EQUITY RESEARCH - Flash note

July 4th, 2024

H1 operating indicators and stock on the rise, comforting

preview of 2024 performance

FLASH NOTE Stock performance: 35% gained LTM

Over last 12 months, CleanBnB stock overperformed the market, gaining 35% vs
OUTPERFORM -11% of FTSE Italia Growth index. After a period nearly in line with the overall
Current Share Price (€): 1.40
market trend, the share price began un upward trend leading to current €1.40.
Target Price (€): 2.94
Portfolio development, stays and gross bookings H1 figures confirm the double-
CleanBnB - 1Y Performance digit growth trend
160
H1 2024 KPIs: number of stays in managed properties over 55,000, +35% on H1
140
2023, contributing €21.4m gross bookings (+27%). In H1 2024, CleanBnB added
120
over 400 properties to its portfolio: as of June 2024 was running over 2,800
100

80
properties in 80 locations in Italy (from 2,400 as of December 2023 and 2,600 as
60
of March 2024).
Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24
CleanBnB Share Price FTSE Italia Growth Index
Source: S&P Capital IQ - Note: 03/07/2023=100
Italy remains an appealing destination, robust incoming from abroad
Overnight stays in tourist accommodations (June-August) are expected at 216
Company data million, almost 3 million more compared to 2023 summer, with remarkable
ISIN number IT0005377277
Bloomberg code CBB IM
foreign tourist flow (Source: Assoturismo, Giugno 2024).
Reuters code CBB.MI
Industry Hospitality
Stock market Euronext Growth Milan
H1 KPIs reinforce our estimates, Target Price of €2.94 and OUTPERFORM rating
Share Price (€) 1.40 H1 figures are in line with our 2024 estimates, which could even be conservative
Date of Price 03/07/2024
Shares Outstanding (m) 8.6
given the historical seasonality trend which sees stays concentrated in H2. The
Market Cap (€m) 12.1 straight performance of the first six months continues to support our view on
Market Float (%) 70.7%
Daily Volume 360,000 CleanBnB equity story and we confirm the €2.94 target price, 110% potential
Avg Daily Volume YTD 68,391 upside on current price, and the OUTPERFORM rating confirmed.
Target Price (€) 2.94
Upside (%) 110%
KEY FINANCIALS AND ESTIMATES
Recommendation OUTPERFORM
€m 2019 2020 2021 2022 2023 2024E 2025E
Revenues 3.3 2.2 4.0 9.4 14.8 18.2 21.7
Share price performance EBITDA (1.3) (1.7) (0.8) 0.3 0.7 1.2 2.0
1M 3M 6M 1Y Margin -39.0% -76.2% -19.1% 3.7% 5.0% 6.5% 9.3%
CleanBnB - Absolute (%) 10% 1% 3% 35% EBIT (1.5) (1.8) (1.1) (0.1) 0.3 0.7 1.5
FTSE Italia Growth (%) -1% -1% -3% -11% Margin -45.6% -81.9% -28.7% -0.7% 2.1% 4.1% 7.1%
1Y Range H/L (€) 1.49 0.98 Net Income (Loss) (1.5) (2.0) (1.2) (0.2) 0.3 0.5 1.1
YTD Change (€) / % 0.26 22%
Source: S&P Capital IQ Net (Debt) Cash 3.0 0.8 2.8 3.8 3.1 5.1 7.0
Equity 2.7 0.8 1.6 1.4 1.7 2.2 3.3
Analysts Current Price - Implied multiples
Luigi Tardella - Head of Research EV/Revenues 0.6x 0.5x 0.4x
EV/EBITDA 12.1x 7.6x 4.4x
ltardella@envent.it
Ivan Tromba itromba@envent.it Source: Company data 2019-23A, EnVent Research 2024-25E

EnVent Italia SIM S.p.A. Founded in 2016, CleanBnB is an Italian Property Manager in the short/medium-
Via degli Omenoni, 2 - 20121 Milano (Italy)
Phone +39 02 22175979
term rental market powered by online reservation platforms. The takeover of the
entire property management process is the key value: CleanBnB on behalf of the
This Note is issued by arrangement with MIT SIM, Issuer’s Hosts takes care of the revenue streams from online reservation platforms,
Specialist
directly collects Guests fees and provides full hospitality services, such as check-
This document may not be distributed in the United in/out, cleaning and laundry, assistance and maintenance.
States, Canada, Japan or Australia or to U.S. persons.

