Growens: Solid FY25 Performance and SaaS-Led Growth Offset CPaaS Volatility, Supporting Buy Rating

In a report released yesterday, Arianna Terazzi from Intesa Sanpaolo maintained a Buy rating on Growens S.p.A., with a price target of €3.60.

Arianna Terazzi has given his Buy rating due to a combination of factors, notably Growens’s solid FY25 results that paired strong revenue expansion with a marked improvement in profitability, supported by strict cost control and the growing contribution of the SaaS division. She views 2026 as a key transition year in which Beefree will keep investing in AI and its SDK ecosystem to build long‑term scalability, while Agile Telecom continues to act as a cash‑generating pillar despite more limited margin upside.

Terazzi’s projections assume robust, roughly 20% compound annual growth in Beefree’s revenues through 2028, with the SaaS business expected to reach EBITDA break‑even by 2027 in line with the company’s business plan. Although she acknowledges FX headwinds, the loss of a major usage client, and the inherent volatility of the CPaaS model, her updated forecasts and valuation still indicate attractive upside potential, which justifies maintaining a positive stance on the stock.