Intesa Sanpaolo analyst Davide Rimini maintained a Buy rating on FNM S.p.A. (0EHB – Research Report) yesterday and set a price target of €0.66.
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Davide Rimini has given his Buy rating due to a combination of factors including FNM S.p.A.’s financial performance and strategic initiatives. The company’s first-quarter results for 2025 slightly exceeded expectations, both in terms of revenue and profit, aligning with management’s guidance for the year. This positive performance was driven by the consolidation of IT services and increased revenues from public grants, despite a slowdown in traffic demand across various units.
Additionally, the approval of a significant refinancing package, which extends debt maturity by six years, enhances the company’s financial stability. The management’s confirmation of their full-year guidance, coupled with a recent credit outlook upgrade, further supports investor confidence. The potential for earnings upside due to lower costs than previously assumed in their strategic plan also contributes to the positive outlook. Consequently, Rimini maintains a target price of EUR 0.66 and reaffirms the Buy rating.