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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

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Transitional Year Confirmed

"The seasonally weakest quarter of the year reversed the accelerating momentum envisaged by the company in the previous quarter. This left the group revenue contracting -6% YTD, led by Investment Banking and AAM more than offsetting the positive growth in Global Markets. Taking a more conservative view, we revise our 2024-26E revenue and net profit estimates by approx. -8%/-10% on average respectively, still assuming a payout close to 100% on shareholders’ return."

"Following our new 2024-26E estimates and incorporating a new cost of equity assumption of 10% vs. 10.3% previously (based on our updated 3.5% risk-free-rate), our DDM valuation model identifies a new target price of EUR 4.5, slightly down from the previous EUR 4.6. Given an upside potential of approx. 11%, we confirm our BUY rating."

Ultimo update

21 novembre 2024

Target price

€4,5 (from €4,6)

Recommendation

Buy

Analyst

Davide Rimini

Kepler Cheuvreux

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Looking ahead to 2025

"We revise our estimates for FY 2024-26, reducing our FY 2024 revenue forecast by 3.5%, while leaving FY 2025 largely unchanged and increasing FY 2026 by 2%. The revision primarily reflects a weaker-than-expected performance in the Investment Banking division, where ECM has failed to rebound, and the delay of two large M&A deals into next year."

"Additionally, the Alternative Asset Management division will see its second fundraising pushed into 2025, delaying the equalization fee. From 2025 onwards, we expect a strong rebound in Investment Banking, supported by management’s good visibility, which should drive margin expansion, given the division’s operating leverage."

"We also update our expectations for the carried interest from EPD I. Despite our estimate revisions, we maintain our FY 2024E DPS of EUR0.35. We roll forward our model, offsetting the estimate cuts, and reiterate our TP at EUR4.50 with a Buy rating, supported by the company’s best-in-class dividend distribution."

Ultimo update

20 novembre 2024

Target price

€4,5 (unchanged)

Recommendation

N/A

Analyst

Tommaso Nieddu

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