Intesa Sanpaolo analyst Davide Rimini maintained a Buy rating on FNM S.p.A. on March 23 and set a price target of €0.68.
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Davide Rimini has given his Buy rating due to a combination of factors, starting with FNM’s stronger-than-expected 2025 top-line performance and solid profitability, which translated into a double‑digit increase in net income partly helped by non‑recurring items. He also highlights the Board’s proposal of a higher dividend per share, which implies an appealing yield of about 5%, reinforcing the stock’s income profile.
Rimini notes that management’s 2026 guidance points to modest growth in operating earnings driven by the Motorways segment, energy cost normalization, and additional returns from new rolling stock, even though this comes with higher capex and leverage. Despite a more prudent view on 2026–27 earnings versus the original plan, his updated DCF valuation supports a target price of EUR 0.68, and the recent easing of short‑term refinancing risks underpins his decision to reiterate a Buy recommendation.
0EHB’s price has also changed slightly for the past six months – from EUR0.471 to EUR0.460, which is a -2.34% drop .