Analyst James Wheatcroft of Jefferies maintained a Buy rating on Cirsa Enterprises, S.A.U., with a price target of €20.00.
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James Wheatcroft has given his Buy rating due to a combination of factors that highlight Cirsa’s solid fundamental momentum and attractive valuation. The company’s full-year 2025 results modestly exceeded both its own guidance and market expectations on revenue and EBITDA, alongside a meaningful reduction in leverage to 2.7x, underscoring disciplined financial management and balance sheet strength.
Looking ahead, the new 2026 guidance aligns with consensus while management comments point to very strong performance trends in both Casinos and Online so far this year. In addition, Cirsa has reaccelerated value-accretive M&A with recent deals in Morocco, Peru, and Spain and maintains a high-quality acquisition pipeline, yet the shares still trade at the low end of sector multiples, leading Wheatcroft to see compelling upside and to reiterate Cirsa as a top pick for 2026.