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According to Deloitte, finance is central to nautical SMEs, but not very sought after

The fear is of losing its centrality, but shareholdings are growing; the luxury sectors, to which the nautical sector belongs, are significant on the stock exchange, and Ferretti's listing is very important.

di SUPER YACHT 24 EDITORIAL TEAM
16 July 2024
Print
Lanzillo – Deloitte

Although finance is "central to the nautical segment" because the sector "is made up of small and medium-sized enterprises and therefore companies that generally have difficulty accessing finance" – according to Enesto Lanzillo, leader of Deloitte Private for the Central Mediterranean area – Italian entrepreneurs are not attracted to it because they want to maintain control of their companies.

Lanzillo, who advises Deloitte Private on the three countries of Italy, Greece, and Malta, made these comments on the sidelines of the recent presentation in Milan of the Confindustria Nautica and Deloitte study "The state of the art of the global yachting market."

In general, Lanzillo said, “the Going public for a small or medium-sized business is a very bold step, because by definition it implies a reduction in the entrepreneur's ownership percentage, which not everyone is interested in. However, Euronext Growth Milan, the listing program for small or medium-sized businesses, is attracting an ever-increasing number of participants. So it's clear there's an awareness that diluting oneself is no longer the case; it's 'devastating' in the loss of control inherent in every entrepreneur. However, Italy is certainly not the country where, let's say, entrepreneurs enjoy losing their reference position and centrality.

Regarding pricing in the nautical segment, Lanzillo specified, "the luxury and design sectors are significant because they have multipliers that enhance the value of companies. Nautical design is also part of the luxury sector, and the latest IPO, that of Ferretti, is very significant." The manager noted, however, that "within the nautical sector, there are many small and medium-sized companies that have different market appeal from a different perspective of multiples. The major luxury nautical brands are one thing, the shipyards are another, and the component manufacturers are another."

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