Buy Rating on Maps S.p.A. Backed by Software-Led Transition and Healthcare Growth Despite Temporary Profitability Headwinds

Analyst from Intermonte assigned a Buy rating on Maps S.p.A. and decreased the price target to €4.20 from €5.30.

Intermonte SIM S.p.A. has given his Buy rating due to a combination of factors rooted in Maps S.p.A.’s ongoing transition toward a higher-quality, software-centric business model and solid prospects in key verticals. Despite a weaker FY25, the sharp rise in software product revenues as a share of total turnover and the robust expansion of the Healthcare and Layers divisions underpin expectations of structurally improved growth and profitability over the medium term.

Intermonte SIM S.p.A.’s rating is based on the belief that current profitability headwinds are largely temporary and linked to the Vodafone-related project contraction, staff redeployment, and construction-related contracts, rather than to a deterioration of the core franchises. With revised, more conservative estimates already factoring in lower margins and higher financial and tax burdens, the resulting target price of €4.20 still offers more than 70% upside from current levels, justifying the confirmation of a Buy recommendation.

MAPS’s price has also changed moderately for the past six months – from EUR3.320 to EUR2.470, which is a -25.60% drop .