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Datalogic
Company report
Italy / Industrial Engineering
Investment Research
Reason: Company Newsflow
Buy
15 May 2014
A new wave of growth thanks to imaging technology
Recommendation unchanged
8.78
Share price: EUR
closing price as of 14/05/2014
Target price: EUR
12.00
10.20
from Target Price: EUR
Reuters/Bloomberg
DAL.MI/DAL IM
Daily avg. no. trad. sh. 12 mth
Daily avg. trad. vol. 12 mth (m)
Price high 12 mth (EUR)
Price low 12 mth (EUR)
Abs. perf. 1 mth
Abs. perf. 3 mth
Abs. perf. 12 mth
93,268
831.33
9.86
6.02
-6.4%
11.8%
45.2%
Market capitalisation (EURm)
Current N° of shares (m)
Free float
513
58
33%
Key financials (EUR)
Sales (m)
EBITDA (m)
EBITDA margin
EBIT (m)
EBIT margin
Net Profit (adj.)(m)
ROCE
Net debt/(cash) (m)
Net Debt Equity
Net Debt/EBITDA
Int. cover(EBITDA/Fin.int)
EV/Sales
EV/EBITDA
EV/EBITDA (adj.)
EV/EBIT
P/E (adj.)
P/BV
OpFCF yield
Dividend yield
EPS (adj.)
BVPS
DPS
12/13
451
60
13.3%
45
10.1%
30
15.4%
97
0.5
1.6
9.6
1.4
10.4
10.4
13.8
18.0
2.6
5.2%
1.7%
0.46
3.17
0.15
12/14e
486
67
13.7%
50
10.2%
34
16.2%
74
0.3
1.1
9.4
1.3
9.5
9.5
12.7
17.0
2.4
5.3%
1.7%
0.52
3.69
0.15
12/15e
533
80
15.0%
64
12.0%
45
19.6%
45
0.2
0.6
11.3
1.1
7.5
7.5
9.4
12.0
2.0
5.6%
1.7%
0.73
4.42
0.15
Over the last ten years, Datalogic has been transformed from a mid-sized player
into a global market leader in the market of bar code readers and data collection
mobile computers and vision systems (sales CAGR 2001-13 was +12%).
The management has proved its ability to mix organic growth (a portfolio of over
1,000 patents) and growth through acquisitions (11 companies acquired in the
period 1988-2013).
Today, after the slowdown in orders in 2012/13 due to the consumer crisis, as
shown by the strong results recovery started in the second part of last year, the
big retailers and couriers have started to invest again and Datalogic is ready to
seize on this new growth opportunity through the launch of some innovative
products.

New breakthrough products are looming: as of the end of June 2013, Datalogic
has launched some completely innovative products compared to the current
technologies. These products could potentially become the new standard
technology in the sector.

Room to improve profitability: according to the 2013-15 strategic plan presented
by the management, we believe that Datalogic will improve its profitability
significantly in the coming years thanks to: 1) the increasing sold volumes in ADC;
2) the important internal reorganisation measures, geared to increase the
processes efficiency.

Q1 14 results confirmed the recovery started in H2 13: the good sales growth in
the ADC division (+14.5% Y/Y) allowed the group to offset the still weak sales
performance in the IA sector (-4.6% Y/Y). The profitability improved thanks to the
strong operating leverage in the ASD division: while the IA division margins are still
suffering for the ongoing reorganisation process, the ADC division showed a strong
recovery in the profitability due to the strong operating leverage (EBITDA margin
moved from 14.4% in Q1 13 to 19.5% in Q1 14).

We confirm our Buy recommendation and we are setting a target price of
EUR 12.00 per share, thus an upside over 30% on the current share price.
Our valuation is based on a DCF model (WACC 7.55% and 1.5% of perpetual
growth rate).

Lastly, we highlight that the stock, at the current price, is trading at undemanding
multiples compared to the peers: indeed, Datalogic’s P/Ee 14e is 14.6x, is below
the peer average P/Ee 14e of 22.3x.
10.0
vvdsvdvsdy
9.5
9.0
8.5
8.0
7.5
7.0
6.5
6.0
5.5
Apr 13
May 13
Jun 13
Jul 13
Aug 13
Source: Factset
Sep 13
Oct 13
DATALOGIC
Nov 13
Dec 13
Jan 14
Feb 14
Mar 14
Apr 14
May 14
FTSE Italy STAR (Rebased)
Shareholders: Hydra 67%;
For company description please see summary table footnote
Analyst:
Produced by:
Distributed by the Members of ESN
(see last page of this report)
Paola Saglietti
+39 02 4344 4287
[email protected]
All ESN research is available on Bloomberg “ESNR”,
Thomson-Reuters, Capital IQ, FactSet
Datalogic
CONTENTS
Investment Case ................................................................................................... 3
ADC: a new wave of growth through new products ........................................... 4
What are ADC products? ............................................................................................................................4
Market trend and the group’s positioning ...................................................................................................4
Growth strategy ............................................................................................................................................5
IA: room for further acquisitions ......................................................................... 8
What are IA products and solutions? .........................................................................................................8
Market trend and the group’s positioning ...................................................................................................8
A further driver: access to scan engine technology .......................................... 9
Room to improve profitability ............................................................................ 10
Q1 14 results confirmed the recovery started in H2 13 .................................... 10
Three-year plan (2013-15) ................................................................................... 11
2013-2015 estimates ........................................................................................... 12
Continuing strong cash generation ................................................................... 14
Valuation.............................................................................................................. 15
DCF valuation .............................................................................................................................................15
Multiple comparison ...................................................................................................................................16
Conclusion .......................................................................................................... 18
ESN Recommendation System .......................................................................... 26
.16
Page 2
Datalogic
Investment Case
Datalogic provides products and solutions in Automatic Data Capture (ADC) and Industrial
Automation (IA) for the retail, manufacturing, transportation & logistics and healthcare
industries.
Its products are used in over a third of the world’s checkouts, airports and mail sorting
offices.
Datalogic produces innovative bar code readers, data collection mobile computers, sensors,
vision systems and laser marking systems.
Datalogic’s clients
Wide geographical footprint
Source: Company presentation
Over the last ten years, Datalogic has been transformed from a mid-sized player into a
global market leader in the market of bar code readers and data collection mobile
computers and vision systems (sales CAGR 2001-13 was +12%). The management has
proved its ability to mix organic growth (a portfolio of over 1,000 patents) and growth
through acquisitions (11 companies acquired in the period 1988-2013).
Today, after the slowdown in orders in 2012/13 due to the consumer crisis, as shown by
the strong results recovery started in the second part of last year, the big retailers
and couriers have started to invest again and Datalogic is ready to seize on this new
growth opportunity through the launch of some innovative products.
Sales growth in the period 2001-2013
External growth story
Source: Company presentation
Page 3
Datalogic

New breakthrough products are looming
As of the end of June 2013, Datalogic has launched some completely innovative products
compared to the current technologies. These products could potentially become the new
standard technology in the sector. Among the main products with a strong potential (some
of these are already being tested by some large US and European retailers) there are:
Magellan (a cash desk with both bare-code scanners and imagers) and Jade (a completely
automated retail scanner).
ADC: a new wave of growth through new products
What are ADC products?
Datalogic’s ADC product range includes in-counter and on-counter point-of-sale scanners,
handheld scanners, rugged mobile computers, industrial PDAs and vehicle-mount
computers (VMC).
The reference sectors include healthcare, hospitality/entertainment, manufacturing, retail,
services and transportation & logistics.
Datalogic’s ADC products
Fixed Retail and
Automated Scanners
#1 Worldwide, 32.8% mkt share
#1 EMEA 42,4% mkt share
Handheld and
Presentation Scanners
#1 in EMEA, 33.8% mkt share
#3 Worldwide, 16.8% mkt share
Mobile Computers and SelfShopping
#3 in EMEA, 8% mkt share
#3 Worldwide, 4% mkt share
Source: Company presentation
Market trend and the group’s positioning
The ADC market was down 3.5% in 2012 due to the economic crisis, while the forecast is
for a slight growth in the coming three years (CAGR 2012-15 +0.9%). Nevertheless, it is
very important to highlight that the three market segments are expected to show very
different growth speeds: while the mobile computer segment should show slight negative
growth (CAGR 2012-15 of -0.9%) due to the tough competition in the smartphone market for
some applications, the POS retail scanner and hand-held scanner segments are expected
to grow by 4.3% respectively in the period 2012-15 thanks to the current technological
th
th
revolution in the retail marketplace. While Datalogic is a follower (4 player in EMEA and 5
player worldwide), it has a leading position in the latter two growing segments (worldwide
leader in the POS retail scanners and European leader in the hand-held readers).
