DOCSLIB.ORG

Equity Piaggio

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Equity Piaggio Equity Company Flash MID CORPORATE 28 July 2020: 7:53 CET Piaggio Date and time of production BUY 2Q20 Further Strengthens Confidence Piaggio’s 2Q20 results, which came in 9% and 10% better than our and consensus expectations at the EBITDA level, reinforce our confidence in Target Price: EUR 3.1 Piaggio’s equity story. While adopting a slightly more cautious approach on (from EUR 2.8) 2020E to account for the prolonged lockdown in some Indian areas, we leave our 2021-22E estimates broadly unchanged as we believe that Piaggio will Italy/Automobiles & benefit from the new mobility habits following the Covid-19 outbreak. This trend Components may prove to be even stronger than what we are currently incorporating, Update paving the way for a better than forecast growth in 2021. MTA Price Performance 2Q20 results better than expected (RIC: PIA.MI, BB: PIA IM) 120 110 With 2Q20 revenues in line with our expectations, EBITDA in the quarter stood at EUR 100 90 43.3M (implying a 15% margin), exceeding our expectations and market consensus 80 70 (Bloomberg) by 9% and 10% thanks to a higher than expected opex reduction (EUR 20M 60 50 vs. our EUR 15M assumption, most of which related to temporary layoffs). Overall, in 2Q20 J A S O N D J F M A M J J and in 1H20, the group’s net profit was stronger than expected also thanks to slightly Piaggio FTSE IT All Sh - PRICE INDEX lower than projected D&A and a more favourable tax rate (40%) than in 1H19. As Piaggio - Key Data Price date (market close) 24/07/2020 anticipated in our preview report (24/7), net debt peaked but looks fully under control, Target price (EUR) 3.1 in our view, and was slightly better than our expectations. Target upside (%) 28.84 Market price (EUR) 2.41 Piaggio - 2Q/1H20 results Market cap (EUR M) 861.72 EUR M 2Q19A 1H19A FY19A 2Q20A 2Q20E 2Q20C 2Q A/E 2Q A/C 2Q yoy 1H20A 52Wk range (EUR) 3.09/1.43 % % % Price performance % 1M 3M 12M Sales 470.8 817.0 311.4 288.74 288.7 291.7 0 -1 -0.39 600 Absolute 13.6 18.8 -9.5 EBITDA 84.8 134.3 39.8 43.30 39.8 39.5 9 10 -0.49 83 Rel. to FTSE IT All Sh 8.7 0.5 -0.5 Margin % 18.0 16.4 12.8 15.0 13.8 13.5 NM NM NM 13.8 Y/E Dec (EUR M) FY19A FY20E FY21E EBIT 54.4 75.1 10.0 14.70 10.0 9.2 47 59 -0.73 24.7 Revenues 1,521.3 1,313.5 1,567.6 Margin % 12 9 3 5.1 3.5 3.2 NM NM NM 4.1 EBITDA 227.8 185.3 229.6 Net Income 26.7 34.6 3.10 6.0 2.7 2.1 121 190 -0.78 9.1 EBIT 104.5 65.31 109.6 Net income 46.72 26.59 51.96 Net debt 418.0 418.0 548.6 528.5 535.4 514.0 -1 3 0.26 528.5 EPS (EUR) 0.13 0.07 0.15 (net cash) SampleNet debt/-cash 429.7 478.5 450.9 NM: not meaningful; A: actual; E: estimates; C: Bloomberg consensus; Source: Company data and Intesa Sanpaolo Adj P/E (x) 19.9 32.4 16.6 Research EV/EBITDA (x) 5.8 7.2 5.7 Outlook and estimates EV/EBIT (x) 12.7 20.5 12.0 Div ord yield (%) 5.8 3.3 4.2 Source: Company data, FactSet and Intesa The group announced the postponement of the distribution of its interim dividend on Sanpaolo Research estimates 2020 to November. As expected, Piaggio did not release any guidance on the back of the ongoing evolution of the pandemic. However, the main feedback from the conference call strengthens our view that the volumes outlook in Europe (where the group enjoys a strong price mix and a higher operating