In a report released yesterday, Alessio Olmi from TP ICAP MIDCAP reiterated a Buy rating on Somec S.p.A., with a price target of €20.00.
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Alessio Olmi has given his Buy rating due to a combination of factors tied to the company’s commercial momentum and backlog visibility. He notes that Somec has secured a record €53m contract for its Oxin subsidiary within the Talenta division, involving turnkey galley, catering and bar areas plus an onboard brewery for two new cruise ships, with revenues phased mainly over 2027–2030, which further enlarges and lengthens the order book.
Olmi also underlines that global cruise operators are sustaining robust demand, allowing Talenta and Mestieri to deepen their presence in higher value-added niches such as professional kitchens and turnkey interior outfitting, driving structural growth. In his view, the current valuation multiples, including around 7.6x next-twelve-month P/E and roughly 4x 2026 EV/EBITDA, fail to capture a business that should already exhibit in 2025 a strong cash-generation profile, with an EBITDA margin above 8% and free cash flow equal to roughly 30% of EBITDA, supporting a Buy recommendation.