The Italian Sea Group investment thesis
Investment decisions

Meeting with The Italian Sea Group & Backlog mapping

This week, we met with TISG’s management and discussed their growth strategy (where they are aiming to expand with each model and their perspective on the importance of each region), business model (comparisons with Nordic shipyards, strategy with Lamborghini, etc.), and capital allocation (options to increase liquidity, Ferretti, etc.). Finally, we included our perspective on the company and how we are managing our exposure to this position.

Additionally, we also share the mapping of the 22 yachts under construction with the start and end dates, project names, backlogs, and revenue estimates for the upcoming years. We believe this is a quite interesting exercise that will complement and help in better understanding TISG’s DCF model.

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