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Some notes about $GBUS (Draft) / Algunas notas sobre $GBUS
DISCLAIMER: I have compiled my own notes for $GBUS for my personal use. They are written in a combination of English and Spanish, as this is how I best process information. I am sharing them here for anyone interested, however, some parts may not be understandable to others, or could be outdated or inaccurate. Despite this, I hope that these notes offer some value and that someone finds them useful!
Gibus S.p.A. designs and produces awnings, pergolas, and shade sails in Italy and internationally. It offers bioclimatic pergolas and accessories, sloped pergolas, and pergola covers and accessories; folding arm, vertical, tension, and dome awnings; and screens zip products, as well as sliding glass doors and zip closures for residential and commercial applications. The company sells its products through its shops, as well as through resellers.
## Acquisition of Leiner GMBH
- Leiner is a player in the production of high-quality sun protection solutions
- The product portfolio includes awnings systems, conservatory awnings, folding roofs and terrace roofs (sistemas de toldos, toldos de invernadero, techos plegables y techos de terraza)
- The Network distribution is composed by more than 700 regional specialist dealers in Germany and the Netherlands
- 88% of sales in the German Market
- Fundamentals:
- Revenue Growth: 27%
- Revenue FY21A: €35,5m
- EBITDA Margin FY21A: 13,2%
- EBITDA FY21A: €4,7m
- Net Debt FY21A: €5,2m
- STRATEGIC RATIONALE AND POTENTIAL SYNERGIES:
- Cross-selling synergies
- Distribution by Leiner, in Germany, of the bioclimatic pergolas and retractable pergola systems*
- Distribution by Leiner, in Germany, of patented Click ZIP system
- Distribution by Gibus in its main markets outside DACH (Italy, France) of terrace roofs by Leiner*
- Cost efficiency synergies: If each plant can focus on a fewer number of products, productivity can be increased, with each company focusing on the production on one specific range: • Gibus can increase the volume in the production of pergolas • Leiner can focus its energies and production capacity on terrace roofs.
- R&D Synergies
- Digitalization synergies:
Salesforce CRM, already adopted in Gibus, can be introduced in Leiner as well in order to improve the customer management, by learning from Gibus experience.
New 3d online configurator under development by Gibus can be adopted by Leiner as well to improve the online purchase experience for its customers.
# Preguntas
- ¿Tiene la empresa pricing power?
- Por un lado su posición dominante en Italia y su segmento de lujo parecen señalar que sí.
- Por otro lado parece que en mercados extranjeros existen gran cantidad de competidores con productos de calidad semejante
- ¿Qué le pasa a este sector durante las crisis?
- Furniture and mattress purchases are tied to the health of the housing market, which often takes a financial blow during recessions. Werner notes, however, that furniture and mattress stores are among the first businesses to bounce back after a recession.
# Macro
## Factores Positivos
- 🌎 El calentamiento global beneficia todos los accesorios de protección frente al sol
- 🌎 Global outdoor furniture market CAGR of 5%
## Factores Negativos
- Ingresos artificalmente altos en la época postcovid
- Costes de ingresos afectados negativamente por el alza de las materias primas en la época de la guerra de Ucrania
# Business
The period 2015-2021 is characterized by the line of the Lusso High Tech (Pergole Bioclimatiche) and Sustainability (Zip Screen) lines, which have not registered a CAGR (Compounded Average Growth Rate) 2015-2021 respectively at +50.8% and + 23.1% constitutes the main driver of growth.
## High-end Luxury Line - (47% of sales)
### Luxury High Tech line - (34% of sales)
- E-pergola: The first photovoltaic bioclimatic pergola (link)
### Sustainability Line - (14% of sales)
- Zip Screen
## Design Line - (51% of sales)
# Oportunidades
- 💡 Expansión internacional ⇾ Alemania y Francia
- 💡 Sinergias y mejoras a raíz de la adquisición de Leiner -> Expansión de márgenes y crecimiento
# Ventajas
- ✅ Top european player in the Outdoor Design sector by Revenue
- ✅ Están recomprando sus propias acciones (1% de las acciones en circulación aprobado)
- ✅ Empresa pequeña del mercado italiano. No aparece en muchas páginas de inversión y está fuera del alcance de muchos analistas.
- ✅ La empresa es conocida por su alta calidad y su innovación
# Riesgos
- ⚠️ 50% Invoice Discount are boosting sales. En caso de un cambio de política, las ventas en Italia podrían frenarse.
- ✅ Debido a la dirección de la tendencia en energías renovables y el calentamiento global, parece poco probable que la política desaparezca repentinamente
- ✅ La nueva adquisición aumenta la composición de revenue en mercados internacionales, haciendo a la empresa menos dependiente de las ventas locales -> 44% de los revenues son fuera de Italia (Enero 2023)
- ⚠️ Afectada por el alza en precios de alguanas materias primas como la madera o el aluminio -> Alza en estas materias conllevará una reducción de márgenes
- ⚠️ Los resultados de los años post-covid pueden estar hinchados por la vulta a la normalidad y a la vida exterior
- ⚠️ Información limitada. Sólo hay reportes desde 2017
- ⚠️ Terra Holding holds 80% of shares
- ⚠️ Gibus carece de un gran foso defensivo en mercados internacionales. La competencia podría suponer problemas en un futuro.
- Markilux (Alemania)
- Verandalux (Francia)
- Weinor (Alemania)
- Fermob (Francia)
- Sunair awnings (US) ?
# KPIs
- La empresa debe mantenerse en una posición financiera sólida y crecer lentamente de manera orgánica (o adquisiciones si el management se muestra competente)
- El porcentaje de los ingresos que vienen del sector de lujo debe aumentar o mantenerse
- Hay que ver cómo evolucionan las ventas una vez se acabe el descuento del 50% en Italia.
Gibus
Bioclimatic Pergolas | Innovative solutions for solar protection system | Gibus
With Gibus high quality bioclimatic pergolas you'll enjoy your outdoor areas with at the best temperature, light and ventilation comfort. Take a look!
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