FLASH NOTE 22.06.2017

After the IPO date TPS has closed two significant acquisitions: ICB Srl (100%) for € 1.6mln (implied acquisition EV/EBITDA 2.9x) and Stemar Consulting Srl (70%) for € 0.7mln (implied acquisition EV/EBITDA 2.4x including € 0.2mln of earn out clause). These two investments are extremely cheap considering that TPS is currently trading at an implied EV/EBITDA of 9.4x (NPF and EBITDA at 31/12/2016).

These two acquisitions will significantly contribute to expand and enhance the business since they both operates in two sectors that are crucial for TPS

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