Since this market is dominated by three main players (Motorola, Honeywell/Intermec and
Datalogic), there is no room for further consolidation or for big acquisitions, so the group
aims to grow organically through the continuous development of new products.
Page 4
Datalogic
ADC Market trend
Datalogic positioning in ADC market
Source: VDC research 2013
Growth strategy
In light of the expected positive market trend, and based on the management’s indications,
the group should be able to achieve very high single digit sales growth, indeed higher than
the market in the next three years. The main drivers will be:
1) the launch of some innovative products that will allow Datalogic to intercept the
investment recovery in the retail sector;
2) ever greater presence, also through local acquisitions, in emerging markets where the
retail-chain business is now starting;
3) new acquisitions only to strengthen the market position in mobile computers or to
acquire new technologies to complete the group’s current offer.

Potential new breakthrough products
In the last few decades, bar code use has grown a lot since it played a key role in the
development of automatic payment and logistics processes. More recently, the ADC market
has reached maturity, so the sector growth has been linked almost exclusively to
substitution demand.
On the contrary, the ADC sector is today experiencing a new wave of growth thanks to the
development of digital imaging technology. Through this technology all processes will be
faster and more efficient compared to only bar code reading technology.
Therefore, a strong recovery in demand could be sparked by the launch of innovative
products based on imaging technology, especially in the retail marketplace. Indeed, all
retailers are well aware that the transactions at the checkout represent an important
opportunity to improve the service and customer loyalty. The lack of efficiency and speed
during the checkout experience, in fact, is one of the elements that most annoys clients: a
positive shopping experience is likely to be significantly affected by an inefficient checkout
or with perceived excessive time waiting.
In particular, Datalogic has recently launched two new products based on digital imaging
technology; these products can meet the fundamental need for efficiency by big retailers
and could become two breakthrough products in the future.
Page 5
Datalogic
MAGELLAN
TM
98010i
This on-counter scanner reads 1D and 2D bar codes quickly in any orientation and bar
codes from mobile devices, so it allows the retailer to improve the cashier’s throughput and
increase the operational efficiency; indeed, the top down reader increases scan volumes for
faster bar code detection and cashiers won’t need to turn over items to find the bare code.
Magellan
TM
98010i
Source: Company data
JADE
TM
X7
This innovative scanner is completely automated and allows retailers to offer their
customers assisted checkout, but with all the advantages of automation. Once costumers
arrive at the cash desk, they only have to place the items onto the moving checkout belt, in
any orientation. The items pass through scanning arches that contain advanced imaging
technology. The arches read the bar codes and visually recognize the items much faster
than a traditional checkout configuration.
This checkout is particularly suitable for high-volume retailers, where the operational
efficiency and the speed at the checkpoint, customer satisfaction and the reduction in
losses from checkout shrink are very important factors.
Page 6
Datalogic
Jade
TM
X7
Source: Company data
Page 7
Datalogic
IA: room for further acquisitions
What are IA products and solutions?
Datalogic develops products and solutions that ensure traceability, inspection and detection
in manufacturing and logistics processes based on laser bar-code scanners and 2D imagers
for automatic identification, RFID (radio-frequency identification) and vision systems,
industrial sensors, safety light curtains, and laser marking.
The reference industries include transportation & logistics sector (airports, couriers, postal
services, automated warehouses), automotive, pharma/healthcare, food/beverage,
electronics, general manufacturing.
Datalogic’s IA products
Source: Company presentation
Market trend and the group’s positioning
IA is a very fragmented industry, with potential addressable markets worth USD 3bn in the
Inductive Proximity and ASMV Systems. The IA market was flat in 2012/13, but is expected
to show a steady recovery as of 2014 (CAGR 2012-15 of +6.9%). This positive growth is
expected to be driven also by a growing convergence between laser and vision based
technology and by the increasing demand for product traceability due to the new regulations
in several industries.
Datalogic is one of the few focused players as it aims to leverage on its 6% market share
and play an important role as a consolidator. It wants to continue its external growth
strategy through small specialised players in order to integrate new specific technologies
and entry new reference industries.
IA Market trend
Datalogic positioning in IA market
Source: VDC research 2013
Page 8
Datalogic
A further driver: access to scan engine technology
In September 2013 a US Federal Trade Commission (FTC) order identified Datalogic as
a player to preserve the competition in the market for 2D scan engines.
According to the FTC’s complaint, “Honeywell, Intermec, and a third competitor, Motorola,
were the only 2D scan engine makers in the USA with broad enough intellectual property
portfolios to protect them, and their customers, from potential patent-infringement lawsuits.
Therefore, Honeywell’s acquisition of Intermec would have left only two companies –
Honeywell and Motorola – with control of more than 80% of the already highly concentrated
U.S. market for 2D scan engines and would have increased the likelihood of postacquisition coordination between Honeywell and Motorola. The most significant entry barrier
into the U.S. market for 2D scan engine manufacturers active outside the United States is
lack of access to the relevant U.S. intellectual property. Datalogic has already marketed 2D
scan engines similar to those made by Honeywell and Intermec outside of the USA, but it
lacked the necessary patent rights to compete in the United States. In order to preserve
competition, FTC consent order required Honeywell to license its own 2D scan engine
patents as well as those held by Intermec to Datalogic for the next 12 years”.
Datalogic started to manufacture its scan engine as of Q4 13. The internal production of this
core component of the vision technology will allow the group not only to increase its
operating margins, but also to realize non-planned additional sales, since Datalogic can sell
its scan engine to several new OEM manufacturers.
Datalogic’s scan engine
Source:Company presentation
Page 9
Datalogic
Room to improve profitability
According to the 2013-15 strategic plan, we believe that Datalogic will improve its
profitability significantly in the coming years thanks to:
1) the increasing sold volumes in ADC: as shown by the significant improvement in
the profitability in Q4 13 (Q4 13 EBITDA growth of +60.2% vs Q4 13 sales growth of
+4.6%), the increase in the sold volumes in the ADC sector will allow Datalogic to further
exploit the operating leverage of the plant in Vietnam;
2) the important internal reorganisation measures, geared to increase the
processes efficiency:
a. the steady rationalisation of the production processes (7 plants) in IA, which will allow
Datalogic to streamline its organisation structure by reducing the existing operating
companies and right-size the cost structure;
b. the shift from a product-oriented commercial approach to a client-oriented one, which
will allow costumers to deal with just one sales manager, thus meeting the costumer’s
needs with the products of both divisions;
c. the setting up of a single purchasing center in China for both divisions, which will allow
Datalogic to source components cheaper.
Q1 14 results confirmed the recovery started in H2 13
DATALOGIC: Q1 14 results
Q1 13a
Q1 14a
Sales
102.0
108.2
6.1%
EBITDA
11.0
15.5
+40.3%
10.8%
14.3%
7.3
11.3
7.1%
10.4%
6.1
7.0
6.0%
6.4%
EBITDA margin
EBIT
EBIT margin
Net Profit
Net Profit margin
%Chg.
+55.7%
+13.7%
The sales recovery started in the second part of last year has been confirmed by Q1
14 sales trend: Q1 14 sales increased by 6.1% Y/Y to EUR 108.2m. The good sales
growth in the ADC division (+14.5% Y/Y), which was due to the retailers market recovery
and to the positive contribution of the new products launched last years, allowed the group
to offset the still weak sales performance in the IA sector (-4.6% Y/Y).
Q1 14 sales breakdown by division
IA division
28.0%
Q1 14 sales breakdown by geographic area
Informatics
6.0%
Asia Pacific
11.0%
ADC division
66.0%
North America
27.8%
Rest of World
6.7%
Italy
11.1%
Europe
43.4%
Source: Company presentation
Page 10
Datalogic
The profitability improved thanks to the strong operating leverage in the ASD
division: while the IA division margins are still suffering for the ongoing reorganisation
process, the ADC division showed a strong recovery in the profitability due to the strong
operating leverage (EBITDA margin moved from 14.4% in Q1 13 to 19.5% in Q1 14). This
strong performance in the ADC division and a further increase in the internal efficiency
allowed Datalogic to achieve a group’s EBITDA growth of +40.3% in Q1 14 (vs our
estimates +29% Y/Y).
