Analyst Chiara Rotelli of Mediobanca maintained a Hold rating on Aeffe S.p.A. (0GY8 – Research Report), retaining the price target of €0.72.
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Chiara Rotelli has given her Hold rating due to a combination of factors impacting Aeffe S.p.A. The company experienced a challenging start to 2025, with a significant year-over-year revenue decline of 23.2% in the first quarter, falling short of expectations. This downturn was observed across all regions and sales channels, with wholesale being particularly affected. The company’s financial performance further deteriorated with an EBITDA loss and an increased net loss compared to the previous year.
Despite these challenges, Aeffe is focusing on cost optimization, aiming to streamline its fixed cost base, particularly in service and personnel expenses. The company has maintained its guidance for flat sales and a modest EBITDA margin for the year. Additionally, Aeffe is planning a retail price increase in the US to counter tariffs, although uncertainties remain due to creative transitions at key brands. Given these factors, Rotelli maintains a cautious outlook, justifying the Hold rating and a target price of €0.72.