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Coverage

Coverage

The EQUITA stock is covered by Intesa Sanpaolo (previously UBI Banca) and Kepler Cheuvreux. Find below the latest equity reports published by sell-side analysts.

Intesa Sanpaolo

Ricerca Intesa EQUITA Group
Ricerca Intesa EQUITA Group
Good Start to 4Q Supports Strong Message on DPS

"3Q/9M23 results in line with estimates, a positive start to 4Q and expected future support from the recent significant investments led management to propose a 2023 dividend proposal (payable in 2024) of EUR 0.35/share (a 9.7% yield at current share price), in line with 2022. Our new estimates incorporate the cumulated 2022-24E dividend payout of more than EUR 50M, in line with the BP target, with an average yield of 10%"

"We set a new target price of EUR 4.2, down from EUR 4.3. Our upgraded 2023 dividend estimates are more than offset by the negative impact from a higher cost of equity (11% from 10.5% after incorporating our updated 4.5% risk-free rate) in our DDM valuation. Given an upside potential of over 16%, 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 (10% average 2022-24E yield at the current share price, 9.7% 2023E) and the possibility to accelerate the company’s growth trajectory by deploying the excess capital for potential acquisitions"

Last update

14 November 2023

Target price

€4.2 (from €4.3)

Recommendation

Buy

Analyst

Davide Rimini

Kepler Cheuvreux

Ricerca Kepler EQUITA Group
Ricerca Kepler EQUITA Group
Strog indication on 2023 DPS

"EQUITA’s operating result was in line with expectations, driven by Global Markets and Alternative Asset Management. Net profit was impacted by the last part of the long-term initiative plan (LTIP) for top management (EUR0.3m)"

"The CEO indicated DPS of EUR0.35 in 2023 (matching the figure in 2022), which is slightly better than the indication provided during the H1 results conference call (not less than EUR0.30)"

"We believe this is the short-term catalyst to focus on. It implies a 10% yield in a period when the business divisions are not fully supportive"

Last update

13 November 2023

Target price

€4.5 (unchanged)

Recommendation

N/A

Analyst

Filippo Prini, CFA

Previous sell-side reports

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