BREAKING NEWS – 28.07.2023

In a press release of July 27th, 2023, Marzocchi Pompe SpA – a leading designer, manufacturer and seller of high-performance gear pumps and motors – announced the approval of the preliminary consolidated results covering the first half of 2023. A review of these figures confirms the excellent business performance of 2023; in fact, this is a record half-year for the Marzocchi Group. First and foremost, it emerges that there is an increase in consolidated net revenues, which stand at € 26.60 million in 1H23A and shows a growth of 4.4% over 1H22A (€ 25.5 million in 1H23A) and 15.7% over 2H22A. This positive revenue growth was driven by both of the business areas of Marzocchi Pompe: the Core Business and the Automotive. More specifically: The Core area generated sales of € 21.30 million, marking, thus, an increase of 2.9% over 1H22A and 17.2% over 2H22A; The Automotive recorded sales of € 5.30 million in the reporting period, 11.0% up over 1H22A and 10.0% over 2H22A. The relative sales revenues data for 1H23A represent a real record for the Group, confirming its ability to position itself among the most significant players in the market. In terms of the geographical origin of these revenues, it should be noted that the export share, which stood at 76.6% for 1H23A, has increased compared to 1H22A (when it amounted to 71.5%). This increase is, in large part, the result of the acceleration of the European market, which marks +32.0% over 1H22A and +38.4% over 2H22A. In addition, it should be noted that the consolidation of the U.S. market is 36.0%, essentially equal to the equivalent data showed in the same period in 2022.  Regarding the balance sheet, there was a 12.8% increase in net financial debt, which stood at € 8.80 million (€ 7.80 million as of FY22A). This increase is substantially related to the effects of the investments currently underway relating mostly to the expansion of the production areas at the Zola Predosa plant. It should be noted that, as of June 30th, 2022, the net financial debt item stood at € 10.10 million. Specifically, it should be noted that, as reported in the press release of July 24th, 2023, the Company finalized the purchase of a property located next to the Zola Predosa industrial site, for a countervalue of € 0.72 million. The property, which measures around 3,100 square meters (about 600 of which are covered), was acquired with the aim of hosting the operational activities that are currently carried out at the Casalecchio site, ensuring operational efficiency and increased production capacity for the Company. In addition, the new facility will be the site of a cutting-edge research and development hub, whose activities are aimed at further technical and technological enhancement of gear pumps and motors, so as to further satisfy its customers in an increasingly demanding market. Taking the press release into consideration, we confirm our recommendation: target price of €9.20, BUY rating and MEDIUM risk.

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