Balanced Shareholder Realignment and Undervalued Tender Offer Support Buy Rating on Ferretti S.p.A.

Niccolo Guido Storer, an analyst from Kepler Capital , maintained the Buy rating on Ferretti S.p.A.. The associated price target remains the same with €4.10.

Niccolo Guido Storer has given his Buy rating due to a combination of factors tied to Ferretti S.p.A.’s evolving shareholder structure and upside potential versus the offer price. He interprets KKCG Maritime’s plan to raise its stake to just under 30% as a strategic step to unlock a governance deadlock with the current controlling shareholder, Weichai, ahead of the 2026 board renewal. In his view, KKCG’s growing role, together with other European investors such as Piero Ferrari and Danilo Iervolino, would create a more balanced and supportive ownership base for the existing management team. This improved alignment is seen as positive for strategic continuity and value creation.

At the same time, the EUR 3.5 per share tender offer is positioned below his target price of EUR 4.1 per share, indicating meaningful upside from current levels in his valuation framework. He also notes that investors who tender their shares risk missing further gains should a subsequent control transaction or additional corporate events occur after the initial offer. The fact that Weichai has recently been increasing its stake suggests a strong underlying interest in the asset and reinforces the strategic value of Ferretti. Taken together, these elements support his conviction that the stock remains attractively priced and justify maintaining a Buy recommendation.

Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of 9638 in relation to earlier this year.