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Interpump, ancora acquisizioni


L’opportunità: +110 mln di Ebitda nel 2020



Nel triennio 2013/2015 l'azienda è cresciuta a tassi sostenuti con il livello di produttività pari a quello medio di settore.  Nel successivo triennio 2015/2017, la crescita di fatturato e valore aggiunto è proseguita a ritmi inferiori ma sempre superiori alle migliori pratiche dei beni strumentali (posizionate al 75mo percentile del nostro osservatorio delle maggiori aziende italiane, beni strumentali), accompagnata da un progressivo miglioramento della produttività: la leva operativa è passata da 0,91 a 0,78 (per 100 euro di crescita del valore aggiunto, i costi operativi associati sono passati da 91 euro a 78).



L'opportunità individuata per Interpump consiste nel consolidare, nel triennio 2018/2020, la prestazione di crescita nella misura del 21% di fatturato e 26% di valore aggiunto. Al tempo stesso si ritiene che le economia di scala e le possibili integrazioni post acquisizione siano in grado di determinare un ulteriore miglioramento della produttività allineando il grado di leva operativa al primo 25mo percentile del settore beni strumentali (0,62).



L'effetto combinato di crescita e produttività sono alla base dei miglioramenti nel 2020, stimati in:




  • +232 mln di fatturato raggiungendo così 1,3 mld

  • +183 mln di valore aggiunto raggiungendo 880 mln e il 66,7%

  • +110 mln di Ebitda raggiungendo 358 mln e il 27,2%

  • +3,3 pp di Roi raggiungendo il 22,1% 



 



Due leve per cogliere l’opportunità



Per una crescita del fatturato a tassi superiori al mercato, è necessario affiancare alla crescita organica le acquisizioni di aziende che dispongano di portafogli prodotti e clienti addizionali per Interpump e ne rafforzino la posizione competitiva. 



Per incrementare il valore aggiunto in misura superiore al fatturato, poi, è necessario sviluppare i prodotti a maggiore marginalità e processi di lavoro che assorbino le fasi di lavorazione a maggiore valore.



Il miglioramento della produttività organizzativa, inoltre, si ottiene assicurando che tutte le attività, dirette e indirette, siano concentrate sugli attributi dei prodotti che determinano il valore aggiunto, eliminando le attività ridondanti e quelle prive di valore. A questo fine è necessario organizzare i processi per massimizzare il margine di contribuzione non per prodotto o per cliente, bensì per unità di fattore organizzativo scarso: ore di manodopera, ore di macchina, metri quadrati disponibili ecc...



Non vogliamo affermare che l’azienda soffra di efficienza, tout court, ma la nostra opinione è che questa sia l’area sulla quale richiamare l’attenzione.



Sorgono alcune riflessione collegate al buon aumento del valore aggiunto che l’azienda sa realizzare. La prima riguarda i nuovi prodotti:  quelli con migliore marginalità  stanno progressivamente  sostituendo quelli con minori prestazioni e quindi si tratta di un aggiornamento del portafoglio? La seconda riflessione tocca le acquisizioni la cui integrazione avviene con un modello “soft”:  le imprese acquisite hanno creato migliori opportunità commerciali con un’offerta più ricca e industriali con economie di scala? La terza è rivolta alla leadership in alcuni segmenti di mercato/applicazioni: si sta progressivamente migliorando il posizionamento di prezzo?



 


 