EBITDA margin evolution
33
32
IA division
32.0
10.0%
74
9.0%
72
8.0%
7.0%
32
6.0%
31
5.0%
30.5
31
1.7%
30
2.3%
30
Q1 13
Q1 14
Sales
4.0%
ADC division
26.0%
71.9
24.0%
70
22.0%
68
20.0%
66
64
3.0%
62
2.0%
60
1.0%
58
0.0%
56
19.5%
16.0%
14.0%
14.4%
12.0%
10.0%
Q1 13
EBITDA margin
18.0%
62.5
Q1 14
Sales
EBITDA margin
Source: Company presentation
Three-year plan (2013-15)
The three-year plan presented last September, which updated the previous plan
(September 2012), forecasts higher group sales growth than the expected market trend,
with a consequent improvement in profitability.
2013-2015 P&L targets
2012
2015 Targets
2012-15 CAGR
Revenues
463.1m
535 – 545m
> 5%
EBITDA
63.2m
70 – 80m
> 8%
Source: Company presentation
Datalogic’s management estimates revenues between EUR 535m and EUR 545m in 2015,
with a 2012-2015 CAGR of over 5% and an EBITDA around EUR 70/80m in 2015, with a
2012-2015 CAGR of over 8%. The main driver of this expected growth should be the new
ADC products, which could show double digit sales growth in the coming years, and,
although at a lower growth rate, the IA division’s sales, which should be sustained by the
growing need for components to trace products and automate processes. In addition, the
management forecasts a strong positive contribution from the emerging markets (CAGR
2012-2015 of +12%).
Page 11
Datalogic
Revenues growth
EBITDA growth
Source: Company presentation
2013-2015 estimates

Estimated 2013-2015 sales by division
We have set our sales estimates based on the company’s three-year plan:
1)
ADC division: given the expected strong contribution from new products, we expect
growth with a 2013-15 CAGR of +10.6%;
2)
IA division: based on the still large potential in all key industries for automation
investments, we estimate the IA division’s sales will grow at a 2013-15 CAGR of
+5.2%;
3)
Emerging markets: we expect the establishment of new local offices and the
development of ad hoc products to allow Datalogic to increase its penetration in fast
growing geographic areas. We estimate a 2012-15 sales CAGR of +12%, which is in
line with the company’s guidance.
DATALOGIC: sales breakdown evolution in the 2013-15 period
100%
ADC division
IA division
90%
80%
33%
32%
31%
67%
68%
69%
2013
2014e
2015e
70%
60%
50%
40%
30%
20%
10%
0%
Source: Company data and ESN Banca Akros estimates
Page 12
Datalogic

Estimated 2013-2015 group results
In light of our estimated top line growth and thanks to the strong operating leverage and the
efficiency measures in IA, we estimate the FY 15 EBITDA margin will be 15%, in line with
the company’s target.
The table below summarises our sales forecast.
DATALOGIC: 2013-2015 forecasts
PROFIT & LOSS (EUR m)
2013
2014e
Sales
450.7
EBITDA
60.0
13.3%
13.7%
15.0%
(9.9)
(11.4)
(12.7)
EBITDA margin
Depreciation
EBITANR
%Chg
2015e
486.5
7.9%
533.1
9.6%
66.8
11.3%
80.2
20.1%
50.1
55.4
11.1%
11.4%
Amortisation and Restructuring costs
(4.6)
(4.5)
EBIT
45.5
50.9
10.1%
10.5%
12.0%
(9.9)
(10.8)
(7.1)
EBITANR margin
EBIT margin
Net financial income(charges)
Non Recurrent items
0.0
0.0
Pre-tax profit
35.5
40.1
Taxes
Tax rate
10.6%
67.5
(4.3)
11.9%
64.1
57.0
(9.9)
(14.3)
24.8%
25.0%
0.0
0.0
26.9
30.2
24.5%
0.0
12.8%
(8.6)
Net profit
21.8%
12.7%
24.3%
Minorities
%Chg
42.2%
0.0
12.1%
42.8
41.8%
Source: Banca Akros estimates
Page 13
Datalogic
Continuing strong cash generation
The 2013-15 business plan confirms that the group will continue to be a strong cash
generator.
Thanks to the expected progressive recovery in profitability, the management forecasts that
the group should generate around EUR 56-61m of cash flow in the period 2013-15.
So, Datalogic should reach a Net Debt/Equity < 0.2x and a Net Debt/EBITDA of 0.5x in
2015 despite stable investments in CAPEX, around 2% of revenues per year.
Debt evolution
ROE evolution
Source: Company presentation
We estimate that Datalogic will be able to meet its target of cumulated free cash flow
generation by 2015; this will allow the management to fully finance the external growth as
planned and to maintain a good dividend policy (pay-out ratio= 32.6% in 2013).
The following table shows our 2013-15 cash flow generation estimates.
DATALOGIC: Cash flow model (EUR m)
2013
2014e
2015e
Net Profit (reported) + Minorities
26.9
30.2
42.8
Non cash items
9.9
11.4
12.7
Cash Flow
36.8
41.5
55.5
Change in Net Working Capital
-2.1
-5.2
-14.4
Capex
-17.8
-17.0
-18.0
Op. Free Cash Flow
16.9
19.3
23.1
Net Financial Investment
0.0
0.0
0.0
Dividends
0.0
0.0
0.0
Others (incl.Capital Increase)
-1.2
-1.1
-0.5
Free Cash Flow
15.7
18.2
22.6
Net Debt (Cash)
97.0
74.0
45.3
Debt / Equity
0.5x
0.3x
0.2x
Debt / EBITDA
1.6x
1.1x
0.6x
Source: Banca Akros estimates
Page 14
Datalogic
Valuation
Given the expected good cash flow generation, our valuation for Datalogic is based
on a DCF Model. Furthermore, we are also presenting a comparison with the peer
group in order to show the undemanding multiples at which the company is trading.
DCF valuation
In light of our estimates in the previous paragraphs, and based on our DCF model, we have
obtained a fair value of EUR 12.00 per share, showing an upside over 30.0% on the current
share price.
We have run our DCF analysis based on the following assumptions:
we assume our estimates described in the previous paragraphs for sales and
profitability in the period 2014/2015e and, for the following years, a sales growth of
3.9% per year; b) in terms of long-term forecasts, we assume a stable EBIT margin at
around 12.0%, which is higher than the 10.7% in 2013 because we believe that it is a
sustainable level thanks to the strong operating leverage in the ADC sector and the
current restructuring process in the IA division.
The WACC assumes a target capital structure with no debt and a beta of 1.3.
A terminal growth rate at 1.5%.
Our assumptions are shown in the following tables.