leverage) is stronger than initially Intesa Sanpaolo Research Dept. expected. Based on preliminary data for the first weeks of July, the group sees a Monica Bosio - Research Analyst European 2W market up by 25-30% despite a very tough comparison base as in July +39 02 8794 9809 2019 the EU 2W market grew by around 16%. We see this as very positive as July is [email protected] particularly important for the 2W market as it accounts for around 13% of the yearly registrations. In this context, Piaggio’s management stated that, based on July orders, on pre-orders for August and on their predictions for September, in 3Q20 Piaggio’s orders See page 8 for full disclosure and analyst certification 28 July 2020: 07:53 CET Date and time of first circulation Piaggio 28 July 2020 in Europe are seen up by 20%/25%. Given that 3Q20 is expected to have a similar mix to 3Q19, we expect a similar trend for revenues. On top of this strong trend, Piaggio is performing very well in some key strategic countries, such as China, where Vespa volumes are rising above expectations with very sound margins. In 1Q20, Vespa volumes in China were seen at around 10k by year-end and management now seems more optimistic. We believe that China will offer strong growth opportunities ahead for a high value brand, such as Vespa. At the same time, with the lift of the lockdown in many Asian countries, we think APAC could resume its growth path. By contrast, with a market still down by 45% in July, according to the management, India still represents a question mark but we believe that the group will be able to offset a large part of the declining volumes in India with a much stronger trend in Europe. From an estimates standpoint, we think a slightly more cautious approach for 2020 is reasonable due to the ongoing restrictions in certain Indian areas. Nevertheless, while reducing our volumes projections on India for 2020 and going forward, we increase our volumes outlook for Piaggio’s operations in Europe and we leave unchanged our price mix assumptions across all of Piaggio’s main areas. While cutting our 2020E EBITDA and adj. EPS by 5.6% and 19.7%, respectively, we leave our 2021-22E estimates broadly unchanged. We believe that the changes in consumers’ commuting habits will open up new growth opportunities for Piaggio across all geographical markets on top of the still ongoing replacement cycle in Europe. As a result, we do not rule out that our volumes assumptions for Piaggio’s 2W in 2021 might prove to be conservative. Piaggio - 2020E-21E earnings outlook Old New EUR M 2020E 2021E 2022E 2020E 2021E 2022E Sales 1,376 1,550 1,708 1,313 1,568 1,731 EBITDA 196 230 255 185 230 257 EBITDA % 14.3 14.9 15.0 14.1 14.6 14.8 EBIT 76.2 110.4 129.5 65 110 131 EBIT % 5.5 7.1 7.6 5.0 7.0 7.6 Pre-tax income 55 87 106 44 87 108 Net income (attributable) 33 52 64 27 52 65 Net cons. debt / (cash) 471 452 415 479 451 412 Capex 110 Sample130 130 110 130 130 Adjusted EPS (EUR) 0.092 0.146 0.178 0.074 0.145 0.181 Dividend per ord share (EUR) 0.08 0.1 0.11 0.08 0.10 0.11 NA: not available; NM: not meaningful; A: actual; E: estimates; Source: Intesa Sanpaolo Research 2 Intesa Sanpaolo Research Department Piaggio 28 July 2020 Piaggio - Main estimates revisions % New vs. Old 2020E New vs. Old 2021E New vs. Old 2022E Sales -4.6 1.2 1.3 EBITDA -5.6 -0.4 0.5 Adjusted