TP ICAP MIDCAP analyst Filippo Migliorisi reiterated a Buy rating on Italian Exhibition Group SpA (IEG – Research Report) on March 27 and set a price target of €7.70.
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Filippo Migliorisi has given his Buy rating due to a combination of factors that highlight the strong performance and growth potential of Italian Exhibition Group SpA. The company is expected to report significant growth in its FY 2024 results, aligning with the upper range of its revised guidance. This positive outlook is supported by increased revenue forecasts and improved margins, driven by successful trade shows and pricing effects in a biennial year.
Moreover, the company’s profitability is anticipated to rise, with an estimated EBITDA of approximately €63 million, reflecting a margin increase to 25%. Despite a slight increase in net debt due to strategic acquisitions and investments, the company’s fundamentals remain robust. The stock’s appreciation is deemed justified, and the analyst expresses confidence in the company’s ability to meet its guidance targets, leading to a raised target price of €7.7.
IEG’s price has also changed moderately for the past six months – from EUR5.840 to EUR7.640, which is a 30.82% increase.