Coverage

Research Coverage on the Equita stock (EQUI:MI)

As of today, the analysts of Intesa Sanpaolo (UBI Banca) covers the Equita stock. Find below the latest available equity research. The research is also available on the Borsa Italiana official website.

Last update: 16 september 2021

Target Price: €4.5 (from €3.9)

recommendation: Buy

Ready to surpass BP targets after strong 2Q results

"Equita Group reported a solid set of 2Q21 results with significant double-digit revenues’ growth, driven by Global Markets and Investment Banking, benefitting from both an effective strategy implementation by the group and favourable market conditions and translating into a more than doubled net profit compared to the same period last year. This, together with the positive outlook provided by the company, leads us to confirm our positive view, with our 2021E estimates alr4eady above the 2022 business plan's targets."

"Following the release of stronger than expected 2Q/1H21 results and the positive outlook provided by management, we upgrade our 2021E-23E net profit estimates by an average 10%, which led us to raise our target price to EUR 4.5/share (from EUR 3.9/sh.). Given an upside potential of 25%, we confirm our BUY rating. Our positive view relies on: i) a sound growth profile; and ii) a solid balance sheet, allowing both a rewarding dividend policy (6.9% 2021E yield at the current share price) and the option of accelerating the growth trajectory by deploying the excess capital through potential acquisitions. We highlight that our FY21E revenues and net profit estimates (EUR 79.5M and EUR 15.9M) are already above the business plan’s targets"