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doValue: Margin Expansion, Deleveraging, and 2026 Growth Pipeline Support Buy Rating and Upside Potential

doValue: Margin Expansion, Deleveraging, and 2026 Growth Pipeline Support Buy Rating and Upside Potential

Intesa Sanpaolo analyst Davide Rimini maintained a Buy rating on doValue S.p.A yesterday and set a price target of €3.40.

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Davide Rimini has given his Buy rating due to a combination of factors, including doValue’s ability to expand margins and generate solid cash flow despite softer fourth-quarter revenues. The group hit the upper end of its 2025 EBITDA guidance, reduced leverage to around 2x, and exceeded new business volume targets, which strengthens visibility on future collections and earnings.

He also highlights a constructive 2026 outlook, underpinned by a sizeable EUR 50Bn pipeline, the expected contribution from the coeo acquisition, and management’s confirmation of medium-term guidance. On top of that, his DCF-based target price of EUR 3.4, supported by a lower WACC assumption and peer valuation comparisons, indicates meaningful upside potential, making the current valuation attractive in his view.

In another report released on March 2, Mediobanca also reiterated a Buy rating on the stock with a €3.40 price target.

1DB0’s price has also changed moderately for the past six months – from EUR2.630 to EUR2.302, which is a -12.47% drop .

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