28/02/2019 14:01:42

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<div class="centerBoxContentsProducts centeredContent back" style="width:32.5%;"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-all-black-310cm1110rx-d77e-p-295.html"><div style="vertical-align: middle;height:250px"><img src="http://www.hublotwatch.me/sv/images/_small//hublot03_watches_/Big-Bang-44mm-Aero/Hublot-Aero-Bang-All-Black-310-CM-1110-RX.jpg" alt="Hublot Aero Bang All Black 310.CM.1110.RX [d77e]" title=" Hublot Aero Bang All Black 310.CM.1110.RX [d77e] " width="176" height="250" class="listingProductImage" id="listimg" /></div></a><br /><h3 class="itemTitle"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-all-black-310cm1110rx-d77e-p-295.html">Hublot Aero Bang All Black 310.CM.1110.RX [d77e]</a></h3><div class="listingDescription"></div><br /><span class="normalprice">SEK 2,679 </span>&nbsp;<span class="productSpecialPrice">SEK 1,954</span><span class="productPriceDiscount"><br />Spara:&nbsp;27% mindre</span><br /><br /><a 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href="http://www.hublotwatch.me/sv/hublot-aero-bang-all-black-carat-310cm1110rx1900-993d-p-296.html">Hublot Aero Bang All Black Carat 310.CM.1110.RX.1900 [993d]</a></h3><div class="listingDescription"></div><br /><span class="normalprice">SEK 2,358 </span>&nbsp;<span class="productSpecialPrice">SEK 1,771</span><span class="productPriceDiscount"><br />Spara:&nbsp;25% mindre</span><br /><br /><a href="http://www.hublotwatch.me/sv/big-bang-44mm-aero-bang-c-9.html?products_id=296&action=buy_now&sort=20a"><img src="http://www.hublotwatch.me/sv/includes/templates/polo/buttons/swedish/button_buy_now.gif" alt="Köp Nu" title=" Köp Nu " width="110" height="21" class="listingBuyNowButton" /></a><br /><br /></div> <div class="centerBoxContentsProducts centeredContent back" style="width:32.5%;"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-all-black-ii-311ci1110ci-58ae-p-1.html"><div style="vertical-align: middle;height:250px"><img src="http://www.hublotwatch.me/sv/images/_small//hublot03_watches_/SPECIALS/Hublot-Aero-Bang-All-Black-II-311-CI-1110-CI.jpg" alt="Hublot Aero Bang All Black II 311.CI.1110.CI [58ae]" title=" Hublot Aero Bang All Black II 311.CI.1110.CI [58ae] " width="200" height="229" class="listingProductImage" id="listimg" /></div></a><br /><h3 class="itemTitle"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-all-black-ii-311ci1110ci-58ae-p-1.html">Hublot Aero Bang All Black II 311.CI.1110.CI [58ae]</a></h3><div class="listingDescription"></div><br /><span class="normalprice">SEK 2,652 </span>&nbsp;<span class="productSpecialPrice">SEK 1,872</span><span class="productPriceDiscount"><br />Spara:&nbsp;29% mindre</span><br /><br /><a href="http://www.hublotwatch.me/sv/big-bang-44mm-aero-bang-c-9.html?products_id=1&action=buy_now&sort=20a"><img src="http://www.hublotwatch.me/sv/includes/templates/polo/buttons/swedish/button_buy_now.gif" alt="Köp Nu" title=" Köp Nu " width="110" height="21" class="listingBuyNowButton" /></a><br /><br /></div> <br class="clearBoth" /><div class="centerBoxContentsProducts centeredContent back" style="width:32.5%;"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-black-magic-armband-311ci1170ci-4297-p-305.html"><div style="vertical-align: middle;height:250px"><img src="http://www.hublotwatch.me/sv/images/_small//hublot03_watches_/Big-Bang-44mm-Aero/Hublot-Aero-Bang-Black-Magic-Bracelet-311-CI-1170.jpg" alt="Hublot Aero Bang Black Magic Armband 311.CI.1170.CI [4297]" title=" Hublot Aero Bang Black Magic Armband 311.CI.1170.CI [4297] " width="171" height="250" class="listingProductImage" id="listimg" /></div></a><br /><h3 class="itemTitle"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-black-magic-armband-311ci1170ci-4297-p-305.html">Hublot Aero Bang Black Magic Armband 311.CI.1170.CI [4297]</a></h3><div class="listingDescription"></div><br /><span class="normalprice">SEK 2,762 </span>&nbsp;<span class="productSpecialPrice">SEK 2,119</span><span class="productPriceDiscount"><br />Spara:&nbsp;23% mindre</span><br /><br /><a