Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate, vol.3

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A leading software-enabled full-service e-commerce specialist for underserved stationary retail

  • Leading software specialist enabling stationary retailers without own online capabilities access to e-commerce channels
  • With TPG’s proprietary platform software at the core, TPG acts a full-service e-commerce enabler for almost 12,000 stationary retailers (Partners)
  • Listed business (€ 184m market capitalization) with continued strong family-backing from Mr. Benner as CEO and main shareholder


Diversified across 21 industry verticals for B2C and B2B customers

  • Highly diversified business across 21 different industry verticals serving 4.4 million mainly B2C, but also B2B customers (LTM Q1-24)
  • TPG operates own platforms and offers its Partners’ products on third party platforms such as Amazon, ebay, etc.
  • No dependence on a single Partner or platforms limiting demand risks due to low correlation of end-markets


Attractive platform-based business model with deep value chain integration

  • Attractive combination of software and e-commerce business with generally higher margins than e-commerce and lower cost base than software businesses, while the technology acts as differentiating factor driving Partner stickiness
  • Platform model generally without taking own inventory risk and without direct selling pressure


Focus on underserved and fragmented verticals with e-commerce penetration potential

  • Significant growth potential – while the overall e-commerce market is growing (10% CAGR 23-29 expected), on average less than 10% of businesses in Europe do not sell via market places
  • Focus on highly fragmented niche markets with attractive product dynamics and ability to leverage TPG’s software platform


Low-risk M&A strategy leveraging TPG’s flexible software-solution

  • TPG is targeting 50% of inorganic growth and has established a successful M&A track record with more than 20 acquisitions
  • Focus solely on profitable online platform or e-commerce business with proven track record
  • Within all targets TPG’s platform software is implemented and holding services offered to generate synergies and drive profits


Asset-light, profitability-focused business allowing attractive cash generation and moderate leverage

  • Asset-light software-focused business with limited capex need and lean cost structure, allowing attractive cash conversion
  • Full management focus on profitability – TPG has industry leading low marketing and distribution costs, driving margin expansion
  • Moderate net debt to enterprise value of c.35% and conservatively calculated pro forma leverage of 3.1x based on LTM Q1-24 pro forma adj. EBITDA. Clear company guidance on further deleveraging
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vendute le ultime TPG 2028 prese in collocamento a 102,51
 
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I report certificati Ferralum, ex Metalcorp, di cui sopra, sembrano abbastanza in linea col rassicurante piano aziendale (mancano però i primi mesi 2024). Sarebbe anche plausibile che dopo la ristrutturazione del debito, e scorporati i rami secchi, anzi idrovori della Metalcorp Guinea, gli asset europei (Bagr, Stokach, commerciale Steelcom + 39% di Italiana Coke) continuino a produrre come in passato, e che magari rimborsino nel 2026. Quel che semina dubbi è che tutto il gruppo Monaco Resources (oggi Sonel) va a picco, che non si vedono cedole da anni (vedremo per l’Mcom a settembre), che le nuove cedole per quanto in massima parte in Pik sono onerose (10-20%) e poco rollabili, e che la dirigenza è del tutto squalificata. Infine, la società di certificazione, Grant e Thornton, per quanto nota, non sembra propriamente un collegio di mammolette (coinvolta nel crack Parmalat e altri)
 
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