EPS -19.7 -0.9 1.2 DPS 0.0 0.0 0.0 Net consolidated debt / (cash) 1.5 -0.2 -0.7 Capex 0.0 0.0 0.0 E: estimates; Source: Intesa Sanpaolo Research Piaggio - Volumes assumptions Volumes 2020E yoy % 2021E yoy % 2022E yoy % 2W Western Countries) 216 -3.8 238 10.2 257 8.0 2W India 50 -35.1 65 30.0 80 23.1 2 W APAC 91 -7.3 101 11.0 106 5.0 Total 2Wheels 357 -10.7 404 13.2 443 9.7 LCV Europe 15 -20.3 18 17.6 23 27.8 LCV India 115 -40.3 160 39.1 180 12.5 Total LCV 130 -38.5 178 36.6 203 14.0 Total volumes 487 -20.3 582 19.4 646.0 11.0 E: estimates;Source: Intesa Sanpaolo Research Valuation While trimming our 2020E EBITDA estimates, our positive view on Piaggio remains unchanged as our revision reflects the temporary restrictions in certain areas of India and we see a resumption of market demand ahead also for the Indian market. Valuation-wise, our 2020E SOP analysis benefits from the recent sector multiples re-rating and, our updated DCF analysis (which now incorporates a revised beta at 0.9 but retains a conservative 1% G rate), still points to upside ahead on the stock up to EUR 3.1/sh (from the previous EUR 2.8 sh). We thus keep our BUY rating on Piaggio. Piaggio – Target price calculation EquitySample value (EUR M) Equity Value (EUR/sh.). 2020 SOP by business area 1,216 3.4 DCF 2020-22E 1,021 2.9 Piaggio target price 1,118 3.1 Source: Intesa Sanpaolo Research estimates Intesa Sanpaolo Research Department 3 Piaggio 28 July 2020 2020E SOP Piaggio - Main peers by area x EV/Sales EV/EBITDA EV/EBIT P/E Harley-Davidson, Inc.
Load more

Recommended publications
  • Future Mobility
    FUTURE MOBILITY Sector report 29 October 2019 – 5:30 PM Automotive – Mobility - Infrastructures CASE: what will change for OEMs CASE (Connectivity, Autonomous, Sharing and Electric) will change the way consumers see mobility and will dramatically transform the industry. Quarterly results will be useful to assess short-term price reactions but, we believe, how every company is positioned in a fast- changing environment cannot be ignored for long-term returns. The industry transformation doesn’t necessarily mean “shrinking”: we believe that the overall size of the profit should rise. But a large amount of business centred on ownership models will be transacted in the future through mobility providers (i.e. services) and current incumbents may not be the winners. We initiate coverages on CNH (NEUTRAL, TP EUR10.3) that aims to be a disruptor in its sector thanks profiting from future mobility trends but it is witnessing an unpredictable AG cycle, Ferrari (BUY, TP EUR163.0) which will use the hybrid technology at its advantages and Piaggio (BUY, TP EUR3.20) where electric will support a new replacement cycle. > Regulators are forcing the transition to electric but pick-up will be slowed down by the lack of infrastructure: EU CO2 targets are forcing carmakers to introduce EVs despite they are still losing money on it and consumers are wobbling. However, slow deployment of charging infrastructure, lack in electricity storage and grids last mile capacity, constraints on battery production and recycling should limit PHEV and BEV to 16% of total registrations by 2025. We believe that electric is a perfect technology for 2 wheelers where “range anxiety” doesn’t apply Massimo Vecchio Senior Analyst and could trigger a long-awaited replacement cycle.
