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Il titolo EQUITA è oggi seguito dagli analisti di Intesa Sanpaolo (già UBI Banca) e da Kepler Cheuvreux. Di seguito le ultime ricerche pubblicate dagli analisti.

Intesa Sanpaolo

Ricerca Intesa EQUITA Group
Ricerca Intesa EQUITA Group
In Line 1Q Results, in a Still Soft Market

"No significant surprises came from EQUITA’s 1Q24 results, which confirmed a still general soft market activity (i.e. ECM) albeit with some first visible signs of recovery (M&A). We confirm our 2024E-26E estimates. We maintain our positive view, which relies on: 1) a sound growth profile (high single-digit CAGR over 2020-23 period, despite tough market conditions); and 2) a solid balance sheet (IFR at 3.6x at end-March), allowing both a rewarding dividend policy (a 9.8% average 2024-25E yield at the current share price, 8.8% 2024E) and the option of accelerating the growth trajectory by deploying the excess capital through potential acquisitions as just announced with K-Finance minorities’ buy-out"

"We confirm our target price of EUR 4.6. Given an upside potential of approx. 13%, 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 9.8% average 2024-25E yield at the current share price, 8.8% 2024E) and the option of accelerating the growth trajectory by deploying the excess capital through potential acquisitions. We highlight that on 20 May Equita will pay the first tranche (EUR 0.20/sh., implying a 4.9% yield at the current share price) of the 2023 dividend, with the second tranche (EUR 0.15/sh.) payable in November"

Ultimo update

16 maggio 2024

Target price

€4,6 (from €4,2)

Recommendation

Buy

Analyst

Davide Rimini

Kepler Cheuvreux

Ricerca Kepler EQUITA Group
Ricerca Kepler EQUITA Group
DPS of EUR 0.35 (9.3% yield) sustainable also for 2024

"Q4 2023 revenues and net profit exceeded our estimates, although referred from small figures. The main surprise was in Alternative Asset Management"

"The proposed DPS (EUR0.35) is in line with our estimates and returns a 9.3% of dividend yield. They confirm cumulated dividends above EUR50m over 2022-24, leaving the same DPS for 2024"

"The outlook for 2024 is positive for Investment banking and Alternative asset management. The year has started with 25% YOY for the equity in Sales & Trading"

Ultimo update

15 March 2024

Target price

€4,5 (unchanged)

Recommendation

N/A

Analyst

Filippo Prini, CFA

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