment System vendor INVESTOR PRESENT
Slide 22: Financial Structure of the Project
FINANCIAL STRUCTURE OF THE PROJECT FINANCIAL INVESTMENT % of Total Investment % of Equity Investment Unidata Eu 12.0 - 18.0 mn ~ 33.3 - 51.0% Azimut Eu 18.0 - 24.0 mn ~ 49.0 - 67.7% IRR DOUBLE DIGIT Equity Eu 36.0 mn 100% 45.0% Last M&A transactions multiples1 External and Self Financing Eu 44.0 mn
Slide 23: Unicenter (JV with Azimut)
UNICENTER (JV WITH AZIMUT) Investment Agreement signed in 2022 with Fondo Infrastrutture per la Crescita - ESG1. Green and neutral Tier IV datacenter in Rome about 20 MW and 3,200 rack capacity, for a total area of 20,000 sqm UNICENTER INDUSTRIAL ROLE OF UNIDATA Support in the design and construct
Slide 24: Financial Structure of the Project
FINANCIAL STRUCTURE OF THE PROJECT FINANCIAL INVESTMENT IRR DOUBLE DIGIT Investment % of Investment % Shareholders Unidata Eu 5.7 mn 10.0% 25.0% Market trading multiples1 Azimut Eu 51.3 mn 90.0% 75.0% 16-18x Equity Eu 57.0 mn 100% 100% EV/EBITDA 2024E As of May 2023, Unidata has not paid any amount
Slide 25: Key Financials H1 2023
KEY FINANCIALS H1 2023 INVESTOR PRESENTATION
Slide 26: Financial Highlights
FINANCIALHighlights Financial HIGHLIGHTSFY2021 UNIDATA GROUP H1 2023 +93% +68% 49.6 M€ Revenues EBITDA Adjusted NFP 41.7 M€ 9.4 M€ (cash negative) (21.6 M€ in H1 2022)* (5.6 M€ in H1 2022)* (9.6 M€ in FY 2022)* +15% +450km 15.5 M€ Direct Customer Growth Optical Fiber Total Investments in 20,956 >5,9
Slide 27: Strong Revenues Generation
STRONG REVENUES Financial GENERATION Highlights FY2021 Revenues H1 2023 breakdown • Consolidated revenues strongly increased by over Other Revenues 2.2% 93%, thanks to the inclusion of the recently acquired TWT Group in the perimeter. Consumer 4.8% Business 12.1% • “Stand-alone” revenues1 showed an
Slide 28: Outstanding and Continuous Growth (1/2)
OUTSTANDING AND CONTINUOUS GROWTH (1/2) EBITDA & Margin EBITDA bridge CAGR H1 2021 – H1 2023: 62% 25.7% 25.9% 22.6% 9.4 5.6 3.6 H1 2021 H1 2022 H1 2023 EBITDA EBITDA Adjusted H1 2022 H1 2023 EBITDA EBITDA margin • The improvement in EBITDA in H1 2023 is strictly related to the consolidation of TWT G
Slide 29: Outstanding and Continuous Growth (2/2)
OUTSTANDING AND CONTINUOUS GROWTH (2/2) EBIT & Margin Net Income CAGR H1 2021 – H1 2023: 95% 10.8% 14.1% 13.7% 3.0 Extraordinary fiscal impact ~1.8 mn 5.7 2.4 2.1 3.0 1.5 H1 2021 H1 2022 H1 2023 H1 2021 H1 2022 H1 2023 Adjusted EBIT EBIT margin Net Income +87% YoY +15% YoY INVESTOR PRESENTATION 29
Slide 30: Net Financial Position Bridge
NET FINANCIAL POSITION BRIDGE 13.6 14.1 (1.0) (7.4) (1.5) (9.6) (4.9) 5.5 (1.1) (49.6) (57.3) Net Cash/ Net Cash/ (Net debt) (Net debt) Dec ‘22 June ‘23 INVESTOR PRESENTATION 30
Slide 31: Sustainability
SUSTAINABILITY INVESTOR PRESENTATION
Slide 32: Unidata: A Benefit Company
UNIDATA: A BENEFIT COMPANY IN THE LAST THREE YEARS, UNIDATA HAS ACCELERATED ITS JOURNEY TOWARDS SUSTAINABILITY In 2022, Unidata became a Benefit Company and published its 1st Impact Report and 3rd ESG Report Unidata developed its ESG Strategy based on 3 macro-purposes of common benefit: ENVIRONMENTA
Slide 33: Results and Goals
