EuroGroup stable debut on the Stock Exchange
Growth for external lines to strengthen the leadership it’s a order backlog of 5 billion euro in the electric car. They are strategies and numbers EuroGroup Laminations, number one in the world in the production of rotors for green cars, which made its debut this morning in Piazza Affari. The share placed at 5.5 euros, in the middle of the established price range, reached a maximum of 5.8 euros and then closed unchanged.
To give solidity to the listing, this year the first of international weight in Piazza Affari, the entry into the capital in the placement phase of 140 Italian and foreign institutional investors who partially replaced the six founding families of the group, born to supply its components to blenders and which gradually expanded to include the white goods sector, wind turbines and electric cars. “The turning point came in 2016 due to the crisis that hit the automotive industry” recalled the CEO. of Eurogroup Laminations, Marco Arduini, on the sidelines of the opening ceremony of negotiations in Piazza Affari. “From that moment we accelerated deciding to ride the energy transition and now more than 50% of green cars produced in Europe and in the United States mounts our products”.
The free float at 42.6% and orders for 5 billion euro
Following the IPO the floating of EuroGroup will be 42.6% and could rise to 46.8%. The reference partner is Emsvehicle of shareholder families, while Tikehau Capital in September 2020 it had bought 30% of the capital and after the IPO it will keep around 8.5%. “Since Tikehau Capital’s initial investment, EuroGroup Laminations’ order book for the electric vehicle and automotive segment has grown more than three-fold, from 1.5 billion to approximately 5 billion, with additional orders in the pipeline of 2 .5 billion euros under negotiation”, reads a note from the fund. “In this period, the company’s EBITDA also more than tripled”.
Energy transition is just beginning
The green transition however it is only the beginning and “there will still be a huge demand for electric motors, a demand that will project us towards a leap in quality and size” continued the CEO of EuroGroup. The quotation, which will bring over 400 million euros into the company’s coffers, is in fact the instrument “to finance the growth and accelerate on innovation. This is why we are considering opening up to new markets further and further east Arduini confirmed. The group already has two factories in China that have been expanded to support the growing order book. “We are also considering the growth by external lines to enter new markets faster though at the moment there are no open files” confirmed the CEO.
Consolidated turnover of 900 million euros
Meanwhile, EuroGroup’s 2022 ended a consolidated turnover of over 900 million euros and sales of 840 million, with double-digit growth and “2023 is also a year of growth”. “For us the electric car remains the leading sector with rates of cannual return of 25-30%while for the wind turbines we stop at 6/10%”. And also in the future the green car will dominate given that “from the current 7.5 million it is estimated that in 2028 we will reach 28 million and the ongoing price cut, launched by manufacturers such as Tesla e Fordwill only accelerate this trend, making the product more accessible for many consumers”.
On the dividend front, however, the number one of the group said that “we don’t have a dividend policy, our focus is on growth. But we are a family business that has always supported its shareholders” he guaranteed “but there is no dividend policy”.