    [Show full text]
  • 1230019 Ritchie Bros
    Unreserved Public Auction Caorso, IT Timed auction only, see notice >> Tel: .. Fax: .. Auction location: Via Canada snc Angolo SP R, Caorso (PC), Italy facebook.com/ritchiebrositalia KOMATSU PCNLC VOLVO AG UNUSED MANITOU MRT S PRIVILEGE+ FENDT VARIO PROFI IVECO STRALIS X W/ EFFER /S KG . M rbauction.com/caorso © Copyright Ritchie Bros. Auctioneers – CAT K DOOSAN DL KOMATSU WA NEW HOLLAND WB HITACHI ZW CAT C DYNAPAC CAD BOMAG BWDH HAMM HT More items added daily! View the latest listings for this auction at rbauction.com/caorso HITACHI ZX LCN- NEW HOLLAND EC KOMATSU PCNHD KOMATSU PCNLC / HITACHI ZXLCN JCB JSN CAT D LCR JCB JSW KOMATSU PWESK More items added daily! View the latest listings for this auction at rbauction.com/caorso VOLVO ECR D KUBOTA KX KUBOTA KX HITACHI ZX USBLC CASE CXB S KOMATSU PCMR QTY OF UNUSED HITACHI ZXU YR SUNWARD SWTL CAT B More items added daily! View the latest listings for this auction at rbauction.com/caorso UNUSED — MANITOU MRT Easy S DIECI PEGASUS . DIECI PEGASUS . / & MERLO ROTO . MANITOU MTL MANITOU MVT MERLO P. / MERLO P . DIECI APOLLO . More items added daily! View the latest listings for this auction at rbauction.com/caorso / HAULOTTE HAPX / HAULOTTE HAPX / HAULOTTE HTPX JLG SJP JLG AJP / JLG SJ JLG SJ / HAULOTTE HAPX / HAULOTTE HA SPX More items added daily! View the latest listings for this auction at rbauction.com/caorso CLAAS DOMINATOR SL NEW HOLLAND T. JOHN DEERE PREMIUM UNUSED SAME EXPLORER UNUSED SAME EXPLORER UNUSED SAME
    [Show full text]
  • Federico Vidari Resume
    FEDERICO VIDARI I use my dierent professional and personal experiences to achieve business goals. Together with a passion for work and continuous change, I practice a holistic approach to generate innovation inside and outside companies. > https://www.linkedin.com/in/federicovidari SUMMARY MY LIFE PHILOSOPHY I have been working in marketing, in particular, digital communication, since 1995. Life is what happens while you're My education Architecture Degree, Politecnico di Milano; busy making your excuses. Erasmus at TUBerlin) has provided me with a highly Simple Plan methodological, results-oriented and client-centred approach to digital design and development, from conception and planning to execution, through iterative revisions. MOST PROUD OF My experience has been consolidated through a wide range of different marketing projects. I am a skilled interlocutor with clients from all backgrounds, and a team leader able to World Citizen generate a high level of engagement in all stakeholders: Lived in Berlin and Aachen DE clients, team and suppliers. Worked in Rio de Janeiro, Berlin, Aachen, Modena, Imola. I am an expert about Business Design and Transformation, Branding, Communication and Digital Strategy, UX/UI Design, Ecommerce, Email Marketing, Social Media Marketing, Social Maserati & Ferrari websites Selling, Sales enablement and digital coaching. Delivered in a complex stakeholders I am Adjunct Professor of Communication MetaDesign and environment Service Design at Politecnico di Milano. % Next Level Fest Organized a Music Festival
    [Show full text]
  • Presentation of the Sintonia SA and Schemaventotto Spa Lists of Candidates for the Board of Directors and Board of Statutory Auditors of Atlantia Spa
    ATLANTIA - ROME Arrival Prot. 015 Res. of 6 April 2009 2 April 2009 Atlantia SpA Via Antonio Nibby, 20 00161 ROME Re: Presentation of the Sintonia SA and Schemaventotto SpA lists of candidates for the Board of Directors and Board of Statutory Auditors of Atlantia SpA In conformity with articles 20 and 30 of the Articles of Association of Atlantia SpA and for the election of the Boards of Directors and Statutory Auditors to be made at the Shareholders’ Meeting, the first meeting, which has been called for 22 April 2009, in first call, and for 23 April 2009, in second call, the lists of candidates of Sintonia SA and Schemaventotto SpA are, hereby, presented. These companies hold, respectively, 8% and 30.06% of Atlantia’s share capital; List of candidates for the Board of Directors 1. CLO’ Alberto 2. BENETTON Gilberto 3. BERTANI Alessandro 4. CAO Stefano 5. CASTELLUCCI Giovanni 6. CERA Roberto 7. GROS-PIETRO Gian Maria 8. MALINCONICO Carlo 9. MARI Giuliano 10. MATTIOLI Francesco Paolo 11. MION Gianni 12. PIAGGIO Giuseppe 13. BELLAMOLI Valerio 14. LAPUCCI Massimo 15. TRONCONE Marco List of Candidates for the Board of Statutory Auditors 1. DI TANNO Tommaso (Statutory Auditor) 2. LUPI Raffaello (Statutory Auditor) 3. TROTTER Alessandro (Statutory Auditor) 1. CIPOLLA Giuseppe Maria (Alternate Auditor) The curricula vitae of the candidates, their representations, warranties and acceptance of their candidature and the attestation required by articles 20 and 32 of the articles of association as well as, for certain candidates, the requisites of independence as determined by applicable legislation and regulations.
