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Brunello Cucinelli's IPO Values Cashmere Maker At EUR527 Million

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04/13/2012 | 03:52pm CEST

Brunello Cucinelli has set the indicative price range for its initial public offering between EUR6.75 a share and EUR7.75/shr, valuing the Italian cashmere clothing maker at up to EUR527 million, according to an announcement published in a local newspaper Friday.

Cucinelli, whose sweaters are worn by Prince William, movie stars and other public figures, published the announcement with details of the IPO in newspaper Il Sole 24 Ore one day after obtaining final regulatory approval to go ahead and list its stock in Milan, the first for the exchange this year.

Cucinelli, owned by the entrepreneur of the same name, plans to offer 20.4 million of its shares, or 30% of the total. Its IPO will run from April 16 to 27. If a greenshoe option is fully exercised, the free float will reach 33% of the share capital.

The proposed price at the top end of the range gives Cucinelli an enterprise value-to-Ebitda multiple of 12.8 times, and a price/earnings ratio of 22.9 times.

Bank of America Merrill Lynch (>> Bank of America Corp) and Mediobanca SpA (>> Mediobanca Group) are the global coordinators.

Cucinelli follows peers Salvatore Ferragamo SpA (>> Salvatore Ferragamo Italia SpA), which listed its stock in Milan last June, and Prada SpA (1913.HK), which opted to list in Hong Kong to take advantage of the popularity of Italian fashion brands in Asia.

Outside of the fashion world, companies have been more cautious about going public in light of the volatile market conditions.

Italy's rocket propulsion maker, Avio, has postponed its plans to list.

In 2011, Cucinelli had sales of EUR243 million, of which 70% came from overseas. Its earnings before interests, taxes, depreciation and amortization, or Ebitda, reached EUR40 million.

It operates in more than 50 countries through a network of 60 single-brand boutiques and more than 1,000 selected multi-brand outlets and top luxury department stores.

-By Gilles Castonguay, Dow Jones Newswires; +39 02 5821 9908; gilles.castonguay@dowjones.com; Twitter: @GRCastonguay

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Financials ($)
Sales 2017 89 498 M
EBIT 2017 33 615 M
Net income 2017 19 558 M
Debt 2017 -
Yield 2017 1,65%
P/E ratio 2017 12,95
P/E ratio 2018 10,80
Capi. / Sales 2017 2,60x
Capi. / Sales 2018 2,51x
Capitalization 232 868 M
Duration : Period :
Bank of America Technical Analysis Chart | BAC | US0605051046 | 4-Traders
Technical analysis trends BANK OF AMERICA
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 26,7 $
Spread / Average Target 13%
EPS Revisions
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
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WELLS FARGO-6.01%257 132
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