href="http://www.hublotwatch.me/sv/big-bang-44mm-aero-bang-c-9.html?products_id=305&action=buy_now&sort=20a"><img src="http://www.hublotwatch.me/sv/includes/templates/polo/buttons/swedish/button_buy_now.gif" alt="Köp Nu" title=" Köp Nu " width="110" height="21" class="listingBuyNowButton" /></a><br /><br /></div> <div class="centerBoxContentsProducts centeredContent back" style="width:32.5%;"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-garmisch-begr%C3%A4nsad-utg%C3%A5va-311sx2010grgap10-bc36-p-311.html"><div style="vertical-align: middle;height:250px"><img src="http://www.hublotwatch.me/sv/images/_small//hublot03_watches_/Big-Bang-44mm-Aero/Hublot-Aero-Bang-Garmisch-Limited-Edition-311-SX.jpg" alt="Hublot Aero Bang Garmisch begränsad utgåva 311.SX.2010.GR.GAP10 [bc36]" title=" Hublot Aero Bang Garmisch begränsad utgåva 311.SX.2010.GR.GAP10 [bc36] " width="191" height="250" class="listingProductImage" id="listimg" /></div></a><br /><h3 class="itemTitle"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-garmisch-begr%C3%A4nsad-utg%C3%A5va-311sx2010grgap10-bc36-p-311.html">Hublot Aero Bang Garmisch begränsad utgåva 311.SX.2010.GR.GAP10 [bc36]</a></h3><div class="listingDescription"></div><br /><span class="normalprice">SEK 2,633 </span>&nbsp;<span class="productSpecialPrice">SEK 1,936</span><span class="productPriceDiscount"><br />Spara:&nbsp;26% mindre</span><br /><br /><a href="http://www.hublotwatch.me/sv/big-bang-44mm-aero-bang-c-9.html?products_id=311&action=buy_now&sort=20a"><img src="http://www.hublotwatch.me/sv/includes/templates/polo/buttons/swedish/button_buy_now.gif" alt="Köp Nu" title=" Köp Nu " width="110" height="21" class="listingBuyNowButton" /></a><br /><br /></div> <div class="centerBoxContentsProducts centeredContent back" style="width:32.5%;"><a 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href="http://www.hublotwatch.me/sv/big-bang-44mm-aero-bang-c-9.html?products_id=294&action=buy_now&sort=20a"><img src="http://www.hublotwatch.me/sv/includes/templates/polo/buttons/swedish/button_buy_now.gif" alt="Köp Nu" title=" Köp Nu " width="110" height="21" class="listingBuyNowButton" /></a><br /><br /></div> <br class="clearBoth" /><div class="centerBoxContentsProducts centeredContent back" style="width:32.5%;"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-jet-li-311ci1130grjli11-d093-p-309.html"><div style="vertical-align: middle;height:250px"><img src="http://www.hublotwatch.me/sv/images/_small//hublot03_watches_/Big-Bang-44mm-Aero/Hublot-Aero-Bang-Jet-Li-311-CI-1130-GR-JLI11.jpg" alt="Hublot Aero Bang Jet Li 311.CI.1130.GR.JLI11 [d093]" title=" Hublot Aero Bang Jet Li 311.CI.1130.GR.JLI11 [d093] " width="200" height="235" class="listingProductImage" id="listimg" /></div></a><br /><h3 class="itemTitle"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-jet-li-311ci1130grjli11-d093-p-309.html">Hublot Aero Bang Jet Li 311.CI.1130.GR.JLI11 [d093]</a></h3><div class="listingDescription"></div><br /><span class="normalprice">SEK 2,798 </span>&nbsp;<span class="productSpecialPrice">SEK 1,844</span><span class="productPriceDiscount"><br />Spara:&nbsp;34% mindre</span><br /><br /><a href="http://www.hublotwatch.me/sv/big-bang-44mm-aero-bang-c-9.html?products_id=309&action=buy_now&sort=20a"><img src="http://www.hublotwatch.me/sv/includes/templates/polo/buttons/swedish/button_buy_now.gif" alt="Köp Nu" title=" Köp Nu " width="110" height="21" class="listingBuyNowButton" /></a><br /><br /></div> <div class="centerBoxContentsProducts centeredContent back" style="width:32.5%;"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-red-gold-diamond-bezel-310px1180rx1104-ef68-p-299.html"><div style="vertical-align: middle;height:250px"><img src="http://www.hublotwatch.me/sv/images/_small//hublot03_watches_/Big-Bang-44mm-Aero/Hublot-Aero-Bang-Red-Gold-Diamond-Bezel-310-PX.jpg" alt="Hublot Aero Bang Red Gold Diamond Bezel 310.PX.1180.RX.1104 [ef68]" title=" Hublot Aero Bang Red Gold Diamond Bezel 310.PX.1180.RX.1104 [ef68] " width="182" height="250" class="listingProductImage" id="listimg" /></div></a><br /><h3 