Davide Rimini, an analyst from Intesa Sanpaolo, maintained the Buy rating on Iniziative Bresciane S.p.A. (IB – Research Report). The associated price target is €17.50.
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Davide Rimini’s rating is based on the solid financial performance of Iniziative Bresciane S.p.A. in FY24, where the company demonstrated a significant recovery in electricity production, leading to a 10.9% year-over-year revenue growth. The profit margin also expanded, aligning with the company’s historical averages, and two new plants began operations, with nine more under construction, indicating a strong growth trajectory.
Despite some recent softness in electricity prices and a slight decline in early 2025 national hydro production, the company’s mid-term capacity expansion strategy remains intact. The valuation, based on a discounted cash flow model, suggests a fair value higher than the current share price, supporting the Buy rating. The improved net financial position and the proposed dividend further reinforce confidence in the company’s financial health and future prospects.
IB’s price has also changed slightly for the past six months – from EUR14.700 to EUR13.600, which is a -7.48% drop .