DATALOGIC: WACC calculation
Risk free rate
4.50%
Beta
1.3
Mkt risk premium
4.00%
Cost of Equity
9.70%
% equity
67.00%
Cost of Debt (gross)
4.75%
Tax rate
33.00%
Cost of Debt (net)
3.20%
% debt
33.00%
WACC
7.55%
Source: Banca Akros estimates
DATALOGIC: Free Cash Flow projection (EUR m)
2014e
2015e
2016e
2017e
2018e
EBITA
50.9
64.1
67.1
70.3
73.4
Taxes
-12.6
-16.0
-16.8
-17.6
-18.3
Tax rate
24.8%
25.0%
25.0%
25.0%
25.0%
NOPLAT
38.3
48.1
50.4
52.7
55.0
Depreciation & other provisions
11.4
12.7
12.7
13.5
13.1
Cash Flow
49.6
60.8
63.1
66.2
55.0
Capex
-15.0
-16.0
-16.6
-17.2
-14.4
Change in Net Working Capital
-5.2
-14.4
-2.6
1.3
1.0
Free Cash Flow for discounting
29.4
30.4
44.0
50.3
55.1
Source: Banca Akros estimates
Page 15
Datalogic
DATALOGIC: DCF analysis
Perpetual Growth Rate
1.5%
WACC
7.55%
Terminal Value
921.9
Discounting Rate of Terminal Value
0.64
Discounted Terminal Value
590.1
Cumulated DFOCF
163.9
Financial Assets as of 31/12/13
44.9
Enterprise Value (EUR m)
798.9
Net Financial Debt as of 31/12/13 (EUR m)
(97.1)
Minorities market value (EUR m)
0.0
Equity Value (EUR m)
701.9
Value per share (EUR)
12.00
Source: Banca Akros estimates
DCF sensitivity table (EUR)
WACC
Terminal growth rate (g)
0.75%
1.00%
1.25%
1.50%
1.75%
2.00%
2.25%
6.80%
11.93
12.39
12.89
13.44
14.04
14.70
15.44
7.05%
11.54
11.96
12.42
12.92
13.46
14.07
14.73
7.30%
11.17
11.56
11.98
12.44
12.94
13.49
14.10
7.55%
10.83
11.19
11.58
12.01
12.47
12.97
13.52
7.80%
10.51
10.85
11.21
11.61
12.03
12.49
13.00
8.05%
10.22
10.53
10.87
11.24
11.63
12.06
12.52
8.30%
9.94
10.24
10.55
10.89
11.26
11.65
12.08
Source: Banca Akros estimates
Multiple comparison
Datalogic’s main listed competitors are large multinational groups whose activities include,
among others, those carried out by Datalogic but also other operations and, therefore, in
our opinion, they are not direct comparable to Datalogic. We are referring to Motorola
Solutions, Honeywell, Denso Corp. and Omron.
Our cluster of comparables includes two companies specialized in the ADC segment
(Scansource and Zebra) and one firm involved in the IA market (Cognex).
Peers’ company data
Mkt Cap*
Sales
EBITDA
Sales
EBITDA
(m)
14e (m)
Margin 14e
CAGR 13-15e
CAGR 13-15e
USD
1,091
2,919
4.0%
3.0%
8.2%
Zebra Techn.
USD
3,706
1,163
22.3%
9.2%
18.0%
Cognex
USD
2,798
433.8
27.0%
15.8%
23.8%
Datalogic
EUR
517
494.0
14.2%
8.8%
14.8%
Company
Currency
Scansource
Source: Bloomberg
(*) Prices as of 13th May 2014
Page 16
Datalogic
Compared to its international peers, Datalogic is trading at undemanding multiples (2014e
EV/EBITDA of 9.0x and P/E of 14.6x, that is 36.6% and 34.5% below the sector average,
respectively).
Peer multiples
Company name
EV/Sales
EV/EBITDA
2014e
2015e
Scansource
0.3
Zebra Techn.
2.8
Cognex
Average
Datalogic
P/E (adj.)
2014e
2015e
2014e
2015e
0.3
7.8
7.3
15.3
14.4
2.6
12.5
9.4
21.5
17.4
6.5
6.1
22.4
19.4
30.1
26.9
3.2
3.0
14.2
12.0
22.3
19.6
1.3
1.2
9.0
7.8
14.6
11.5
Source: Bloomberg - Prices as of 13th May 2014
Datalogic: stock performance vs. its main peers
Source: Datastream
Page 17
Datalogic
Conclusion
Based on our valuation (DCF model – WACC 7.55% and 1.50% perpetual growth rate) we
confirm our Buy recommendation and we set a target price of EUR 12.00 per share, thus an
upside over 30% on the current share price.
Furthermore, at the current price the stock still offers a slight discount compared on the
sector’s peers’ multiples (DAL 14e P/E is 14.6x, so slightly lower than the peer average of
14e P/E 22.3x).
In our opinion, at the current price, the stock does not reflect the potential upside from:
1) The recent pick-up in investments by big retailers and couriers, which Datalogic can
intercept thanks to the launch of some innovative products that are based on digital
imaging technology, which can meet the fundamental need for efficiency by big retailers
and which could became two breakthrough products in the future;
2) the significant improvement in profitability in the coming years, which the group should
be able to achieve thanks to the increasing sold volumes in ADC and the important
internal reorganisation measures, geared to increase the processes efficiency.
Lastly, it is important to highlight that, as the management said, the group will also continue
its strategy of external growth, so a further potential trigger could be new bolt-on
acquisitions, which the management could achieve in the coming future.
Page 18
Datalogic
Datalogic: Summary tables
PROFIT & LOSS (EURm)
Sales
Cost of Sales & Operating Costs
Non Recurrent Expenses/Income
EBITDA
EBITDA (adj.)*
Depreciation
EBITA
EBITA (adj)*
Amortisations and Write Downs
EBIT
EBIT (adj.)*
Net Financial Interest
Other Financials
Associates
Other Non Recurrent Items
Earnings Before Tax (EBT)
Tax
Tax rate
Discontinued Operations
Minorities
Net Profit (reported)
Net Profit (adj.)
12/2011
426
-351
0.0
59.2
59.2
-10.4
48.8
48.8
-3.9
36.4
36.4
-6.6
0.0
0.0
-8.4
33.2
-7.3
22.0%
0.0
0.0
25.9
35.5
12/2012
462
-378
0.0
63.2
63.2
-9.7
53.4
53.4
-32.8
16.3
16.3
-3.5
0.0
0.0
-4.3
9.5
0.7
12/2013
451
-378
0.0
60.0
60.0
-9.9
50.1
50.1
-4.6
45.5
45.5
-6.2
0.0
0.0
1.2
35.5
-8.6
24.3%
0.0
0.0
26.9
29.5
12/2014e
486
-411
0.0
66.8
66.8
-11.4
55.4
55.4
-5.8
49.7
49.7
-7.1
0.0
0.0
1.2
40.1
-9.9
24.8%
0.0
0.0
30.2
33.5
12/2015e
533
-439
0.0
80.2
80.2
-12.7
67.5
67.5
-3.4
64.1
64.1
-7.1
0.0
0.0
0.0
57.0
-14.3
25.0%
0.0
0.0
42.8
45.3
12/2016e
554
-457
0.0
83.4
83.4
-12.7
70.7
70.7
-3.1
67.7
67.7
-7.1
0.0
0.0
0.0
60.1
-15.0
25.0%
0.0
0.0
45.0
47.3
CASH FLOW (EURm)
Cash Flow from Operations before change in NWC
Change in Net Working Capital
Cash Flow from Operations
Capex
Net Financial Investments
Free Cash Flow
Dividends
Other (incl. Capital Increase & share buy backs)
Change in Net Debt
NOPLAT
12/2011
40.3
-2.6
37.7
-13.6
0.0
24.1
0.0
-3.1
21.0
28.4
12/2012
52.8
15.2
68.0
-118
0.0
-49.9
0.0
13.8
-36.0
16.3
12/2013
41.4
-2.1
39.3
-14.3
0.0
25.0
0.0
-11.0
14.0
45.5
12/2014e
47.3
-5.2
42.1
-15.0
0.0
27.0
0.0
1.7
28.8
49.7
12/2015e
58.9
-14.4
44.5
-16.0
0.0
28.5
0.0
3.6
32.1
64.1
12/2016e
60.8
-2.6
58.3
-16.6
0.0
41.7
0.0
1.7
43.4
67.7
BALANCE SHEET & OTHER ITEMS (EURm)
Net Tangible Assets
Net Intangible Assets (incl.Goodwill)
Net Financial Assets & Other
Total Fixed Assets
Inventories
Trade receivables
Other current assets
Cash (-)
Total Current Assets
Total Assets
Shareholders Equity
Minority
Total Equity
Long term interest bearing debt
Provisions
Other long term liabilities
Total Long Term Liabilities
Short term interest bearing debt
Trade payables
Other current liabilities
Total Current Liabilities
Total Liabilities and Shareholders' Equity
Net Capital Employed
Net Working Capital
12/2011
50.0
154
40.2
245
59.6
85.1
6.1
-172
323
568
170
0.0
170
157
6.7
37.7
201
75.2
108
12.8
196
568
274
36.5
12/2012
51.6
211
50.9
314
49.2
82.6
25.6
-104
261
575
173
0.0
173
139
7.4
26.3
173
86.2
71.1
71.6
229
575
329
60.6
12/2013
51.3
204
44.9
300
53.8
70.0
26.5
-132
282
583
185
0.0
185
183
7.0
27.8
217
46.7
84.7
48.8
180
583
317
39.0
12/2014e
56.2
204
44.9
305
61.0
76.5
28.6
-141
307
612
215
0.0
215
171
7.9
29.9
209
43.7
91.4
52.7
188
612
327
46.0
12/2015e
59.5
204
44.9
309
73.2
89.6
31.3
-152
346
655
258
0.0
258
157
8.6
32.8
199
40.2
100
57.7
198
655
345
62.7
12/2016e
63.4
204
44.9
312
77.3
93.2
32.6
-169
373
685
303
0.0
303
139
8.9
34.1
182
35.5
104
60.0
200
685
351
66.4
GROWTH & MARGINS
Sales growth
EBITDA (adj.)* growth
EBITA (adj.)* growth
EBIT (adj)*growth
12/2011
8.3%
19.0%
27.9%
5.1%
12/2012
8.6%
6.7%
9.5%
-55.2%
12/2013
-2.5%
-5.0%
-6.2%
178.7%
12/2014e
7.9%
11.3%
10.6%
9.2%
12/2015e
9.6%
20.1%
21.8%
29.1%
12/2016e
4.0%
4.0%
4.8%
5.5%
0.0
0.0
10.2
Page 19
Datalogic
Datalogic: Summary tables
GROWTH & MARGINS
Net Profit growth
EPS adj. growth
DPS adj. growth
EBITDA (adj)* margin
EBITA (adj)* margin
EBIT (adj)* margin
12/2011
75.6%
43.7%
0.0%
13.9%
11.5%
8.6%
12/2012
12/2013
162.6%
0.0%
13.3%
11.1%
10.1%
12/2014e
13.6%
12.1%
1.0%
13.7%
11.4%
10.2%
12/2015e
35.1%
41.8%
1.0%
15.0%
12.7%
12.0%
12/2016e
4.5%
5.4%
1.0%
15.0%
12.8%
12.2%
-60.5%
0.0%
13.7%
11.6%
3.5%
RATIOS
Net Debt/Equity
Net Debt/EBITDA
Interest cover (EBITDA/Fin.interest)
Capex/D&A
Capex/Sales
NWC/Sales
ROE (average)
ROCE (adj.)
