In a report released yesterday, Alberto Francese from Intesa Sanpaolo reiterated a Buy rating on Elica S.p.A., with a price target of €1.80.
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Alberto Francese has given his Buy rating due to a combination of factors that highlight Elica S.p.A.’s strategic growth and market positioning. The company has shown a return to organic revenue growth in the first half of 2025, attributed to strategic initiatives like direct distribution in North America and its transformation into a cooking company. This growth is expected to be bolstered by the acquisition of a 28% stake in Steel, which specializes in high-end cooking solutions, potentially enhancing Elica’s market presence in premium segments.
Despite expectations of flat demand in the second half of 2025, Elica’s revenue growth in the Americas and increased market share in motors indicate a resilient performance. The acquisition of Steel is poised to strengthen Elica’s foothold in key markets and aligns with its strategic transformation. Although there are pressures on margins, the company’s efficient cost structure and strategic direction suggest limited downside risks, supporting the Buy recommendation.