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Sirio

presented by October Italy

€1,500,000

5.5%

36 months

B

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location

Location

Fornace Zarattini, Italy

activity

Activity

Restaurants and catering services

Company Presentation

Funded in 1993, Sirio S.p.A.  is active in the management of commercial catering stores in hospitals, motorways and airports. The company, managed by Stefania Atzori, has 647 employees and is based in Ravenna.

The company’s main activity is to manage point of sales:

  • in hospital with brand "Siriobar";
  • in motorways service areas with brand "Siriogrill";
  • in airports with brand "La ghiotta";
  • fast food branded "Burger King".

The company works with 76 stores, mainly located in the north center of Italy, through multi-year concessions with an average duration of about 10 years.    

Key Numbers

Find out all the details of the financial indices used in the project credit analysis.

https://help.lendix.com/tutorials-in-english/understand-and-analyze-projects/understanding-key-financial-figures

Project presentation

The company wishes to borrow 1 500 000 € over 36 months to finance the opening of new stores.

This is a flexible bridge loan, offering the borrower the possibility to prepay without fees beyond the first 9 months.

Like all projects presented to private lenders on Lendix, this one is co-financed with institutional investors, qualified investors, and the management of Lendix, subscribers of the Lendix Fund.

Analyst opinion

With a turnover of 47 827 251 € in 2016 and an experienced team, the company has an excellent track record combined with a strong operating margin.

Over the past three years, increase of revenues is related to openenings of new stores.

The forecast has been based on the level of activity in 2016 considering the growth of revenues coming from opening of new stores and profitability of 2017 from the draft account of the company.

The borrower has a good repayment capacity with a forecasted FCCR (Fixed Charge Cover Ratio *) at 1,05 and a strong financial structure, with a forecasted net debt / ebitda ratio of 1,46 and a net debt/shareholder equity of 256,0%."

The analysis of the project leads to a credit rating of B with a strong financial strength and a 5,50% annual interest rate.

Strong Points of the Opportunity:

  • Good historical performance;
  • Market leader in hospital segment;
  • Good repayment capacity with a forecasted FCCR of 1,05.

Point of Vigilance:

  • Agressive opening strategy mainly financied by debt. 

*The multiple of FCCR at 1,05 means that the company has a 5% margin of safety in relation to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the information provided by the project leader and information from our databases (Scores & Décisions, Fichier Bancaire des Entreprises). This opinion is only a reflection in the decision of a lender to participate in the financing of a project.