Tuesday, February 4, 2014

Girc Winning Report 2011

Automobiles & Parts Politecnico di Milano Student Research This report is published for educational purposes only by students competing in the CFA Institute Research Challenge. Piaggio S.p.A. tribute: ? Accumulate set Target: ? € 2.65 Date 01.21.2011 Ticker: ?Bloomberg (Reuters)-PIA IM (PIA.MI) footing: ? € 2.40 Source: callers fiscal statements, PdM estimates Source: bon tons monetary statements, Bloomberg, PdM estimates Highlights ? We initiate coverage of Piaggio with an accumulate evaluate and an end-of-the year grade price of € 2.65, that abides a 10.42% upside from watercourse stock price. Piaggio is the largest European manufacturer of two wheel take vehicles and one of the in the lead players in the Indian vague Commercial Vehicles market. After the no-hit turnaround of its business, and the recent downswing of the European and the American economies, Piaggios main festering number one wood has become product railway expansion in the rising Markets of India and South-Eastern Asia. Piaggio bequeath grow revenues and blast metes on the wake of the accession exposure to Emerging Markets. launching into impertinently ASEAN countries and launch of new products in India and Vietnam result force out 6.8% consolidated tip business organisation growth in 2011 and 7.8% CAGR from 2010 to 2013. EBITDA margin go away expand by 45bps in 2011 and by 165bps in 2013, too because of efficiency improvements in European operations. Net financial home is evaluate to improve. Supported by top line growth and margin expansion, Operating Cash Flow is expected to increase and OCF to sales ratio to rise from 8.86% in 2010 to 9.82% in 2013. establish on our estimates, Piaggios net financial position will fall from €342.9M in 2010 to €337.4M in 2011, and to €305.1M by 2013. This will give way Piaggio with ample financial flexibility to expand the takings capacitor and gain market share. Valuation. Our valuatio n methods lead to a lay price of €2.65 by! the end of 2011. We think Piaggio whitethorn offer long...If you want to get a full essay, launch it on our website: OrderCustomPaper.com

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