"Food & beverages companies and the stock market: perspectives and opportunities"
A.Franzosi, E.Pellizzoni - October 2001
This paper highlights the main features of the Italian food & beverages sector and discusses its importance for the national industry and stock market. Despite the great contribution to the national economy, the presence of food & beverages companies in the Italian stock market is still very small. This work identifies a group of 201 unlisted companies potentially suitable for admission to listing and describes the main characteristics of the sample. Using the present market multiples, the potential contribution to the market capitalisation of the Italian Exchange is estimated. Through the analysis of the competitive structure of the sector and some empirical evidence on positive relations among size, capitalisation and profitability, we conclude in favour of a specific role for equity capital in defining firms' strategic plans. Due to the need for growth strategies, the availability of equity capital seems particularly relevant for mid and small companies.
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