{"id":15779,"date":"2023-03-23T09:47:49","date_gmt":"2023-03-23T08:47:49","guid":{"rendered":"https:\/\/integrae.it\/?p=15779"},"modified":"2023-03-23T09:47:51","modified_gmt":"2023-03-23T08:47:51","slug":"initiation-of-coverage-07-06-2021","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/initiation-of-coverage-07-06-2021\/","title":{"rendered":"Initiation of Coverage &#8211; 07.06.2021"},"content":{"rendered":"\n<p>Marzocchi Pompe Spa i s a world leader i n the design, production and marketing of high-performance gear pumps and motors, used in the following sectors: industrial (textile machinery, medical equipment, alternative energies), mobile (agricultural machinery, earth-moving machinery, forklift trucks), and automotive (transmissions, power steering, and active suspension).<br>The pumps carry out the function of bringing a fluid from one lowpressure tank to another high-pressure tank i n a hydraulic circuit. The<br>transfer takes place thanks to the rotation of two gear wheels inserted in the pump body.<\/p>\n\n\n\n<p>The fluid power market, which includes all products that use pressurized fluids to generate, control and transmit power, which, according to estimates, generated revenues of \u20ac 7 billion, can be divided into two main categories: hydraulic and pneumatic. The<br>hydraulic segment, which also includes the products sold by Marzocchi Pompe, generated a share of about 66% of the total revenues of the fluid power market (equal to approx. \u20ac 4.6 billion) during the year. The pneumatic segment generated a share of about 34% of total fluid power revenues during the year (around \u20ac 2.4 billion).<\/p>\n\n\n\n<p>W e have conducted the valuation of Marzocchi Pompe equity value based on the DCF methodology and market multiples of a comparable companies sample. The DCF method (which i n the calculation of the WACC includes for prudential purposes also a specific risk of 2.5%)  provides a n equity value of \u20ac 50.5 million. The equity value of Marzocchi Pompe using market multiples i s \u20ac 38.4 million (including a discount of 25%). The result i s a n average equity value of approx. \u20ac44.4 million. The target price is \u20ac 6.80, rating BUY and MEDIUM risk<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marzocchi Pompe Spa i s a world leader i n the design, production and marketing of high-performance gear pumps and motors, used in the following sectors: industrial (textile machinery, medical equipment, alternative energies), mobile<\/p>\n","protected":false},"author":5,"featured_media":11915,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,241],"tags":[271],"class_list":["post-15779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-initiation-of-coverage-en","tag-marzocchi-pompe-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Initiation of Coverage - 07.06.2021 - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/initiation-of-coverage-07-06-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Initiation of Coverage - 07.06.2021 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Marzocchi Pompe Spa i s a world leader i n the design, production and marketing of high-performance gear pumps and motors, used in the following sectors: industrial (textile machinery, medical equipment, alternative energies), mobile\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/initiation-of-coverage-07-06-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-23T08:47:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-23T08:47:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/Marzocchi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"amministratore integrae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Initiation of Coverage - 07.06.2021 - integrae.it \u2013 Financial Boutique","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/integrae.it\/en\/research\/initiation-of-coverage-07-06-2021\/","og_locale":"en_US","og_type":"article","og_title":"Initiation of Coverage - 07.06.2021 - integrae.it \u2013 Financial Boutique","og_description":"Marzocchi Pompe Spa i s a world leader i n the design, production and marketing of high-performance gear pumps and motors, used in the following sectors: industrial (textile machinery, medical equipment, alternative energies), mobile","og_url":"https:\/\/integrae.it\/en\/research\/initiation-of-coverage-07-06-2021\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-03-23T08:47:49+00:00","article_modified_time":"2023-03-23T08:47:51+00:00","og_image":[{"width":500,"height":500,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/10\/Marzocchi.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; 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