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Research 12 Mag 2017

FLASH NOTE 12.05.2017

FY2016 results are higher than expected. These excellent financial results were possible mainly thanks to an improvement in the efficiency of the commercial division (cross for the three different SBUs); the acquisition of new customers and a reduction in the operating expenses. All the Groups’s companies have registered better than estimates results. The growth was partially due to acquisition of Adriatech Srl (late 2015), although there were a double digit organic growth also on core business.

Pro-forma 2013-2015 CAGR: Revenues: 20,9%; Ebitda 51,2%; Ebit 66,0%; Net Income 80,3%.

We are confident that TPS will continue to growth in the following years also implementing further m&a operations. We do expect that the Pre-IPO FY2017 and FY2018 would be not only fully met, but would be beaten.

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