Giglio S p A : 13/01/2022 - Ricerca Midcap

NEWS	13 January 2022

GIGLIO GROUP

Entering the Metaverse and NFT sector with Giglio Meta (+)

(Company press release)

After several months of investments and development, Giglio group is starting a new business unit « Giglio Meta » dedicated to Metaverse and NFT projects.

The company indicates that it is already operating on the main current Metaverses like Roblox, Sandbox and Decentraland and the VR experience of Meta Quest Facebook. Giglio is also closely integrated with Open Sea, the leading NFT marketplace. Giglio Meta is offering to help business, artists and entities from many sectors enter the Metaverse.

The NFT market registered a massive increase of transaction volume in 2021 ($26,9 bn) as crypto assets exploded in popularity. By entering this buoyant market, Giglio group could gain a competitive advantage and stay ahead of competition.

As of today, no projects have been announced but we understand from the press release that the company is already working on some.

While we believe that the launch of Giglio Meta could bring a significant additional revenue stream, we lack visibility and track record to incorporate it in our current estimates. Therefore, we are not changing our current forecasts and target price, but we expect positive news flow regarding this activity in the following months.

Market Data
Industry	E-commerce
	1.9
	41.6
Market Segment	Euronext STAR Milan
Bloomberg	GG IM
Ownership structure
Meridiana Holding	55.7%
Free float	44.3%

	2020	2021	2022	2023
	42.3	40.0	50.5	58.8
Growth	5.2%	-5.4%	26.1%	16.4%
EBITDA Adj.	1.9	-1.8	0.9	3.2
Marge EBITDA	4.6%	-4.4%	1.7%	5.5%
Net income	-2.6	-3.8	-2.0	-0.4
	-0.13	-0.17	-0.09	-0.02
Growth	-84.6%	34.0% -47.8%-79.5%
Dividend	0.00	0.00	0.00	0.00
Yield (%)	0.0%	0.0%	0.0%	0.0%
FCFF	3.1	-6.3	-0.3	0.6
ROCE	0.6%	-12.4%	-3.2%	5.2%
EV/Sales (x)		1.3	1.0	0.9
EV/EBITDA (x)			59.6	16.2
PE (x)
Net Debt	10.7	17.8	19.4	20.2
Gearing net	26%	43%	47%	49%

Estimations TP ICAP Midcap

Upcoming event : TDB - FY 2021
Consensus - Number of analysts : 2
	2021	2022	2023
Sales	42.5	52.8	62.4
EBITDA	-0.2	2.4	4.4
Net income	-2.5	-0.6	0.8

Source: FACTSET

___________________________________________________________________________________________________

TP ICAP Classification: Public

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Conflict of Interests
Company	Conflict Type

GR. PIZZORNO ENV.	D,G
PHARMANUTRA	G
VENTE-UNIQUE.COM	D,F,G

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TP ICAP Classification: Public

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TP ICAP Classification: Public