Added to YB: 2024-08-20
Pitch date: 2024-08-19
DEX.MI [bullish]
Dexelance S.p.A.
Author Info
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Company Info
Dexelance S.p.A. develops and promotes a hub of Italian design furniture and lightings. The company offers furniture products under Gervasoni, Meridiani, Saba Italia, Gamma Arredamenti International, and Turri brands; lighting products under the Davide Groppi, Flexalighting, and Axo Light brands; kitchen and systems under Cubo Design brand.
Market Cap
EUR 49.9M
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
300.32
P/E
-2.64
EV/Sales
0.77
Sector
Household Durables
Category
value
Dexelance: An emerging serial acquirer of luxury brands
DEX.MI: Italian luxury furniture consolidator growing sales 38% annually for ~9 yrs while expanding ROIC & ROE to mid-teens. Trades 9.9x EV/EBIT, 8.1% owner earnings yield. Acquires brands ~4.6x EBITDA, boosts sales 20%+ first 3 yrs post-acquisition via distribution platform. Capital-light model, <2x net debt/EBITDA. Risks: cyclical demand, design misses, integration execution. Optimistic scenario: 13.2% IRR, €25 fair value vs €10 current (+149%). Conservative: 9.5% IRR. Tamburi owns 47% stake.
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