class="itemTitle"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-red-gold-diamond-bezel-310px1180rx1104-ef68-p-299.html">Hublot Aero Bang Red Gold Diamond Bezel 310.PX.1180.RX.1104 [ef68]</a></h3><div class="listingDescription"></div><br /><span class="normalprice">SEK 2,863 </span>&nbsp;<span class="productSpecialPrice">SEK 2,092</span><span class="productPriceDiscount"><br />Spara:&nbsp;27% mindre</span><br /><br /><a href="http://www.hublotwatch.me/sv/big-bang-44mm-aero-bang-c-9.html?products_id=299&action=buy_now&sort=20a"><img src="http://www.hublotwatch.me/sv/includes/templates/polo/buttons/swedish/button_buy_now.gif" alt="Köp Nu" title=" Köp Nu " width="110" height="21" class="listingBuyNowButton" /></a><br /><br /></div> <div class="centerBoxContentsProducts centeredContent back" style="width:32.5%;"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-red-gold-diamonds-310px1180rx0904-5940-p-298.html"><div style="vertical-align: middle;height:250px"><img src="http://www.hublotwatch.me/sv/images/_small//hublot03_watches_/Big-Bang-44mm-Aero/Hublot-Aero-Bang-Red-Gold-Diamonds-310-PX-1180-RX.jpg" alt="Hublot Aero Bang Red Gold Diamonds 310.PX.1180.RX.0904 [5940]" title=" Hublot Aero Bang Red Gold Diamonds 310.PX.1180.RX.0904 [5940] " width="179" height="250" class="listingProductImage" id="listimg" /></div></a><br /><h3 class="itemTitle"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-red-gold-diamonds-310px1180rx0904-5940-p-298.html">Hublot Aero Bang Red Gold Diamonds 310.PX.1180.RX.0904 [5940]</a></h3><div class="listingDescription"></div><br /><span class="normalprice">SEK 2,459 </span>&nbsp;<span class="productSpecialPrice">SEK 1,872</span><span class="productPriceDiscount"><br />Spara:&nbsp;24% mindre</span><br /><br /><a href="http://www.hublotwatch.me/sv/big-bang-44mm-aero-bang-c-9.html?products_id=298&action=buy_now&sort=20a"><img src="http://www.hublotwatch.me/sv/includes/templates/polo/buttons/swedish/button_buy_now.gif" alt="Köp Nu" title=" Köp Nu " width="110" height="21" class="listingBuyNowButton" /></a><br /><br /></div> <br class="clearBoth" /><div class="centerBoxContentsProducts centeredContent back" style="width:32.5%;"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-st%C3%A5l-keramiskt-311sm1170sm-2fa6-p-302.html"><div style="vertical-align: middle;height:250px"><img src="http://www.hublotwatch.me/sv/images/_small//hublot03_watches_/Big-Bang-44mm-Aero/Hublot-Aero-Bang-Steel-Ceramic-311-SM-1170-SM.jpg" alt="Hublot Aero Bang stål keramiskt 311.SM.1170.SM [2fa6]" title=" Hublot Aero Bang stål keramiskt 311.SM.1170.SM [2fa6] " width="171" height="250" class="listingProductImage" id="listimg" /></div></a><br /><h3 class="itemTitle"><a href="http://www.hublotwatch.me/sv/hublot-aero-bang-st%C3%A5l-keramiskt-311sm1170sm-2fa6-p-302.html">Hublot Aero Bang stål keramiskt 311.SM.1170.SM [2fa6]</a></h3><div class="listingDescription"></div><br /><span class="normalprice">SEK 2,753 </span>&nbsp;<span class="productSpecialPrice">SEK 2,037</span><span class="productPriceDiscount"><br />Spara:&nbsp;26% mindre</span><br /><br /><a href="http://www.hublotwatch.me/sv/big-bang-44mm-aero-bang-c-9.html?products_id=302&action=buy_now&sort=20a"><img src="http://www.hublotwatch.me/sv/includes/templates/polo/buttons/swedish/button_buy_now.gif" alt="Köp Nu" title=" Köp Nu " width="110" height="21" class="listingBuyNowButton" /></a><br /><br /></div> <div class="centerBoxContentsProducts centeredContent back" style="width:32.5%;"><a 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class="listingDescription"></div><br /><span class="normalprice">SEK 2,853 </span>&nbsp;<span class="productSpecialPrice">SEK 2,055</span><span class="productPriceDiscount"><br />Spara:&nbsp;28% mindre</span><br /><br /><a href="http://www.hublotwatch.me/sv/big-bang-44mm-aero-bang-c-9.html?products_id=304&action=buy_now&sort=20a"><img src="http://www.hublotwatch.me/sv/includes/templates/polo/buttons/swedish/button_buy_now.gif" alt="Köp Nu" title=" Köp Nu " width="110" height="21" class="listingBuyNowButton" /></a><br /><br /></div> <br class="clearBoth" />

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