Research Coverage on the Equita stock (EQUI:MI)

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: 18 March 2021

Target Price: €3.77 (from €3.13)

recommendation: Buy


UBI Ricerca marzo 2021
Running one year ahead on 2022 BP targets

"Equita reported a strong set of 4Q20 results that prompted us to increase our estimates for the fourth consecutive time on the back of improvements that we consider structural, also thanks to a bolt-on M&A campaign in the Global Markets and IB divisions. In a supportive market backdrop, Q420 revenues grew 1% YoY with positive YoY across all divisions (if on AAM we strip out performance fees). EUR3.65 million net profit was almost in line with last year (despite the tough comparison) and above our estimates."

"2020 closed with a 17% YoY top line growth and a net income up 29% to EUR12.3 million, allowing the board to propose a EUR0.20 DPS (in the high end of the EUR0.18-0.20 guidance). The company 2021 should get very close to its 2022 BP targets: revenues of EUR75 million and net income of EUR15 million with probably only the AAM running to meet targets in 2022. This is prompting us to revise up our 2021-22 EPS estimates by 12.7% and the DPS by 2.3%. Buy rating confirmed, TP raised to EUR3.77."


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