Balanced Hold Stance on Novamarine Amid Strong 2025 Growth but Weakening Backlog Visibility

In a report released yesterday, from TP ICAP MIDCAP maintained a Hold rating on Novamarine S.P.A., with a price target of €8.20.

TP ICAP (Europe) S.A. has given his Hold rating due to a combination of factors related to Novamarine S.P.A.’s recent performance and outlook. The firm acknowledges the company’s very strong 2025 revenue growth, driven by higher volumes and a slightly more upmarket product mix, as well as strategic initiatives such as the acquisition of Tornado Yacht, the partnership with Palumbo Yachts, and the agreement with PrivatSea, which all reinforce Novamarine’s positioning in both the Pleasure and Professional segments. These moves are seen as credible drivers of future expansion, even though their full economic impact is not yet visible in the reported figures.

At the same time, TP ICAP (Europe) S.A. highlights a notable drop in the backlog compared with the previous year, which translates into weaker visibility on 2026 activity and a greater dependence on securing at least one sizeable new Professional contract to meet forecasts. While the scenario of rebuilding the order book and extending the current commercial momentum is viewed as realistic, it still requires confirmation through upcoming announcements, particularly in the Professional segment. Given that the share price has already risen sharply since the IPO and now implies a relatively high EV/EBITDA multiple, the short‑term upside appears more limited. As a result, despite a positive long‑term view on the company’s strategy and execution, the rating is set at Hold with a revised target price of €8.2, reflecting a more cautious stance on valuation and near‑term visibility.