The Issuer is a corporate client of EnVent Italia SIM S.p.A., thus this Note is to be intended as a marketing communication, not an independent
research. See final two pages for important disclosures.
 EQUITY RESEARCH - Flash note
July 4th, 2024

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This publication has been prepared by Luigi Tardella, Head of Research Division and Ivan Tromba, Equity Analyst, on behalf of the
Research & Analysis Division of EnVent Italia SIM S.p.A. (“EnVent”). EnVent Italia SIM is authorized and regulated in Italy by Consob
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The Issuer is a corporate client of EnVent Italia SIM S.p.A., thus this Note is to be intended as a marketing communication, not an independent
research. See final two pages for important disclosures.
 EQUITY RESEARCH - Flash note
July 4th, 2024

MIFID II DISCLOSURES
CleanBnB S.p.A. (the “Issuer or the “Company”) is a corporate client of EnVent. This document, being paid for by a corporate Issuer, is a
Minor Non-monetary Benefit as set out in Article 12 (3) of the Commission Delegated Act (C2016) 2031.
This note is a marketing communication and not independent research. As such, it has not been prepared in accordance with legal
requirements designed to promote the independence of investment research and this note is not subject to the prohibition on dealing
ahead of the dissemination of investment research.

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Neither this publication nor any portions thereof (including, without limitation, any conclusion as to values or any individual associated
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by any means without the prior written consent and approval from EnVent.

VALUATION METHODOLOGIES
EnVent Research & Analysis Division calculates range of values and fair values for the companies under coverage using professional
valuation methodologies, such as the discounted cash flows method (DCF), dividend discount model (DDM) and multiple-based models
(e.g. EV/Revenues, EV/EBITDA, EV/EBIT, P/E, P/BV). Alternative valuation methodologies may be used, according to circumstances or
judgement of non-adequacy of most used methods. The target price could be also influenced by market conditions or events and
corporate or share peculiarities.

STOCK RATINGS
The “OUTPERFORM”, “NEUTRAL”, AND “UNDERPERFORM” recommendations are based on the expectations within a 12-month period
from the date of rating indicated in the front page of this publication.
Equity ratings and valuations are issued in absolute terms, not relative to market performance.
Rating system and rationale (12-month time horizon):
OUTPERFORM: stocks are expected to have a total return above 10%;
NEUTRAL: stocks are expected to have a performance between -10% and +10% consistent with market or industry trend and appear less
attractive than Outperform rated stocks;
UNDERPERFORM: stocks are among the least attractive in a peer group, with the target price 10% below the current market price;
UNDER REVIEW: target price under review, waiting for updated financial data, or other key information such as material transactions
involving share capital or financing;
SUSPENDED: no rating/target price assigned, due to material uncertainties or other issues that seriously impair our previous investment
ratings, price targets and earnings estimates;
NOT RATED: no rating or target price assigned.
Some flexibility on the limits of the total return rating ranges is permitted, especially during high market volatility cycles.
The stock price indicated in the report is the last closing price on the day of Production.
Date and time of Production: 03/07/2024 h. 6.30pm
Date and time of Distribution: 04/07/2024 h. 6.45pm

DETAILS ON STOCK RECOMMENDATION AND TARGET PRICE

Date Recommendation Target Price (€) Share Price (€)
15/10/2019 OUTPERFORM 2.76 1.75
07/05/2020 OUTPERFORM 1.41 1.04
27/10/2020 NEUTRAL 0.80 0.76
06/05/2021 OUTPERFORM 1.74 1.25
26/10/2021 OUTPERFORM 1.61 1.21
27/04/2022 OUTPERFORM 2.13 1.07
01/08/2022 OUTPERFORM 2.13 1.14
26/10/2022 OUTPERFORM 2.30 0.99
02/02/2023 OUTPERFORM 2.30 1.06
15/05/2023 OUTPERFORM 2.94 1.04
31/07/2023 OUTPERFORM 2.94 1.06
19/10/2023 OUTPERFORM 2.94 1.07
26/04/2024 OUTPERFORM 2.94 1.27
04/07/2024 OUTPERFORM 2.94 1.40

The Issuer is a corporate client of EnVent Italia SIM S.p.A., thus this Note is to be intended as a marketing communication, not an independent
research. See final two pages for important disclosures.
 EQUITY RESEARCH - Flash note
July 4th, 2024

ENVENT RECOMMENDATION DISTRIBUTION (July 4th, 2024)

Number of companies covered: 27 OUTPERFORM NEUTRAL UNDERPERFORM SUSPENDED UNDER REVIEW NOT RATED
Total Equity Research Coverage % 89% 11% 0% 0% 0% 0%
of which EnVent clients % * 78% 33% na na na na
* Note: Companies to which corporate and capital markets services were supplied in the last 12 months.

This disclaimer is constantly updated on the website at www.enventgroup.eu under “Legal notices - Disclaimer”.

Additional information available upon request.

© Copyright 2024 by EnVent Italia SIM S.p.A. - All rights reserved

The Issuer is a corporate client of EnVent Italia SIM S.p.A., thus this Note is to be intended as a marketing communication, not an independent
research. See final two pages for important disclosures.