WACC
ROCE (adj.)/WACC
12/2011
0.4
1.0
9.0
130.4%
3.2%
8.6%
22.9%
11.8%
8.7%
1.4
12/2012
0.7
1.9
18.1
1210.3%
25.5%
13.1%
5.0%
7.9%
0.6
12/2013
0.5
1.6
9.6
145.1%
3.2%
8.7%
16.5%
15.4%
8.2%
1.9
12/2014e
0.3
1.1
9.4
132.1%
3.1%
9.5%
16.7%
16.2%
8.6%
1.9
12/2015e
0.2
0.6
11.3
125.8%
3.0%
11.8%
19.1%
19.6%
7.5%
2.6
12/2016e
0.0
0.1
11.8
130.2%
3.0%
12.0%
16.9%
20.3%
7.5%
2.7
PER SHARE DATA (EUR)***
Average diluted number of shares
EPS (reported)
EPS (adj.)
BVPS
DPS
12/2011
58.4
0.44
0.44
2.91
0.15
12/2012
58.4
0.18
0.18
2.97
0.15
12/2013
58.4
0.46
0.46
3.17
0.15
12/2014e
58.4
0.52
0.52
3.69
0.15
12/2015e
58.4
0.73
0.73
4.42
0.15
12/2016e
58.4
0.77
0.77
5.19
0.15
VALUATION
EV/Sales
EV/EBITDA
EV/EBITDA (adj.)*
EV/EBITA
EV/EBITA (adj.)*
EV/EBIT
EV/EBIT (adj.)*
P/E (adj.)
P/BV
Total Yield Ratio
EV/CE
OpFCF yield
OpFCF/EV
Payout ratio
Dividend yield (gross)
12/2011
1.0
7.4
7.4
8.9
8.9
12.0
12.0
13.0
2.0
0.0%
1.8
7.2%
5.5%
33.8%
2.6%
12/2012
1.2
8.8
8.8
10.5
10.5
34.2
34.2
37.7
2.2
0.0%
1.7
-12.9%
-8.9%
85.6%
2.3%
12/2013
1.4
10.4
10.4
12.5
12.5
13.8
13.8
18.0
2.6
0.0%
2.1
5.2%
4.0%
32.6%
1.7%
12/2014e
1.3
9.5
9.5
11.4
11.4
12.7
12.7
17.0
2.4
0.0%
2.1
5.3%
4.3%
29.4%
1.7%
12/2015e
1.1
7.5
7.5
8.9
8.9
9.4
9.4
12.0
2.0
0.0%
1.8
5.6%
4.7%
20.9%
1.7%
12/2016e
1.0
6.7
6.7
8.0
8.0
8.3
8.3
11.4
1.7
EV AND MKT CAP (EURm)
Price** (EUR)
Outstanding number of shares for main stock
Total Market Cap
Net Debt
o/w Cash & Marketable Securities (-)
o/w Gross Debt (+)
Other EV components
Enterprise Value (EV adj.)
Source: Company, Banca Akros estimates.
12/2011
5.75
58.4
336
60
-172
232
40
436
12/2012
6.61
58.4
386
121
-104
225
51
558
12/2013
8.28
58.4
484
97
-132
229
45
626
12/2014e
8.78
58.4
513
74
-141
215
45
632
12/2015e
8.78
58.4
513
45
-152
197
45
603
12/2016e
8.78
58.4
513
5
-169
175
45
563
1.7
8.1%
7.4%
20.1%
1.8%
Notes
* Where EBITDA (adj.) or EBITA (adj)= EBITDA (or EBITA) -/+ Non Recurrent Expenses/Income and where EBIT (adj)= EBIT-/+ Non Recurrent Expenses/Income - PPA amortisation
**Price (in local currency): Fiscal year end price for Historical Years and Current Price for current and forecasted years
Sector: Industrial Engineering/Industrial Engineering
Company Description: Datalogic is a global leader in Automatic Data Capture and Industrial Automation markets. Datalogic ADC’s
product range includes in-counter and on-counter point-of-sale scanners, ruggedised handheld scanners, rugged mobile computers,
industrial PDAs and vehicle mount computers. In the Industrial Automation sector, Datalogic develops products and solutions that
ensure traceability, inspection and detection in manufacturing and logistics processes based on laser barcode scanners and 2D imagers
for automatic identification, RFID (radio-frequency identification) and vision systems, industrial sensors, safety light curtains, and laser
marking
Page 20
Datalogic
Page 21
Datalogic
European Coverage of the Members of ESN
A ero space & D efense
BAK
Semapa
CBI
Nexans
CIC
Ktg Agrar
EQB
Airbus Group
CIC
Banco Popular
BKF
Stora Enso
POH
Pkc Group
POH
Lanson-Bcc
CIC
Aviation Latecoere
CIC
Banco Sabadell
BKF
Surteco
EQB
Rexel
CIC
Laurent Perrier
CIC
Bae Systems Plc
CIC
Banco Santander
BKF
Talvivaara M ining Co Plc
POH
Schneider Electric Sa
CIC
Ldc
CIC
Carbures Europe Sa
BKF
Bank Of Cyprus
IBG
Thyssenkrupp
EQB
Vacon
POH
Lotus BAKeries
BDG
Dassault Aviation
CIC
Bankinter
BKF
Tubacex
BKF
Vaisala
POH
Naturex
CIC
Finmeccanica
BAK
Bbva
BKF
Upm-Kymmene
POH
F inancial Services
M em(*) Nutreco
SNS
Lisi
CIC
Bcp
CBI
B io techno lo gy
BDG
Olvi
POH
M tu
EQB
Bes
CBI
4Sc
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Azimut
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BAK
Salzgitter
EQB
Neways Electronics
SNS
Hkscan
POH
Aareal Bank
M em(*) M etka
M em(*) Tessenderlo
M em(*) M etro
EQB
M etsä Board
Akbank
IBG
Aktia
POH
Alpha Bank
M em(*)
CIC
Page 22
Datalogic
G e ne ra l Indus t ria ls
Grifo ls Sa
B KF
Duro Felguera
B KF
Hanno ver Re
EQB
Srv
P OH
2G Energy
EQB
Ko rian-M edica
CIC
Emak
BAK
M apfre Sa
B KF
Thermado r Gro upe
CIC
A alberts
SNS
Labo rato rio s Ro vi
B KF
Exel Co mpo sites
P OH
M edio lanum
BAK
Titan Cement
IB G
A ccell Gro up
SNS
M edica
CIC
Faiveley
CIC
M unich Re
EQB
Trevi
BAK
A hlstro m
P OH
M erck
EQB
Gea Gro up
EQB
Sampo
P OH
Upo no r
P OH
A nalytik Jena
EQB
No vartis
CIC
Gesco
EQB
Talanx Gro up
EQB
Uzin Utz
EQB
A rcadis
SNS
Orio la-Kd
P OH
Haulo tte Gro up
CIC
Unipo l
BAK
Vbh Ho lding
EQB
A spo
P OH
Orio n
P OH
Heidelberger Druck
EQB
Unipo lsai
BAK
Vicat
CIC
B ekaert
B DG
Orpea
CIC
Ima
BAK
Zurich Financial Services