    [Show full text]
  • Table of Contents
    A periodic pubblication from the Italian Trade Volume 12 Issue1 .it italian trade 1 Table of contents 22. CREDITS EDITORIALS 24. “Italy and Miami: a long lasting bond of friendship”: a message from Tomas Regalado, Mayor of the City of Miami 26. “The US Southeast, a thriving market for Italian companies”: a message from Gloria Bellelli, Consul General of Italy in Miami 28. “The United States of America, a strategic market for Italian food industry”: a message from Gian Domenico Auricchio, President of Assocamerestero 30. “25 years supporting Italy and its businesses”: a message from Gianluca Fontani, President of Italy-America Chamber of Commerce Southeast SPECIAL EDITORIAL CONTRIBUTIONS 32. “Andrea Bocelli, when simplicity makes you the greatest”, interview with Andrea Bocelli, Italian classical crossover tenor, recording artist, and singer-songwriter. 40. “Santo Versace, Style is the Man!”, interview with Santo Versace, President of Gianni Versace Spa 47. “Italians in Miami: a unique-of-its-kind community”, by Antonietta Di Pietro Italian Instructor in the Department of Modern Languages at Florida International University 53. “Italy and the US: a strong relationship” by Andrea Mancia e Simone Bressan, Journalists and Bloggers THE “MADE IN ITALY AMBASSADOR AWARD” WINNERS 58. “Buccellati, a matter of generations”, interview with Andrea Buccellati, President and Creative Director of Buccellati Spa 63. “The Made in Italy essence” interview with Dario Snaidero, CEO of Snaidero USA INTRODUCING “THE BEST OF ITALY GALA NIGHT” 69. “The Best of Italy Gala Night” Program THE PROTAGONISTS OF “THE BEST OF ITALY GALA NIGHT” 76. “Alfa Romeo, Return of a legend”, by Alfa Romeo 82.
    [Show full text]
  • Amac Aerospace and Pininfarina Present An
    MAY 2019/PRESS RELEASE AMAC AEROSPACE AND PININFARINA PRESENT AN INNOVATIVE CABIN CONCEPT FOR THE AIRBUS A350-900 A new way to live and enjoy the on-board experience leveraging on the 360° Pininfarina design expertise and on AMAC Aerospace unique completion capabilities. Turin, May 20, 2019 – Imagine entering in a luxury hotel This concept is expressed in the cabin lounge by a unique lounge, enjoying a drink and then relaxing on comfortable open space sculptured by a flowing band that gives life couches surrounded by the green. Imagine having dinner to different environments. The welcoming area is furnished gazing at the sunset on the ocean and then watching a movie with a wet bar to receive guests. Following the band, the on a giant screen. Now open your eyes: you are on board traveler finds the relaxing area conceived as a cocoon on an Airbus A350-900. characterized by an intimate atmosphere: embracing sofas facing a transparent giant screen allowing either to project or AMAC Aerospace and Pininfarina present at EBACE an to enjoy the view. The lounge is completed by a dining area innovative cabin concept for the Airbus A350-900 aimed conceived both to eat and to hold meetings and a chaise- to innovate the onboard experience. The inspiration came long green space dedicated to personal relaxing moments. from the eclectic Pininfarina design expertise ranging for the nautical to the architectural interior design with the AMAC Aerospace competencies lie in bespoke conceiving, goal to create a comfortable and enjoyable space able to production and installation of the most discerning cabins make you forget to be on a jet.
