FOPE – Equity Update 04.04.2017
1H17 results are higher than our estimates. Revenues rose +22,2% YoY (6,2% vs our estimates) to €13,5 mln, while Ebitda and Ebit rose +148,3% and +251,7% YoY respectively (+111,3% and 209,7% vs our estimates) reaching €1,76 mln and €1,4 mln respectively. Sales grew mainly thanks to the foreign countries (accounting for 83% of total revenue breakdown, from 80% of 1H16), while the Italian market grew +9% YoY also thanks to the flagship store opened in Piazza San Marco in late 2015. Costs are in line with their guidance. Inscription fees and costs for the January and March fair events (Vicenza, Basel, Hong Kong) were all paid in the first half. Net debt has substantially levelled off to €2.2 mln (€2,1 mln FY16).