Analyst Arianna Terazzi of Intesa Sanpaolo maintained a Buy rating on IGD SIIIQ S.p.A., with a price target of €3.90.
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Arianna Terazzi has given her Buy rating due to a combination of factors that highlight IGD SIIIQ S.p.A.’s strong performance and promising outlook. The company is executing its 2025-27 Business Plan effectively, showing robust momentum supported by resilient assets and improved funding conditions. IGD is on track to meet or even exceed its full-year FFO guidance of EUR 39M, while continuing to deleverage towards its medium-term targets.
IGD’s solid operating performance is evident from its 9M25 results, which show increased footfall and tenant sales, a high occupancy rate, and positive rental reversion. Financially, the company has returned to profitability with a net income of EUR 17.6M, and its FFO has grown significantly year-over-year. The successful issuance of a EUR 300M Green Bond has extended IGD’s debt maturity and reduced its average cost of debt, enhancing financial flexibility. Additionally, IGD’s shares are trading at a significant discount to its 2025E NAV, suggesting potential for stock rerating. These factors collectively support the Buy recommendation with a target price of EUR 3.9.
In another report released on November 12, Intermonte also maintained a Buy rating on the stock with a €4.10 price target.