    [Show full text]
  • Italian Morning Sight
    Italian Morning Sight 07 September 2015 Equity Research +39 02 4344 - 4389 Institutional Sales - 5101 Relative Value - 4788 Equity Derivatives - 5451 Investment Research Stock Exchanges 4 Sep 15 Last %Chg %YtD Min YtD Max YtD Technical Analysis FTSE Italy All-Share 23,072 -2.97 14.57 19,270 25,684 DJ STOXX: Daily relative performance by sector FTSE MIB 21,473 -3.18 12.94 18,123 24,031 FTSE Italy Star 23,771 -1.06 27.39 18,482 26,520 Comit 1,200.4 -1.56 15.62 1,002.9 1,323.7 Stoxx 600 353.11 -2.52 3.09 331.62 414.06 EuroStoxx 50 3,180.2 -2.75 1.08 3,007.9 3,828.8 Dow Jones Industrials 16,102 -1.66 -9.65 15,666 18,312 Nasdaq Comp 4,684 -1.05 -1.10 4,506 5,219 Nikkei 225 17,792 -2.15 1.96 16,796 20,868 Other Market Indicators 4 Sep 15 Last %Chg %YtD Min YtD Max YtD EUR/USD 1.1116 0.17 -8.14 1.0522 1.2031 USD/YEN 119.19 -0.91 -0.59 116.87 125.65 London Brent Crude Oil Index U$/BBL 50.37 2.54 -12.14 42.81 67.95 10 Yrs Bund Futures 154.89 0.58 -0.63 148.98 160.36 Source: Datastream Recommendation and target price changes Banca Carige: TP EUR 2.20 from EUR 2.30 Trevi: TP EUR 1.50 from 1.90 News Banca Carige (Buy) A restructuring story with M&A appeal Enel (Accumulate) Going-on Fiat Chrysler Automobiles (Buy) FCA likely to wait until 2016 before moving on GM Telecom Italia (Accumulate) New rumours on savings' conversion Trevi (Neutral) Feedback from H1 presentation: challenging guidance UniCredit (Neutral) Interview with Mr Ghizzoni in La Repubblica All ESN research is available on Bloomberg: “ESNR” <go> Italian Morning Sight 07 September 2015 Banca Carige Italy/Banks BANKS Banca Carige (Buy) A restructuring story with M&A appeal Buy A restructuring story with M&A appeal Recommendation unchanged Share price: EUR 1.63 The facts: We are publishing this morning a company update on Banca Carige.
    [Show full text]
  • 2018 Annual Report
    2018 ANNUAL REPORT 2018 ANNUAL REPORT AND FORM 20-F 2 2018 | ANNUAL REPORT 2018 | ANNUAL REPORT 3 Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Emerging growth company If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S.
    [Show full text]
  • Piaggio Mp3 Range the Piaggio Mp3 Range Grows and Is Completed Stability and Ease of Riding Combined with Agility, Brilliant
    PIAGGIO MP3 RANGE THE PIAGGIO MP3 RANGE GROWS AND IS COMPLETED STABILITY AND EASE OF RIDING COMBINED WITH AGILITY, BRILLIANT PERFORMANCE AND REDUCED CONSUMPTION. TOP SHELF SAFETY AND COMFORT AS ALWAYS FOR THE THREE- WHEELED PATRIARCH OF THE CATEGORY AND BEST SELLER FOR MORE THAN 10 YEARS YOURBAN ALSO UPDATED TO COMPLY WITH EURO 4 EMISSIONS STANDARDS, THE MOST COMPACT AND CITY PIAGGIO MP3 MODEL Piaggio MP3 is the world's first 3-wheel scooter, the concrete response to the demand for easy-to-handle, extremely safe city vehicles to get about in the city or reach the city centre from the ever growing suburbs. The two front wheels and the exclusive patented suspension system, conceived and developed by Piaggio before any other global manufacturer, combine the safety of a car with the simplicity and practicality of a scooter and the fun of a motorcycle with dynamic riding on corners. This is why Piaggio MP3 is able to satisfy a truly global demand: from drivers looking for a more practical yet safe alternative to the experienced motorcyclist able to appreciate the advantages and technical features of a vehicle that has, on its own, created a new market segment of which it is the undisputed leader. “Two wheels ahead of the rest”: a definition which not only indicates the peculiar characteristic of Piaggio MP3, but also suggests technological superiority that the revolutionary Piaggio Group “three wheeler” has managed to affirm. Two front wheels to travel in total safety in any weather or road surface conditions and at the same time have fun riding just as on a conventional two-wheeled vehicle.
