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: 20 March 2023

Target Price: €4.6 (from €4.4)

recommendation: Buy

Solid 4Q/FY22 Results and Rewarding Dividend Policy

"Equita’s 4Q/FY22 results were overall solid, in line with our estimates, with FY22 client-driven revenues up 5% yoy. We continue to highlight the rewarding dividend policy (the 2022 proposed DPS, in line with our estimate, offers a yield above 9% at the current share price) as a key supportive point of the equity story. We reiterate our positive view."

"We set a new target price of EUR 4.6/share, only fine-tuned vs. the previous EUR 4.4/share. Given an upside potential of approx. 23%, we confirm our BUY rating. Our positive view relies on: 1) a sound growth profile; and 2) a solid balance sheet, allowing both a rewarding dividend policy (a 10.8% average 2023-24E yield at the current share price, 9.9% 2023E) and the option of accelerating the growth trajectory by deploying the excess capital through potential acquisitions."