We reflect these key features and M&A optionality rising in our COE assumptions, falling to 7.8% (from 9.75%) and lifting our TP to EUR 23.2. BUY reiterated. Nimbleness should be rewarded We see the P&C cycle softening, raising questions on growth as rates fall, and we see smaller players as best positioned to continue to add premiums while protecting profitability. As such, in our view REVO has a vantage point given its smaller base, enabling more selective growth and stronger top-line progression, while further declines in reinsurance pricing should support underwriting via primary/retro arbitrage; we also see a structural tailwind from Italy’s compulsory nat-cat insurance for SMEs. Accordingly, given its more insulated return profile, we reduce our beta to 0.9x (resulting from the weighted average of 5-year beta of other covered insurance companies) from 1.0x.