BAK
Vinci
Evo lis
CIC
Reco rdati
BAK
Interpump
BAK
M a t e ria ls , C o ns t ruc t io n & Inf ra sM
t ruc
e mt (ure
*) Yit
Frigo glass
IB G
Rho en-Klinikum
EQB
Ko ne
P OH
A bertis
B KF
M e dia
Huhtamäki
P OH
Ro che
CIC
Ko necranes
P OH
A cs
B KF
A d P epper
EQB
Kendrio n
SNS
Sano fi
CIC
Kro nes A g
EQB
A dp
CIC
A lma M edia
P OH
M ifa
EQB
So rin
BAK
Kuka
EQB
A staldi
BAK
B rill
SNS
Nedap
SNS
Stallergènes
CIC
M an
EQB
A tlantia
BAK
Co fina
CB I
Neo po st
CIC
Ucb
B DG
M anito u
CIC
B allast Nedam
SNS
Edito riale L'Espresso
BAK
P ö yry
P OH
H o t e ls , T ra v e l & T o uris m
M ax A uto matio n A g
EQB
B ilfinger Se
EQB
Gl Events
CIC
P relio s
BAK
A cco r
CIC
M etso
P OH
B o skalis Westminster
SNS
Havas
CIC
Saf-Ho lland
EQB
A uto grill
BAK
Outo tec
P OH
B uzzi Unicem
BAK
Impresa
CB I
Saft
CIC
B eneteau
CIC
P feiffer Vacuum
EQB
Caverio n
P OH
Ipso s
CIC
Siegfried Ho lding A g
EQB
Co mpagnie Des A lpes
CIC
P o nsse
P OH
Cfe
B DG
Jcdecaux
CIC
Skw Stahl
EQB
Gtech
BAK
P rima Industrie
BAK
Ciments Français
CIC
Kinepo lis
B DG
Tkh Gro up
SNS
I Grandi Viaggi
BAK
P rysmian
BAK
Cramo
P OH
Lagardere
CIC
Wendel
CIC
Iberso l
CB I
Reesink
SNS
Deceuninck
B DG
M 6-M etro po le Televisio n
CIC
M e m ( *)
Intralo t
IB G
Sabaf
BAK
Eiffage
CIC
M ediaset
BAK
G e ne ra l R e t a ile rs
M e m ( *)
M e m ( *)
CIC
P OH
M e m ( *)
B eter B ed Ho lding
SNS
M elia Ho tels Internatio nal
B KF
Singulus Techno lo gies
EQB
Ellakto r
IB G
Nextradio tv
CIC
D'Ieteren
B DG
Nh Ho tel Gro up
B KF
Smt Scharf A g
EQB
Fcc
B KF
Nrj Gro up
CIC
Fielmann
EQB
Opap
IB G
Ten Cate
SNS
Ferro vial
B KF
Fo lli Fo llie Gro up
IB G
So nae Capital
CB I
Valmet
P OH
Frapo rt
EQB
Fo urlis Ho ldings
IB G
Trigano
CIC
Vo sslo h
EQB
Gek Terna
IB G
Inditex
B KF
Tui
EQB
Wärtsilä
P OH
Gro ntmij
SNS
Jumbo
IB G
Wdf
BAK
Zardo ya Otis
B KF
Grupo San Jo se
B KF
M acinto sh
SNS
H o us e ho ld G o o ds
Rapala
P OH
B ic
CIC
P OH
Sto ckmann
M e m ( *)
Indus t ria l T ra ns po rt a t io n
M e m ( *)
Heijmans
SNS
B o llo re
CIC
Ho chtief
EQB
CIC
De Lo nghi
BAK
B po st
B DG
Ho lcim Ltd
M e m ( *)
Indesit
BAK
Caf
B KF
Imerys
CIC
B KF
Seb Sa
CIC
Ctt
CB I
Italcementi
BAK
A lmirall
B KF
Indus t ria l E ngine e ring
Deutsche P o st
EQB
Jo yo u A g
EQB
A mplifo n
BAK
A ccsys Techno lo gies
SNS
Hes B eheer
SNS
Lafarge
CIC
B ayer
EQB
A ixtro n
EQB
Hhla
EQB
Lemminkäinen
P OH
B io merieux
CIC
A nsaldo Sts
BAK
Lo gwin
EQB
M aire Tecnimo nt
BAK
B io test
EQB
B auer A g
EQB
P o stnl
SNS
M o ta Engil
CB I
Celesio
EQB
B iesse
BAK
Tnt Express
SNS
Obrasco n Huarte Lain
B KF
Diaso rin
BAK
Cargo tec Co rp
P OH
Ins ura nc e
M e m ( *)
Ramirent
P OH
Draegerwerk
EQB
Cnh Industrial
BAK
A ego n
SNS
Ro yal B am Gro up
SNS
Espirito Santo Saude
CB I
Danieli
BAK
A geas
B DG
Sacyr
B KF
Faes Farma
B KF
Datalo gic
BAK
A llianz
EQB
Saint Go bain
CIC
Fresenius
EQB
Delclima
BAK
A xa
CIC
Salini Impregilo
BAK
Fresenius M edical Care
EQB
Deutz A g
EQB
Delta Llo yd
SNS
Sias
BAK
Gerresheimer A g
EQB
Dmg M o ri Seiki A g
EQB
Generali
BAK
So nae Industria
CB I
H e a lt hc a re
A b-B io tics
M e m ( *)
Page 23
Datalogic
O il & G a s P ro duc e rs
M e m ( *)
A edifica
B DG
F-Secure
P OH
Eutelsat Co mmunicatio ns Sa
CIC
BAK
A scencio
B DG
Gamelo ft
CIC
Freenet
EQB
Galp Energia
CB I
A teno r
B DG
Gft Techno lo gies
EQB
Go wex
B KF
Gas P lus
BAK
B animmo
B DG
Guillemo t Co rpo ratio n
CIC
Iliad
CIC
Hellenic P etro leum
IB G
B efimmo
B DG
I:Fao A g
EQB
Jazztel
B KF
M aurel Et P ro m
CIC
B eni Stabili
BAK
Ict A uto matisering
SNS
Kpn Teleco m
SNS
M o to r Oil
IB G
Cityco n
P OH
Indra Sistemas
B KF
M o bistar
B DG
Neste Oil
P OH
Co finimmo
B DG
No vabase
CB I
Numericable
CIC
P etro bras
CB I
Co rio
B DG
Ordina
SNS
Orange
CIC
Qgep
CB I
Deutsche Euro sho p
EQB
P si
EQB
Ote
IB G
Repso l
B KF
Ho me Invest B elgium
B DG
Realdo lmen
B DG
Ses
CIC
To tal
CIC
Igd
BAK
Reply
BAK
Teleco m Italia
BAK
IB G
Intervest Offices & Wareho uses
B DG
Rib So ftware
EQB
Telefo nica
B KF
Leasinvest Real Estate
B DG
Seven P rinciples A g
EQB
Telenet Gro up
B DG
Eni
Tupras
O il S e rv ic e s
M e m ( *)
B o urbo n
CIC
M o ntea
B DG
Tie Kinetix
SNS
Teliaso nera
P OH
Cgg
CIC
Realia
B KF
Tieto
P OH
Tiscali
BAK
Fugro
SNS
Retail Estates
B DG
To mto m
SNS
Turkcell
IB G
Saipem
BAK
Spo nda
P OH
Winco r Nixdo rf
EQB
United Internet
EQB
Technip
CIC
Techno po lis
P OH
S uppo rt S e rv ic e s
M e m ( *)
Vo dafo ne
BAK
Tecnicas Reunidas
B KF
Unibail-Ro damco
B DG
B atenburg
SNS
Ut ilit ie s
M e m ( *)
Tenaris
BAK
Vastned Retail
B DG
B runel
SNS
A 2A
Vallo urec
CIC
Vastned Retail B elgium
B DG
B ureau Veritas S.A .
