Coverage

Research Coverage on the Equita stock

As of today, the analysts of 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: 13 November 2020

Target Price: €3.13 (Buy)

 

UBI Ricerca settembre 2020
Solid 3Q20: third consecutive EPS upgrade

"Equita reported a strong set of 3Q20 results in a market backdrop which was not entirely supportive. Revenues grew 48% YoY (we estimate a +32% if K Finance first time consolidation is stripped out) with a mention to the IB performance (revenues of EUR10.9 million were 2.4x the 3Q19 level, even excluding K Finance Equita doubled its last year performance). All this with reference markets a little bit erratic (to say the least): M&A and ECM were not bad but still low in absolute terms, 3Q20 traded volumes on the MTA were down 8% YoY while Fixed Income declined by 39%. The usual strict control of costs leads to a EUR3.6 million net income, more than double vs. last year, and 62% above our estimates. We are thus upgrading our EPS forecasts for the third consecutive time this year (this time by 5.9% on 2020-22 EPS, +5.8% and +7.3% previously). This drove our TP increase, Buy rating confirmed."

 

Previous researches

Find below the historical equity researches published by the analysts of UBI Banca.