Positive Outlook for Italmobiliare SPA: Buy Rating Supported by Stable NAV, Strong Portfolio Performance, and Significant Discount to NAV

Kepler Capital analyst Gian Marco Gadini reiterated a Buy rating on Italmobiliare SPA (0RP4 – Research Report) yesterday and set a price target of €34.00.

Gian Marco Gadini has given his Buy rating due to a combination of factors that highlight the positive outlook for Italmobiliare SPA. The company’s net asset value (NAV) remained stable at the end of Q1 2025, with most portfolio companies showing strong revenue and profitability trends. Despite challenges faced by Caffè Borbone due to adverse coffee price dynamics, the company is implementing price hikes and maintaining volume levels, which supports the overall positive performance.
Another reason for the Buy rating is the significant discount at which Italmobiliare is trading compared to its NAV, which is approximately 45%. This discount is consistent with historical trends and presents a potential value opportunity for investors. Additionally, the portfolio companies are valued based on expected EBITDA for FY 2025, reflecting current trading conditions. The target price of EUR34 is maintained, aligning with the reiterated forecasts and the favorable performance of key portfolio companies like Santa Maria Novella and Casa della Salute.