    [Show full text]
  • KWD Webranking Italy 2013 EN
    IN COLLABORATION WITH lundquist. KWD WEBRANKING 2013 ITALY THE RESEARCH IN NUMBERS KWD Webranking is the most in-depth analysis of online nancial and corporate communications in Europe th th 17 EUROPEAN EDITION AND 12 ITALIAN EDITION THE “BLACK SHEEP” 40 ITALIAN COMPANIES EXCLUDED Spotlight on best practice and companies investing in their LESS THAN 25 POINTS IN THE 2012 RANKING online communications THE BEST IN 2013 TOP 10 IN 2013 BEST IMPROVERS ITALIAN AVERAGE 11 88.8 Eni +9.9 Mondadori 22 86.1 Telecom Italia 42.2 POINTS OUT OF 100 +9.3 Campari 33 80.5 Hera -2 POINTS 73.5 Snam 44 VS 2012 +5.5 Prysmian 55 71.3 Pirelli & C. 66 68.5 Terna +5.3 Eni 66.8 UniCredit 77 ONLY +4.1 Igd 88 63.5 Generali 1 COMPANY OUT OF 3 99 63.3 Mondadori IMPROVED 1010 62 Piaggio & C. ITS SCORE NEW WEBSITES BREMBO FIAT SPA CAMPARI LUXOTTICA CNH INDUSTRIAL PIAGGIO & C. FINMECCANICA ST MICROELECTRONICS ITALIAN COMPANIES DOING WELL IN DISCLOSURE Italian companies are doing well in the presentation of the “ company, nancial results and governance, information“ usually found inside nancial reports. Sustainability, employer branding and social media are the weakest areas. Joakim Lundquist, Head of KWD in Italy POSITIVE NEGATIVE PRESENTATION OF THE COMPANY SUSTAINABILITY 98% Present their history 25% Do not present sustainability information other than the code of ethics PRESENTATION OF FINANCIAL RESULTS EMPLOYER BRANDING 100% Have reports, documents 21% Do not present the company and presentations in English to potential candidates GOVERNANCE SOCIAL MEDIA 95% Include information 55% Do not include any social media concerning their AGM accounts on their website TECHNOLOGY VSVS STORIES INNOVATIONS TO BE TOLD Italian companies rely on technology to close the gap with “ “ European companies but corporate website is not used effectively to communicate identity and future vision.
    [Show full text]
  • Politecnico Di Torino: Research Education Cooperation with Industry
    Politecnico di Torino: Research Education Cooperation with industry www.polito.it Politecnico di Torino at a glance The Politecnico di Torino (www.polito.it), was founded in 1906 from the roots of the Technical School for Engineers created in 1859. It is a centre of teaching and research, and one of the most important universities in Europe for engineering and architecture studies, strongly committed to collaboration with industry. Facts & figures Campuses 26,000 students Main campus: the central seat of the Engineering 1,000 lecturers/researchers Schools, located in a 300,000 sq.m. area 4 schools of Engineering, 2 schools of Architecture Castle Campus: XVII century royal residence, 35 Master of Science degrees seat of the Schools of Architecture 24 PhD courses Polis Campus: a 170,000 sq.m. area where can be 18 departments allocated companies for developing research activities 800 research contracts with public institutions jointly with the Politecnico and industries per year Mirafiori Technological Campus: for industrial E 35 million of annual budget for research production of projects developed within the Polis Campus Diversified teaching offer From Aerospace Engineering to Telecommunications, from Biomedics to Mechatronics, Industrial Design, Automotive Engineering and Engineering for Cinema and the Media, the Politecnico di Torino offers a wide range of courses and specialization programs. Several courses are conducted in English. Distance-learning programs are also available. International programs Over 50 international agreements allow students to obtain double degrees, and 1,600 foreign students are enrolled in different schools in the university, including PhD students. Six collaboration agreements with Chinese universities have recently been signed, and the Sino-Italian Campus has been inaugurated in the new buildings of the Tongji University of Shanghai (www.tongji.edu.cn).
