CLICK TO ADD TITLE CLICK TO ADD TITLE SUBTITLE GOES HERE Table of Contents Financial Health Solvency and Coverage Liquidity Profitability Investment Opportunity Lorem ipsum dolor sit amet, consectetur...

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Table of Contents
Financial Health
Solvency and Coverage
Liquidity
Profitability
Investment Opportunity
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Financial Health
[NTD: check comps and credit rating]
1
Solvency and Coverage
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Cash on the balance sheet of 200M, an increase of []% from []M end of 2019
.
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Debt to Equity consistently improving since 2016
Debt    2020    2019    2018    2017    2016    393443    378498    386965    366079    369915    Equiy    2020    2019    2018    2017    2016    290546    260088    209277    134710    87640    
Positive working capital indicates the company has sufficient cu
ent assets to meet its cu
ent obligations. Working capital improvement of []% from XXXXXXXXXXWith a cu
ent ratio of [] and quick ratio of [] [NTD: compare to industry standard]
Collecting accounts receivable faster than paying vendors by [] days in 2020 and [] days in XXXXXXXXXXAR turned over in [] days in 2020 compared to [] days in XXXXXXXXXXThis compares to AP turning over in [] days in 2020 and [] days in 2019.
Liquidity
[]
Working
Capital
[]
Working
Capital
Cu
ent Ratio
2020 – []
+[]%
2020 – []
+ []%
Quick Ratio
2019 – []
2019 – []
Cu
ent assets    
2020    2019    384505    341095    Cu
ent liabilities    [SERIES NAME]
2020    2019    245141    268856    
Profitability
The Company has generated positive earnings and operating cash flow for both 2020 and XXXXXXXXXXHowever, there was a decline in earnings and cash flow in 2020 vis-à-vis 2019 due to [].
Margins show a slight decline in 2020 but still relatively consistent with prior years.
The Company has been paying dividends for []
[]
EPS
2019 – []
[]
EBITDA per Shares
2019 = []
Gross Margin
2019 – []%
[]
Return on Assets
2019 – []
[]
Return on Equity
2019 – []
[]
Return on Capital Employed
2019 – []
[]
Operating Profit Margin
2019 – []%
EBITDA    2020    2019    89484    139466    
Net Operating cash flow    2020    2019    102408    135752    
Investment Opportunity
2
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Assignment Reqts
        Max 5 slide powerpoint excluding title page, table of contents and appendices. Unlimited appendices.
        1. Evaluate Technogym financial statement in 2019 and 2020, and comment on the state of health of the company in the analyzed years; (est. 2-3 slides)
        
        2. Identify a new investment opportunity for Technogym. The investment should be consistent with the vision and the strategy of the company.
        3. Once the investment opportunity is identified, evaluate the project by structuring a three-year plan (2022 – XXXXXXXXXXest. 1-2 slides)
        The last appendix must be sources
        DO NOT DELETE ANY TABS FROM THIS FILE
Assignment Content & Layout
    Layout:                                    Content:
    Slide #
    1    Title page                                Part 1: Financial Health - Assess the viability and sustainability of Technogym
    2    Table of Contents                    max: 5 slides            3 parts: Risk
    3    Section subtitle: Financial Health                                - assess operative risk (change in EBIT/change in revenues)
    4    Financial Health Slide                                - assess capital structure
    5    Financial Health Slide                                - assess financial risk
    6    Financial Health Slide if needed                                Include the following:
    7    Section subtitle: Capital Budgeting / Acquisition                                - Ratio analysis and comparison to comps including Liqiditity, Leverage/Solvency, Coverage, Profitability
    8    Capital Budgeting / Acquisition slide                                - Overall health and trajectory of th industry in which it operates (1-2 sentences)
    9    Capital Budgeting / Acquisition slide                                - Mkt Value / Book Value - > or <1 - assess future expectations
    10    Capital Budgeting / Acquisition slide if needed                                - Have a conclusion
    11    Section subtitle: Appendices
                                        other comments or to do's:
    Minimum required appendices but can add more:                                    - check whats happened in XXXXXXXXXXwhy earnings down and how this impacts the trajectory going forward.