CIC
A ccio na
B KF
Vo pak
SNS
Vib Vermo egen
EQB
Dpa
SNS
A cea
BAK
B DG
Edenred
CIC
A lbio ma
CIC
Ei To wers
BAK
Direct Energie
CIC
BAK
E.On
EQB
CB I
P e rs o na l G o o ds
M e m ( *)
Wdp
A didas
EQB
R e ne wa ble E ne rgy
A dler M o demaerkte
EQB
Daldrup & So ehne
EQB
Fiera M ilano
A mer Spo rts
P OH
Deutsche B io gas
EQB
Imtech
SNS
Edp
B asic Net
BAK
Enel Green P o wer
BAK
Lassila & Tikano ja
P OH
Edp Reno váveis
CB I
B eiersdo rf
EQB
Gamesa
B KF
Randstad
SNS
Elia
B DG
Christian Dio r
CIC
P ho enix So lar
EQB
Usg P eo ple
SNS
Enagas
B KF
Geo x
BAK
Sma So lar Techno lo gy
EQB
T e c hno lo gy H a rdwa re & E quipm eMnte m ( *)
Endesa
B KF
Gerry Weber
EQB
So larwo rld
EQB
A lcatel-Lucent
CIC
Enel
BAK
Hermes Intl.
CIC
S o f t wa re & C o m put e r S e rv ic e s M e m ( *)
A sm Internatio nal
SNS
Falck Renewables
BAK
Hugo B o ss
EQB
A ffecto
P OH
A sml
SNS
Fo rtum
P OH
Interparfums
CIC
A kka Techno lo gies
CIC
B esi
SNS
Gas Natural Feno sa
B KF
Kering
CIC
A lten
CIC
Ericsso n
P OH
Hera
BAK
Lo ewe
EQB
A ltran
CIC
Gigaset
EQB
Iberdro la
B KF
Luxo ttica
BAK
A madeus
B KF
No kia
P OH
Iren
BAK
Lvmh
CIC
A to s
CIC
Okmetic
P OH
P ublic P o wer Co rp
IB G
M arimekko
P OH
B asware
P OH
Ro o dmicro tec
SNS
Red Electrica De Espana
B KF
P uma
EQB
B ull
CIC
Stmicro electro nics
BAK
Ren
CB I
Richemo nt
CIC
Cenit
EQB
Suess M icro tec
EQB
Rwe
EQB
Safilo
BAK
Co mptel
P OH
Teleste
P OH
Snam
BAK
Salvato re Ferragamo
BAK
Digia
P OH
T e le c o m m unic a t io ns
M e m ( *)
Terna
BAK
Sarantis
IB G
Do cdata
SNS
A co tel
BAK
Swatch Gro up
CIC
Ekino ps
CIC
B elgaco m
B DG
To d'S
BAK
Engineering
BAK
B o uygues
CIC
Van De Velde
B DG
Esi Gro up
CIC
Deutsche Teleko m
EQB
BAK
Exact Ho lding Nv
SNS
Drillisch
EQB
Exprivia
BAK
Elisa
P OH
Zucchi
R eal Estate
M e m ( *)
M e m ( *)
BAK
LEGEND: BAK: Banca Akros; BDG: Bank Degroof; BKF: Beka Finance; CIC: CM CIC Securities; CBI: Caixa-Banca de Investimento; EQB: Equinet bank; IBG: Investment Bank of Greece, POH:
Pohjola Bank; SNS: SNS Securities
as of 2ND April 2014
Page 24
Datalogic
List of ESN Analysts (**)
Ari Agopyan
Christian Auzanneau
Helena Barbosa
Javier Bernat
Dimitris Birbos
Agnès Blazy
Jean-Pascal Brivady
Giada Cabrino, CIIA
Arnaud Cadart
Niclas Catani
Jean-Marie Caucheteux
Pierre Chedeville
Emmanuel Chevalier
Florent Couvreur
Edwin de Jong
Nadeshda Demidova
Martijn den Drijver
Christian Devismes
Andrea Devita, CFA
Hans D'Haese
Ingbert Faust, CEFA
Rafael Fernández de Heredia
Stefan Freudenreich, CFA
Gabriele Gambarova
Claudio Giacomiello, CFA
Ana Isabel González García CIIA
Arsène Guekam
Bernard Hanssens
Philipp Häßler, CFA
Carlos Jesus
Bart Jooris, CFA
Vicente Koki, CNPI
Jean-Michel Köster
Jean-Christophe Lefèvre-Moulenq
Sébastien Liagre
Konrad Lieder
CIC
CIC
CBI
BKF
IBG
CIC
CIC
BAK
CIC
POH
BDG
CIC
CIC
CIC
SNS
EQB
SNS
CIC
BAK
BDG
EQB
BKF
EQB
BAK
BAK
BKF
CIC
BDG
EQB
CBI
BDG
CGD
CIC
CIC
CIC
EQB
+33 1 45 96 85 80
+33 4 78 92 01 85
+351 21 389 6831
+34 91 436 7816
+30 210 81 73 392
+33 1 45 96 77 61
+33 4 78 92 02 25
+39 02 4344 4092
+33 1 45 96 77 41
+358 10 252 8780
+32 2 287 99 20
+33 1 45 96 78 71
+33 1 45 96 77 42
+33 1 45 96 77 60
+312 0 5508569
+49 69 58997 434
+312 0 5508636
+33 1 45 96 77 63
+39 02 4344 4031
+32 (0) 2 287 9223
+49 69 58997 410
+34 91 436 78 08
+49 69 58997 437
+39 02 43 444 289
+39 02 4344 4269
+34 91 436 78 09
+33 1 45 96 78 76
+32 (0) 2 287 9689
+49 69 58997 414
+351 21 389 6812
+32 2 287 92 79
+55 1130 744 522
+33 1 45 96 77 17
+33 1 45 96 91 04
+33 1 45 96 90 34
+49 69 5899 7436
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Konstantinos Manolopoulos
Dario Michi
Marietta Miemietz CFA
José Mota Freitas, CFA
Henri Parkkinen
Dirk Peeters
Adrian Pehl, CFA
Victor Peiro Pérez
Francis Prêtre
Francesco Previtera
Jari Raisanen
Hannu Rauhala
Matias Rautionmaa
Eric Ravary
Iñigo Recio Pascual
Philipp Rigters
Gerard Rijk
André Rodrigues
Jean-Luc Romain
Jochen Rothenbacher, CEFA
Vassilis Roumantzis
Sonia Ruiz De Garibay
Antti Saari
Paola Saglietti
Francesco Sala
Lemer Salah
Michael Schaefer
Holger Schmidt, CEFA
Tim Schuldt, CFA
Pekka Spolander
Gert Steens
Kimmo Stenvall
Natalia Svyrou-Svyriadi
Luigi Tramontana
Johan van den Hooven
IBG
BAK
EQB
CBI
POH
BDG
EQB
BKF
CIC
BAK
POH
POH
POH
CIC
BKF
EQB
SNS
CBI
CIC
EQB
IBG
BKF
POH
BAK
BAK
SNS
EQB
EQB
EQB
POH
SNS
POH
IBG
BAK
SNS
+30 210 817 3388 [email protected]
+39 02 4344 4237 [email protected]
+49-69-58997-439 [email protected]
+351 22 607 09 31 [email protected]
+358 10 252 4409 [email protected]
+32 2 287 97 16 [email protected]
+49 69 58997 438 [email protected]
+34 91 436 7812 [email protected]
+33 4 78 92 02 30 [email protected]
+39 02 4344 4033 [email protected]
+358 10 252 4504 [email protected]
+358 10 252 4392 [email protected]
+358 10 252 4408 [email protected]
+33 1 45 96 79 53 [email protected]
+34 91 436 7814 [email protected]
+49 69 58997 413 [email protected]
+ 31 (0)20 550 8572 [email protected]
+351 21 389 68 39 [email protected]
+33 1 45 96 77 36 [email protected]
+49 69 58997 415 [email protected]
+30 2108173394 [email protected]
+34 91 436 7841 [email protected]
+358 10 252 4359 [email protected]
+39 02 4344 4287 [email protected]
+39 02 4344 4240 [email protected]
'+312 0 5508516 [email protected]
+49 69 58997 419 [email protected]
+49 69 58 99 74 32 [email protected]
+49 69 5899 7433 [email protected]
+358 10 252 4351 [email protected]
+312 0 5508639
[email protected]
+358 10 252 4561 [email protected]
+30 210 81 73 384 [email protected]
+39 02 4344 4239 [email protected]
+312 0 5508518
[email protected]
(**) excluding: strategists, macroeconomists, heads of research not covering specific stocks, credit analysts, technical analysts
Page 25
Datalogic
ESN Recommendation System
The ESN Recommendation System is Absolute. It means that each stock is rated on the
basis of a total return, measured by the upside potential (including dividends and capital
reimbursement) over a 12 month time horizon.