RESULTS AND GOALS ENVIRONMENTAL SOCIAL GOVERNANCE Reduction of energy consumption Wire gray and black fiber Ensure training consistent and emissions areas with individual needs Goals 2023 Results 2022 Results 2022 Training for at least 80% of the company Total energy consumption: 2,525,216 kWh New r
Slide 34: Growth Strategy
GROWTH STRATEGY
Slide 35: Unidata: Next-Generation Communication Service Provider
UNIDATA: NEXT-GENERATION COMMUNICATION SERVICE PROVIDER UNIDATA HAS ALWAYS BEEN DIFFERENT FROM A TRADITIONAL TELCO We took a different path of innovation, anticipated the times and used new technologies, niche opportunities, speed of execution and ability to adapt. These are key characteristics in t
Slide 36: 2025 Business Targets – Unidata & Unifiber
2025 BUSINESS TARGETS – UNIDATA & UNIFIBER 2022 220,000 17,000 8% Served Connected Penetration Housing Units Housing Units Rate 2025 345,000 41,000 13% Served Connected Penetration Housing Units Housing Units Rate INVESTOR PRESENTATION 36
Slide 37: Investment Highlights
INVESTMENT HIGHLIGHTS INVESTOR PRESENTATION
Slide 38: Unlocking Hidden Value Across a Very Diversified Portfolio of Assets
UNLOCKING HIDDEN VALUE ACROSS A VERY DIVERSIFIED PORTFOLIO OF ASSETS UNIDATA: EV/EBITDA 23-24 on Market Cap approx. € 133 million: 7.3 - 6.4 * 7-8x 5-6x B2B Telco Services 10-14x 100% 100% 100% B2C Telco Services Internet of Things 30% 25% UNICENTER 33.3% 18-20x 16-18x 12-13x *Source: Intermonte as
Slide 39: Appendix
APPENDIX
Slide 40: Current Unidata Group Customers
CURRENT UNIDATA GROUP CUSTOMERS 20,956 32,986 Unidata & TWT Consumer and Business Active lines at national level through a network of Customers more than 350 partners 53,942 customers INVESTOR PRESENTATION 40
Slide 41: 2025 Financial Target
2025 FINANCIAL TARGET + 2022A 2025W 2025B 2022A Agg. 2025W 2025B Revenues Eu 51.3mn ~Eu 72mn ~Eu 75mn ~Eu 110mn ~Eu 128mn ~Eu 134mn CAGR 22-25 (%) ~12% ~13% ~5% ~7% EBITDA Eu 16.2mn ~Eu 23mn ~Eu 25mn ~Eu 23mn1 ~Eu 34mn ~Eu 36mn CAGR 22-25 (%) ~12% ~16% ~15% ~18% EBITDA margin 31.6% ~32% ~33% ~21% ~2
Slide 42: Unidata Group's 2025 Targets by Stream of Revenues
UNIDATA GROUP’S 2025 TARGETS BY STREAM OF REVENUES Business lines Revenues 2022 Revenues 2025 Description Consumers, Business, Wholesale and P.A. clients’ revenues from Eu ~29.6mn Eu 34.2 - 35.6mn TLC & ICT services (Fiber&Networking, Wholesale, Datacenter&Cloud, IoT&Smart Solutions) Services Fibe
Slide 43: Shareholders & Governance
SHAREHOLDERS & GOVERNANCE MANAGER IN CHARGE OF PREPARING THE CORPORATE UNINVEST S.r.l.1 ACCOUNTING DOCUMENTS 2 Roberto Giacometti CFO & I nvestor Relations Officer BOARD OF DIRECTORS BOARD OF STATUTORY AUDITORS AUDITOR Renato Brunetti Marcello Vispi Giampaolo Rossini Paolo Bianchi Pierluigi Scibetta
Slide 44: Disclaimer
Disclaimer This document has been prepared by UNIDATA S.p.A. (the “Company”) solely for information purposes. I t contains summary information only and is therefore preliminary in nature. I t has also been prepared without any intention of being exhaustive. THIS PRESENTATION AND THE ASSOCIATED VERBA
Slide 45: Contacts
CONTACTS Unidata S.p.A. ROBERTO GIACOMETTI CFO & Investor Relations Officer +39 329 2478696 [email protected] CDR Communication S.r.l. Investor Relations Consultant SILVIA DI ROSA +39 335 7864209 [email protected] ELEONORA NICOLINI +39 333 9773749 eleonora.nicolini@cdr-communi