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Autotrasporti Capozi

presented by October Italy

€200,000

6.2%

48 months

B

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location

Location

Milan, Italy

activity

Activity

Transport

Presentation of the company

Created in 1986, Autotrasporti Capozi S.r.l. is active in the Transportation sector. The company, managed by Alessandro Capozi, has 191 employees and is based in Milano.

The company’s main activity is:

  • freight transport solutions including insulated and refrigerated transports mainly for supermarkets chains and food companies.

The company works with around 30 clients operating as major large-scale retailers.

The company specializes in medium range national transport, covering all regions of northern Italy, offering ad hoc transport solutions for most food operators.

Project Description

The company requests a loan of 200 000 € over 48 months with 3 months of deferred repayment to finance the construction of a NLG fuel station that will be for internal and external use. This project will be realised this semester.

This project is a Flexible Bridge Loan, an amortizable loan with a standard commitment for the first 9 months and the possibility of early repayment at no cost for the remainder of the loan term, even in the event of refinancing by other financial institutions.

This project is a medium-term loan with a capital amortisation deferment and as such presents a different method of capital repayment than standard projects. The first 3 months, the lenders will only receive interest; the following 45 months, the lenders will receive interest and principal amortization. This principal repayment profile matches the borrower’s financing needs while allowing lenders to earn a higher amount of interest.

This project is not covered by the Italian state guarantee.

The amount offered on the platform is limited to 98000€, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 18 600 000 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

The slight reduction in sales in recent years comes from the cancellation of some unprofitable contracts. Negative 2016 profitability is linked to some extraordinary costs related to workforce reduction and lower state incentives. The forecast is based on the performance of 2017 and draft account 2018 which shows a slight increase in revenues and stable profitability.

The borrower has a correct repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,13 and a strong financial structure, with a forecast net debt / ebitda ratio of 1,5 and a net debt / shareholder equity of 191%.

Financial debt has been adjusted taking into account the market value of leased trucks and real estate assets.

The analysis of the project leads to a credit rating of B and a 6,2% annual interest rate.

Strong points:

  • Good historical performance based on diversified client base.
  • Correct repayment ability with a forecasted FCCR of 1,13 reinforced by the support of banking pool.
  • Historical company with consolidated and strong client base.

Points of caution:

  • High competitive market.