Analyst Emanuele Gallazzi of Equita Sim maintained a Buy rating on Kaleon S.p.A., retaining the price target of €5.00.
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Emanuele Gallazzi has given his Buy rating due to a combination of factors, including Kaleon’s solid 2025 performance and attractive valuation. The company delivered healthy like‑for‑like revenue growth, double‑digit gains in adjusted EBITDA and net profit, and a higher profitability margin, while net financial position came in slightly better than forecast thanks to favorable working capital dynamics.
Gallazzi also highlights encouraging qualitative drivers that support visibility on future growth, such as a strong start to the new season, robust winter trading, and confirmed price increases for 2026 alongside the first steps toward dynamic pricing from 2027. Additional upside stems from the Villa Pallavicino hospitality project progressing on schedule and an active M&A pipeline, leading him to maintain unchanged estimates, a €5.0 target price, and a Buy stance on the stock.