MILAN Nov 7 Italy's upmarket motorbike maker
Ducati continues to see an initial public offering of its
shares as an option, but not for the short-term, as it focuses
on continuing its overseas expansion, its top manager said on
In 2011, Ducati expects to see a 20 percent rise in annual
sales to 480 million euros ($660 million), boosted by overseas
For the IPO, "ask the shareholders. The choice has not yet
been defined. It is an option but not for the short-term,"
Gabriele Del Torchio, who is chairman and chief executive
officer, told Reuters.
A spokesman for private equity firm InvestIndustrial, the
motorbike maker's main shareholder, denied any IPO and said
Ducati "is not for sale."
In August, a British newspaper had speculated that Ducati
was considering an IPO in Asia to take advantage of a wave of
luxury sector IPOs at the time. [ID:nL5E7JE08J]
Ducati's strong earnings multiples could prove attractive
to investors once financial markets settle down, analysts
Ducati's earnings before interest, taxes, depreciation and
amortization (EBITDA) margin won't reach 20 percent medium-term
but is one of the highest in the industry, Del Torchio said.
In Monday's presentation of new bikes, Del Torchio said
Ducati had raised its share of the markets where it operates
around the world to 10.7 percent, from 2010's 8.5 percent.
Ducati has just started up an assembly plant in Thailand to
save customs duties on imports and to service its Asian
($1 = 0.727 Euros)
(Writing by Nigel Tutt, editing by Gerald E. McCormick)