Intesa Sanpaolo analyst Davide Rimini maintained a Buy rating on Iniziative Bresciane S.p.A. on August 20 and set a price target of €17.10.
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Davide Rimini has given his Buy rating due to a combination of factors influencing Iniziative Bresciane S.p.A.’s performance and future prospects. Despite a notable decline in electricity production caused by unfavorable weather conditions, the company managed to mitigate some of the impact through expansion in capacity and benefiting from higher electricity prices. This resilience is reflected in their improved net financial position, even as profitability softened.
Looking ahead, Iniziative Bresciane is strategically focusing on expanding its hydroelectric capacity and exploring alternative renewable energy sources, such as photovoltaic projects. With a strong pipeline of new hydroelectric projects and several plants under construction, the company is poised for growth. Although revenue and EBITDA estimates for 2025 have been conservatively revised downwards, the company’s historical EBITDA margin and strategic initiatives support a positive outlook. Consequently, Rimini maintains a Buy rating, supported by a DCF-based valuation and a new target price of EUR 17.1.
IB’s price has also changed moderately for the past six months – from EUR14.600 to EUR12.500, which is a -14.38% drop .