In a report released today, Alberto Francese from Intesa Sanpaolo maintained a Buy rating on Smart Capital S.P.A., with a price target of €2.00.
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Alberto Francese has given his Buy rating due to a combination of factors that highlight Smart Capital S.P.A.’s strong financial performance and strategic investments. The company’s net asset value (NAV) saw an increase in the first half of 2025, reflecting the resilience and financial stability of its portfolio companies. This growth is further supported by successful investment returns, such as the significant proceeds from public tender offers (PTOs) involving A.L.A. and Eurogroup Laminations.
Moreover, Smart Capital’s advisory revenues doubled, indicating effective strategic support for its portfolio companies and other small and medium-sized enterprises in Italy. The company’s asset portfolio remains robust, with a stable EBITDA margin and improved net debt to EBITDA ratio, underscoring its financial solidity. Additionally, Smart Capital’s strategic disposals and reinvestment plans, including the anticipated cash-in from A.L.A. and Eurogroup Laminations, are expected to enhance investment returns. With a calculated fair value of EUR 2.0 per share, representing a potential upside of about 25%, Francese supports a Buy rating for Smart Capital.