Avio S.p.A.'s Strategic Expansion and Growth Potential Justifies Buy RatingWe have decided to use a SOTP along with our ‘traditional’ DCF model. The SOTP gives us a EUR 82 Fair Value, while the DCF gives us a EUR 51 Fair Value. Accordingly, we set a new EUR 66.5 ‘post money’ target price, drawn from the average of the two valuations. The 2025-2035 plan, deemed realistic, envisages strong and profitable growth Avio expects its top line to grow at a 2025-35 CAGR of over 10%, with revenues set to exceed EUR 1.2Bn in 2035; reported EBITDA is expected to post a high-teens CAGR, exceeding EUR 120M in 2035; the plan’s EBITDA target implies a ~10% margin in 2035 (+360 bps vs 2025E) and a 12% incremental margin across 10 years; we deem this target relatively cautious.