The Italian Sea Group S.p.A. (TISG), a prominent player in the luxury yachting sector, has had its A2.2 credit rating reaffirmed by Cerved Rating Agency S.p.A.
"This rating underscores our financial stability and effective business management," commented Giovanni Costantino, Founder and CEO of The Italian Sea Group. "We remain committed to enhancing our market position, maintaining a robust financial structure, and ensuring steady business growth."
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Several factors contributed to the reaffirmed rating:
TISG's strong presence in the global luxury yachting market, bolstered by partnerships with international brokers and a reliable client base.
Positive economic performance in 2023, marked by growth in revenues, margins, and income.
Effective management of operating cash flows, resulting in a positive Net Financial Position at the end of 2023.
The medium- and long-term strategic outlook for TISG is also favorable. The company aims to further solidify its core business in the large yacht segment. This strategy is supported by recent investments in production capacity and new production synergies, including the acquisition of Celi 1920 and the establishment of the Steelworks for Interior business unit.
For 2024, TISG forecasts revenues between EUR 400 and 420 million, with an improving EBITDA margin between 17 and 17.5%.
The Italian Sea Group is a global operator in the luxury yachting industry, listed on Euronext Milan (“EXM”) and active in the construction and refit of motor yachts and sailing yachts up to 140 meters. The Company, led by Italian entrepreneur Giovanni Costantino, operates on the market with the brands Admiral, renown for elegant and prestigious yachts, Tecnomar, Perini Navi, and Picchiotti; the Company has a business unit, NCA Refit, that manages the maintenance and refit services for yachts and mega yachts with a length over 60 meters.
Credit: The Italian Sea Group