Intesa Sanpaolo analyst Arianna Terazzi maintained a Buy rating on Pattern S.P.A on February 13 and set a price target of €5.00.
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Arianna Terazzi has given his Buy rating due to a combination of factors, notably the improvement in Pattern’s operating performance and financial profile despite a difficult luxury market. Preliminary FY25 figures show revenues returning to growth versus prior quarters, EBITDA margin surpassing 5% thanks to efficiency gains and industrial streamlining, and net debt coming in better than expected even after substantial investments and acquisitions.
In addition, Terazzi highlights the strategic consolidation of the knitwear division, where Pattern has raised its stake in SMT and simplified governance, gaining tighter control over a key, profitable business that already accounts for more than half of group revenues. The implied valuation of SMT compared with Pattern’s current market capitalisation underscores hidden value in the group, while its positioning with top-tier luxury brands, strong product development capabilities, and traceable supply chain support the DCF-based EUR 5 target price and the reiterated Buy recommendation.
In another report released on February 11, Corporate Family Office SIM also maintained a Buy rating on the stock with a €5.70 price target.