Analyst Giada Cabrino of Intesa Sanpaolo maintained a Buy rating on TraWell Co S.p.A., with a price target of €9.00.
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Giada Cabrino has given her Buy rating due to a combination of factors that highlight TraWell Co S.p.A.’s potential for future growth. Despite a slight decline in revenue, the company’s EBITDA margin has remained resilient, which is a positive indicator of its operational efficiency. The anticipated release of a new business plan is expected to provide greater clarity on TraWell’s growth prospects, particularly as it aims to strengthen its global operations and expand in EMEA countries.
Furthermore, management’s confidence in strategic initiatives and the growth in international air traffic, along with new contracts, are expected to drive TraWell back to higher growth levels. The inclusion of new airports and expansion of existing operations are key components of the updated 2023–27 Strategic Plan, which is expected to be communicated soon. Although estimates for FY25 have been revised downwards, a gradual improvement in profitability is anticipated in the following years. The revised target price, based on a combination of DCF and peers’ valuation, supports the Buy rating, as TraWell is expected to resume its growth trajectory.