The ESN spectrum of recommendations (or ratings) for each stock comprises 5 categories:
Buy, Accumulate (or Add), Hold, Reduce and Sell (in short: B, A, H, R, S).
Furthermore, in specific cases and for a limited period of time, the analysts are allowed to rate
the stocks as Rating Suspended (RS) or Not Rated (NR), as explained below.
Meaning of each recommendation or rating:
Buy: the stock is expected to generate total return of over 20% during the next
12 months time horizon
Accumulate: the stock is expected to generate total return of 10% to 20%
during the next 12 months time horizon
Hold: the stock is expected to generate total return of 0% to 10% during the
next 12 months time horizon.
Reduce: the stock is expected to generate total return of 0% to -10% during the
next 12 months time horizon
Sell: the stock is expected to generate total return under -10% during the next
12 months time horizon
Rating Suspended: the rating is suspended due to a capital operation (takeover bid, SPO, …) where the issuer of the document (a partner of ESN) or a
related party of the issuer is or could be involved or to a change of analyst
covering the stock
Not Rated: there is no rating for a company being floated (IPO) by the issuer of
the document (a partner of ESN) or a related party of the issuer
Banca Akros Ratings Breakdown
History of ESN Recommendation System
Since 18 October 2004, the Members of ESN are using an Absolute Recommendation System
(before was a Relative Rec. System) to rate any single stock under coverage.
Since 4 August 2008, the ESN Rec. System has been amended as follow.
Time horizon changed to 12 months (it was 6 months)
Recommendations Total Return Range changed as below:

TODAY
SELL
REDUCE
-10%
HOLD
0%
ACCUMULATE
10%
BUY
20%
BEFORE
SELL
-15%
REDUCE
HOLD
0%
ACCUMULATE
5%
BUY
15%
Page 26
Datalogic
Il presente documento è stato redatto da Paola Saglietti (socio AIAF), che svolge funzioni di analista presso Banca Akros SpA ("Banca
Akros"), soggetto responsabile della produzione del documento stesso.
Banca Akros è una banca autorizzata anche alla prestazione di servizi di investimento appartenente al Gruppo Bipiemme Banca Popolare
di Milano (il “Gruppo”), ed è soggetta all’attività di direzione e coordinamento di Banca Popolare di Milano (la “Capogruppo”). La banca è
iscritta all’albo delle Banche al n. 5328 ed è soggetta alla regolamentazione e alla vigilanza di Banca d’Italia e Consob. La banca ha
prodotto il presente documento solo per i propri clienti professionali ai sensi della Direttiva 2004/39/CE e dell’Allegato 3 del Regolamento
Intermediari Consob. Esso è distribuito dal giorno 15 maggio 2014.
Banca Akros, ai sensi degli artt. 69 quater e quinquies del Regolamento Consob in materia di Emittenti, dichiara di non avere propri rilevanti
interessi finanziari negli strumenti finanziari oggetto del presente documento ovvero rilevanti conflitti di interesse derivanti da rapporti con
l’emittente detti strumenti finanziari (l’”Emittente”) ovvero, più in generale, derivanti da operazioni descritte nel presente documento. Banca
Akros dichiara di non essere a conoscenza della sussistenza di rilevanti interessi finanziari e/o di rilevanti conflitti di interesse della
Capogruppo nei confronti dell’Emittente.
L’analista di Banca Akros Paola Saglietti (socio AIAF), che ha redatto il presente documento, ha maturato una significativa esperienza
presso Banca Akros e altri intermediari. L’analista e i suoi familiari non detengono Strumenti Finanziari emessi dagli Emittenti oggetto di
analisi, né svolgono ruoli di amministrazione, direzione o consulenza per gli Emittenti, né l’analista riceve bonus, stipendi o altre forme di
retribuzione correlate, direttamente o indirettamente, al successo di operazioni di investment banking.
Banca Akros, nell’ultimo anno, ha pubblicato sulla società oggetto di analisi tre studi in data 17 aprile, 7 e 8 maggio 2014.
La Banca rende disponibili ulteriori informazioni, ai sensi delle disposizioni Consob di attuazione dell’art. 114, comma 8 del D.Lgs 58/98
(TUF) ed in particolare ai sensi dell’art. 69 quinquies, comma 2, del Regolamento Emittenti, presso il proprio sito internet, si veda:
http://www.bancaakros.it/media/990634/3-mktabuse-daf-sitointernet-conflitti-aggiornato-30-04-2014.pdf
Le informazioni e le opinioni contenute in questo documento si basano su fonti ritenute attendibili. La provenienza di dette informazioni e il
fatto che si tratti di informazioni già rese note al pubblico è stata oggetto di ogni ragionevole verifica da parte di Banca Akros. Banca Akros
tuttavia, nonostante le suddette verifiche, non può garantire in alcun modo né potrà in nessun caso essere ritenuta responsabile qualora le
informazioni alla stessa fornite, riprodotte nel presente documento, ovvero sulla base delle quali è stato redatto il presente documento, si
rivelino non accurate, complete, veritiere ovvero corrette.
Il documento è fornito a solo scopo informativo; esso non costituisce proposta contrattuale, offerta o sollecitazione all’acquisto e/o alla
vendita di strumenti finanziari o, in genere, all’investimento, né costituisce consulenza in materia di investimenti. Banca Akros non fornisce
alcuna garanzia di raggiungimento di qualunque previsione e/o stima contenuto nel documento stesso. Inoltre Banca Akros non assume
alcuna responsabilità in merito a qualsivoglia conseguenza e/o danno derivante dall’utilizzo del presente documento e/o delle informazioni
in esso contenute. Le informazioni o le opinioni ivi contenute possono variare senza alcun conseguente obbligo di comunicazione in capo a
Banca Akros, fermi restando eventuali obblighi di legge o regolamentari.
E’ vietata la riproduzione e/o la ridistribuzione, in tutto o in parte, direttamente o indirettamente, del presente documento, non
espressamente autorizzata.
Recommendation history for DATALOGIC
Date
15-May-14
07-Mar-14
08-Nov-13
07-Nov-13
30-Sep-13
18-Jul-13
13-May-13
11-Mar-13
08-Mar-13
22-Jan-13
Recommendation
Buy
Buy
Accumulate
Accumulate
Accumulate
Accumulate
Accumulate
Accumulate
Not rated
Accumulate
Target price
12.00
10.20
9.00
0.00
7.90
7.50
7.00
7.20
0.00
7.70
Price at change date
8.78
9.00
8.32
8.08
6.99
6.64
6.05
6.37
6.55
7.02
Source: Factset & ESN, price data adjusted for stock splits.
This chart shows Banca Akros continuing coverage of this stock; the current analyst may or may not have covered it over the entire period. Current analyst:
Paola Saglietti (since 27/07/2012)
12
10
8
6
4
2
0
-2
May Jun
13
13
Jul
13
Aug Sep Oct Nov Dec Jan Feb Mar
13
13
13
13
13
14
14 14
Price history
Buy
Accumulat
Apr May Jun
14
14
14
Target price history
Hold
Reduce
Sell
Not rated
Page 27
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Datalogic
Italy
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