Analyst Federico Pezzetti from Intermonte maintained a Buy rating on Italian Exhibition Group SpA and increased the price target to €12.50 from €11.50.
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Federico Pezzetti has given his Buy rating due to a combination of factors tied to Italian Exhibition Group’s new strategic plan and financial outlook. He highlights that management has laid out a clear 2025–2030 roadmap with robust organic revenue growth, driven mainly by higher-margin organized events and supported by planned investments in the Vicenza and Rimini venues. The company’s push to expand internationally, both by strengthening its presence in existing markets like Brazil and the UAE and by entering new geographies such as Turkey and India through selective acquisitions, is seen as a key lever for future value creation.
Moreover, Pezzetti underscores that IEG’s profitability profile is set to improve, with EBITDA margins projected to reach a best-in-class level in the trade-fair industry, while leverage should remain conservative and trend towards a net cash position by 2030 even after dividends and sizeable capex. The FY26 guidance is viewed as reassuring evidence of solid operational momentum, with healthy revenue and EBITDA expectations aligned with the medium-term plan. On valuation grounds, the stock trades at a discount compared with its pre-Covid multiples, and his updated target price of €12.50, derived from a rolled-forward DCF that already embeds a liquidity discount, indicates meaningful upside from current levels. Taken together, these elements support his view that the shares offer an attractive risk/return profile and justify maintaining a Buy recommendation.
According to TipRanks, Pezzetti is ranked #7506 out of 11984 analysts.