12 October 2017

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

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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