San Francisco / Milan, 17 April 2018 – MailUp S.p.A. (Reuters: MAIL.MI) (Bloomberg: MAIL IM) (ISIN IT0005040354) (“MailUp Group”), a company listed on “AIM Italia / Mercato Alternativo del Capitale”, a multilateral trading facility regulated by Borsa Italiana, and operating in the marketing technology industry, hereby notifies that Value Track, the independent financial analysis boutique led by Marco Greco, published an update report on MailUp Group, with a EUR 3.45 fair value (vs a current market price of EUR 2.29, ref. Apr. 13 2018) starting from the following key FY17 messages:

  • Revenues were up at double-digit rates (+26% YoY):
  • EBITDA advanced significantly (+19% YoY);
  • Net Cash position at €7.3mn, which comes as a result of a successful €6mn accelerating book building settled during the year along with positive operating cash generation;
  • 2018E-19E forecast for MailUp Group: to attain at double-digit growth pace and to improve its profitability.

Value Track report also notes that MailUp Group’s FY17 results signal the good growth-quality mix of the company, while the company’s Net Cash position provides high strategic and financial flexibility. In particular the OpFCF before taxes (net of Capex, net working capital requirement and change in provision) remains close to €1mn, consistent with previous year figure.

The future growth of the MailUp Group is expected to result from the launch of more sophisticated tools as well as from the achievement of the breakeven at Globase and at BEE. In addition, according to the Value Track report, BEE has the medium-term potential to become the “jewel in the crown”.

Furthermore, Value Track report mentions MailUp Group’s fair value per share at €3.45, marginally up from previous €3.35. The valuation takes into account the following two points:

  • Expected lifted speculative appeal on Italian stocks due to the widening valuation gap between US and UK players;
  • The increasing valuation potential of BEE, which can be observed in the current ca. 10% Month-on-Month growth rate in Revenues.

The equity research is available on the corporate website:

http://mailupgroup.com/financial-research-coverage/.

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