    [Show full text]
  • I Nostri Veicoli, Forti Come L'italia
    IN COPERTINA I NOSTRI VEICOLI FORTI COME L’ITALIA www.romanadiesel.com SOMMARIO EDITORIALE 3 PESANTI EFFETTI DEL COVID-19 SUL COMPARTO TRASPORO MERCI BLU COTRAL, ARCOBALENO TPL 4 CONSEGNA VEICOLI E VISITA DEL TOP MANAGEMENT IN RD WELCOME TO THE FUTURE 7 PRESENTATO IL NUOVO NIKOLA TRE IVECO S-WAY VINCE IL PRESTIGIOSO PREMIO 8 DESIGN AWARD 2020 CONSEGNA DI 10 IVECO S-WAY ALLA MASSIMI ECO SOLUZIONI 9 STORICA AZIENDA A CARATTERE FAMILIARE CONSEGNE ALLA C.R.I. E ALLA RAI 10 FIDUCIOSI NONOSTANTE LE DIFFICOLTÀ CONSEGNA ALLA FRANCUCCI SRL 11 STORICA AZIENDA DI MATERIALI EDILI L’AZIENDA AGRICOLA F.LLI CAPRETTI SCEGLIE UN BELLISSIMO NEW HOLLAND T6 IL MIGLIOR DUCATO…DI SEMPRE 12 IL BEST SELLER EVOLVE PER RISPONDERE A OGNI ESIGENZA TRIS DI PREMI PER CASE IH E NEW HOLLAND AGRICULTURE ASABE 2020 PER L’INNOVAZIONE SI ARRICCHISCE LA NOSTRA GAMMA DI PRODOTTI 13 NEW HOLLAND BIGBALER 1290 AD ALTA DENSITÀ 14 VINCE IL PREMIO MACCHINA DELL’ANNO 2020 RD PARTS 4.0: PERFORMANCE FIRST 15 INVESTIRE NEL PRESENTE PER PROGRAMMARE IL FUTURO. PIAGGIO COMMERCIAL. 18 NEW ENTRY ALLA ROMANA DIESEL LA GAMMA DEI VEICOLI PIAGGIO 19 AL CENTRO DEL LAVORO RD HERITAGE 20 PASSIONE DAL 1937 MARISA ORLANDI 21 CRONACA DI UNA CARRIERA OLTRE IL CONFINE DELLA PROFESSIONALITÀ GABRIELLA AMADIO 22 OLTRE 30 ANNI DI RD PER VOI RD MARKET 23 PAGINE DEDICATE AI VEICOLI D’OCCASIONE Direttore responsabile: Michela Coluzzi - Autorizz. Trib. Frosinone n. 231/94 del 21/04/94 Editore: Grafiche Bianchini sas - Ceccano (FR) Realizzazione grafica:“Pubbliedro S.r.l.” • Roma 2 Redazione “Romana Diesel per Voi” - via Collatina, 456 - 00155 Roma www.romanadiesel.com perVoi EDITORIALE PESANTI EFFETTI DEL COVID-19 SUL COMPARTO TRASPORTO MERCI Il comparto dei veicoli per il trasporto merci mostra ancora evidenti difficoltà di ripresa delle vendite e dei livelli produttivi pre chiu- sura COVID-19.
    [Show full text]