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1. Company Snapshot

1.a. Company Description

IVS Group S.A., together with its subsidiaries, operates vending machines.It operates through five segments: Italy, France, Spain, Swiss, and Coin.It sells a range of products, including hot and cold beverages, in-between meals, snacks, and confectionary through its automated vending machines and office coffee service machines.


As of December 31, 2021, the company managed a network of approximately 232,117 vending machines, of which 123,971 fully automatic vending machines and 108,146 office coffee service machines, located at corporate offices, institutions, and public places.It also provides coin services, such as the management of metallic money comprising the collection, packaging, and delivery of coins for various customers that include banks, mass-retailers, third party vending operators, parking operators, train stations, and highway toll stations.The company is headquartered in Seriate, Italy.


IVS Group S.A. is a subsidiary of IVS Partecipazioni S.p.A.

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1.b. Last Insights on IVS

IVS Group S.A. experienced a 20.0% performance over the past 3 months, driven by the announcement of its acquisition by Italian coffee roaster Lavazza. The deal sent IVS shares soaring, reflecting the company's improved prospects under new ownership. The acquisition is expected to strengthen Lavazza's presence in the vending machine market, boosting IVS's growth potential.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

Card image cap

Italy Roaster Lavazza to Buy Vending Machine Maker IVS

Apr -23

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.32%)

6. Segments

Vending Machines

Expected Growth: 2.5%

IVS Group S.A.'s vending machine segment growth of 2.5% is driven by increasing demand for convenient and cashless payment options, expansion into new markets, and rising adoption in emerging industries such as healthcare and education. Additionally, the company's focus on digitalization, product innovation, and strategic partnerships contribute to its growth momentum.

Reselling

Expected Growth: 1.8%

IVS Group S.A.'s 1.8% growth in reselling is driven by increasing demand for vending machines, strategic partnerships, and expansion into new markets. Additionally, the company's focus on digitalization, innovative product offerings, and cost optimization strategies have contributed to this growth.

Coin

Expected Growth: 1.2%

Coin from IVS Group S.A. growth driven by increasing demand for cashless payment solutions, expansion into new markets, and strategic partnerships. Additionally, investments in digital transformation and innovative services, such as mobile payments and loyalty programs, contribute to the 1.2 growth rate.

Ho.Re.Ca.

Expected Growth: 2.2%

IVS Group S.A.'s Ho.Re.Ca. segment growth of 2.2% is driven by increasing demand for vending machines and coffee services in the hospitality industry, coupled with the company's strategic expansion into new markets and product innovation. Additionally, the growing trend of cashless payments and digitalization in the industry is also contributing to the segment's growth.

7. Detailed Products

Vending Machines

IVS Group S.A. offers a wide range of vending machines that cater to various industries, including food and beverage, healthy snacks, and specialty coffee.

Coffee Machines

IVS Group S.A. provides a variety of coffee machines, including espresso, cappuccino, and coffee brewers, designed for offices, restaurants, and cafes.

Water Dispensers

IVS Group S.A. offers a range of water dispensers, including bottled water coolers and point-of-use water coolers, suitable for offices, gyms, and homes.

Micro Markets

IVS Group S.A. offers micro markets, which are unattended retail stores that provide a wide range of snacks, beverages, and healthy options.

Office Coffee Services

IVS Group S.A. provides office coffee services, including coffee machines, coffee beans, and maintenance, designed for offices and workplaces.

Vending Machine Management

IVS Group S.A. offers vending machine management services, including machine installation, restocking, and technical support.

8. IVS Group S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for IVS Group S.A. is medium due to the presence of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of buyers in the market and the availability of alternative products.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the presence of multiple suppliers in the market and the lack of concentration.

Threat Of New Entrants

The threat of new entrants is medium due to the presence of barriers to entry and the availability of resources.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple competitors in the market and the high level of competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 51.63%
Debt Cost 4.04%
Equity Weight 48.37%
Equity Cost 6.89%
WACC 5.42%
Leverage 106.72%

11. Quality Control: IVS Group S.A. passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 8.5

Growth: 4.2

Quality: 6.5

Yield: 3.8

Momentum: 6.0

Volatility: 3.3

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A-Score: 5.2/10

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Growth: 4.9

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Yield: 7.5

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A-Score: 5.1/10

Value: 9.1

Growth: 3.1

Quality: 3.1

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A-Score: 5.0/10

Value: 6.4

Growth: 6.2

Quality: 3.5

Yield: 2.5

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A-Score: 4.6/10

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Quality: 1.6

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IVS Group

A-Score: 3.0/10

Value: 3.1

Growth: 2.9

Quality: 2.5

Yield: 1.2

Momentum: 5.0

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.16$

Current Price

7.16$

Potential

-0.00%

Expected Cash-Flows