TP ICAP Reaffirms Buy Rating for Abitare In SpA Amid Strong Revenue Growth and Strategic Expansion

TP ICAP MIDCAP analyst reiterated a Buy rating on Abitare In SpA (ABT – Research Report) on June 13 and set a price target of €6.50.

TP ICAP (Europe) S.A. has given its Buy rating due to a combination of factors including Abitare In SpA’s notable revenue growth and stable EBITDA margin amidst a challenging administrative environment in Milan. The company’s consolidated revenues surged by 87% year-over-year in the first half of 2025, reaching €63.7 million, with an EBITDA margin holding steady at 10.2%. This growth was primarily fueled by significant sales from notarial deeds, positive inventory variations, and strategic land acquisitions.
Despite a decline in earnings before taxes due to increased external service costs, the company maintains a solid production activity level, evidenced by a construction progress of €36.7 million. The order book is robust, with 420 equivalent apartments valued at €193 million, supported by substantial customer down payments. Additionally, Abitare In is expanding its business-to-business platform model, enhancing its service offerings. These factors, combined with a strong development pipeline and ongoing execution of authorized projects, underpin the Buy recommendation with a target price of €6.5.