Massimo Zanetti Beverage Group (MZBG) could be valued at up to 529 million euros ($600 million) in its initial public share offer, according to a report by Banca IMI, one of the global co-ordinators of the share sale. MZBG is the owner of more than 20 coffee brands around the world, including Italy's market leader Segafredo Zanetti, and will be the first coffee maker to be listed in Italy.
The report for prospective investors, seen by Reuters, calculates the equity value of the Italian coffee maker using both the discounted cash flow method and peer comparisons. It does not include in the estimate any new shares issued as part of the IPO. The company, which last year had to postpone its debut on the Milan's bourse due to market volatility, plans to list 30-35 percent of its share capital in the next few weeks.
The coffee company reported net sales of 781 million euros last year, while net debt stood at 244 million euros and earnings before interest, tax, depreciation and amortisation (EBITDA) were 64.6 million euros, according to the document. In the report for investors Banca IMI sees the group achieving an EBITDA margin of 9.8 percent within three years, while it warns the group is a latecomer to the coffee capsule market. Analysts at Exane BNP Paribas, global co-ordinator of the IPO with Banca IMI, calculated an equity value of around 442 million euros for MZBG on the basis of the discounted cash flow method, a second report seen by Reuters showed.
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