The Borsa operation has started, the first in history for a company in Perugia. The offer for the sale and subscription of Brunello Cucinelli shares was opened today, aimed at admission to the electronic stock market (MTA) managed by Borsa Italiana.
These are 20,4 million shares deriving for 8 million from a capital increase and for 12,4 million from the sale of securities by the current shareholders. The price range ranges from a non-binding minimum of 6,75 euros per share to a binding maximum of 7,5 euros per share. The final price will be communicated on the closing day of the offer, ie 27 April (or at the latest the day after), while the start of the quotation is set for Thursday 3 May.
30% of the capital will therefore arrive on the market, which could rise to 33% if the greenshoe option is exercised, ie the right of the majority shareholder to make a further 2.040.000 shares available to institutional investors. It will be the latter, institutional investors, who will take the lion's share: in fact, 90% of the offer is destined for them, while the remaining 10% is aimed at the general public in Italy.
“A visit to the Umbrian company based in the medieval village of Solomeo was organized for them six months ago,” he explains. Stefano Rangone, head of Equity capital market of Mediobanca, coordinator of the Offer together with BofA Merrill Lynch. The price, which corresponds to an EV (enterprise earning)/2011 Ebitda between 11,3 and 12,8 times and a P/E between 20 and 22,9 times, considers an issuer capitalization ranging between 459 and 527 million euros. While the total proceeds deriving from the offer is estimated between 138 and 158 million.
Born in 1978 in the province of Perugia, where there is a very important district for the processing of cashmere, Smail (it was called that until 1998) produced cashmere knitwear, and sold in Italy and Germany. In 1985 it moved to the fourteenth-century castle of Solomeo, a short distance away, and today it is present in 53 countries, has a network of 20 of its own stores, 39 single-brand franchises and over a thousand multi-brand stores, for a turnover that exceeded last year 242,6 million with an Ebitda of 40,16 million and a net financial debt of 48 million, explained Brunello Cucinelli, president and CEO as well as controlling shareholder of the company of the same name. Nor does this general crisis situation seem to have weighed too much: the first few months of this year are going well, clothing continues to hold and analysts' estimates are that revenues will reach 350 million in 2014.
Among the board members, together with Candice Koo, manager of Hermès, among others, there is also Father Cassiano, prior of the monastery of San Benedetto in Norcia. Maximum concentration, therefore, on a single job, clothing (accessories represent only 15% of turnover, they may perhaps increase a little but not much) and development abroad. From 1 July a joint venture in distribution (Brunello Cucinelli Lessin) which has just been set up in China and is 51% controlled by Cucinelli and 49% by Sichuan Lessin Department store, will become operational, headed by Chen Long, a young entrepreneur who in his once asked to buy 2% of Cucinelli's capital, i.e. 1,2 million shares, at the price of 8,5 million euros. This too is a step towards internationalisation.