    1    Ratio page showing ratios for Technogym and with Industry or Comp data                                - Technogym seems to underlevered but not sure how this compares to industry
    2    Financial stmts for Technogym                                - what is their debt situation ( will need to look at the financial stmt notes to see what debt they have exactly)
    3    Comp listing                                 - check mkt cap vs book value
    4    Analyst Coverage                                - check if any concentration of risk
    5    Technogym Capital Structure Slide                                - what is the financial trajectory of the company
    6    Technogym Strategy slide and history                                - get analyst predictions
    7    Capital budgeting: Opportunity - who, what and why                                - quality of customers
    8    Capital budgeting 3 year cash flow slide                                - regional diversification or concentration
    9    Capital budgeting - investment opportunity assumptions
    10    capital budgeting metrics - NPV, Payback, etc                                Note: cu
ent assets exclude cash fo finance purposes
    11    Proforma financials
    12    WACC calc                                Part 2: Capital budget
    13    Sensitivities - less revenue, increase in costs
    14    Sources                                - Calculate 3 year cash flows based on assumptions in capital budgeting ta
                                        - Calculate wacc
                                        - need NPV, IRR and payback calculated
                                        - Conclusion on whether should pursue or not pursue investment opportunity and why
                                        - Assume hurdle rate of 20%
                                        - Need sensitivity to revenues and costs
                                        other comments or to do's:
                                        - comment on externalities
                                        - Assume project will not have an impact on other revenue streams (no erosion of other revenue streams)
                                        - nominal vs real dollars and discount rate - consistency is needed
About Technogym
        Founded    Employees    CEO    Website
        1983    2,067    Nerio Alessandri    https:
www.technogym.com
        Investor Hub:     https:
corporate.technogym.com
        Technogym S.p.A., a wellness company, designs, manufactures, and sells fitness equipment worldwide. The company offers a range of wellness, physical exercise, and rehabilitation solutions. Its products include treadmills, exercise bikes, elliptical cross trainers, rowers, stair climbers, upper body trainers, selectorized equipment, plate loaded equipment, multigyms and cable stations, benches and racks, free weights, functional training equipment, and stretching equipment; and exercise tools, such as exercise mat, floor mat, set loop band resistance, elastic bands, power band resistance, jump rope, foam roller, wellness ball, balance pad, balance dome, slam ball, and medicine ball, as well as personal line products.
        The company markets its products to fitness and wellness clubs; hospitality and residential; health, corporate, and performance; and home and consumer segments through field and inside sales, retail, and wholesale channels. Technogym S.p.A. was founded in 1983 and is based in Cesena, Italy. Technogym S.p.A. was formerly a subsidiary of Wellness Holding Srl.
        Technogym is recognised the world over as “The Wellness Company”. Our vision is to be a world leader as a wellness solution provider.
        Mission
        Our mission is to help people live a better life through wellness.
        Wellness is the lifestyle defined and promoted by Technogym aimed at improving people’s quality of life though regular physical exercise, healthy nutrition and positive mental approach.
        Wellness means:
        energy and vitality
        efficiency in any situation
        feeling at ease with ourselves and others
        All our efforts are focused on finding high quality, innovative and engaging solutions to helping people achieve wellness.
        Vision
        Our vision is to be a world leader as a wellness solution provider.
        Our business approach is to be the operator business partner thanks to our Total Wellness Solution made of products, services and software and to provide end users with an engaging wellness experience.
        Strategy
        “Wellness on the go” is our strategy. Wellness on the go means being able to provide end user with a personalized wellness experience everywhere, everyday thanks to “Technogym Ecosystem”, in which wellness products and services are available to people whenever they want and wherever they are.
        Within this ecosystem:
        each person can find and access information and training programs on any machine, in any worldwide location and from any personal device (mobile, tablet, smart TV, PC, mywellness key) – becoming part of a global community of people dedicated to wellness
        professional operators can manage, engage and guide their customers at any time and everywhere, creating new opportunities to enhance customer attraction and loyalty.
        Acquisitions and Initiatives
        Apr-16
         Partnership to complete the CONNECTED WELLNESS experience
        Technogym, one of the leading companies in the international fitness and wellness market, today announced to have entered into a share purchase agreement for the acquisition of a majority stake in Exerp, a global digital specialist in fitness club member engagement software, based in Denmark.
        The partnership between Technogym and Exerp strengthen the digital ecosystem and increases the company capability to offer fitness operators a complete solution to improve  the end user experience. The integration between Technogym’s mywellness cloud – the wellness lifestyle CRM – and the Exerp platform – one of the best fitness club ERP – completes the world’s first and only lifestyle management “open platform”, thanks to the integration of proprietary and third party apps, the most popular wearable devices and biometric tracking devices. The deal with Exerp fosters Technogym capability to ensure industry operators the possibility to define new business models to provide end users with new services, not only indoor, but also outdoor through an easy, engaging and seamless interface.
        Exerp has developed a vast knowledge of the business requirements that underlie the operations of some of the world’s largest and most recognised fitness chains. The Exerp Platform aim is to transform operator’s businesses by reducing cost, promoting simplicity and fundamentally changing the way they interact with their members.
        “This deal confirms the Technogym commitment to digital innovation in the industry and strengthen our strategic approach toward solution selling to offer operators the opportunity to generate better profits and to enable end users to get better results in terms of fitness, sport and health” said Nerio Alessandri, Founder and CEO of Technogym and added “Moreover, the Technogym Ecosystem allows fitness clubs to shape new business models by connecting with insurances, corporate and