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IGD SIIIQ S.p.A.
(IGD)
Select Model
Select Model
Rating:63Neutral
Price Target:
€4.50
▲(9.22% Upside)
Action:Downgraded
Date:08/10/26
The score is driven primarily by improving financial performance (strong recent profitability and positive cash generation, with manageable leverage) tempered by historical volatility. Valuation is supportive (moderate P/E and a ~3.6% dividend yield), while technical indicators remain weak-to-neutral with the stock trading below key short- and mid-term moving averages and slightly negative MACD.
Positive Factors
Recurring rental income / REIT model
IGD’s SIIQ structure and core business of leasing shopping-center space create durable, recurring rental cash flows from diversified retail tenants and ancillary services. This business model supports predictable inflows, helps cover operating costs and distributions, and underpins long-term income stability.
Negative Factors
Historical profitability and cash-flow volatility
Past swings including multiple annual losses reduce confidence in sustainable earnings power. Volatile profitability can hamper consistent dividend policy, complicate multi-quarter planning and increase refinancing risk if a downturn coincides with maturing debt, limiting strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental income / REIT model
IGD’s SIIQ structure and core business of leasing shopping-center space create durable, recurring rental cash flows from diversified retail tenants and ancillary services. This business model supports predictable inflows, helps cover operating costs and distributions, and underpins long-term income stability.
Read all positive factors
IGD SIIIQ S.p.A. (IGD) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€450.19M
Dividend Yield3.67%
Average Volume (3M)141.71K
Price to Earnings (P/E)12.5
Beta (1Y)0.70
Revenue Growth-0.56%
EPS GrowthN/A
CountryIT
Employees162
SectorGeneral
Sector StrengthN/A
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.33
Shares Outstanding110,341,900
10 Day Avg. Volume134,484
30 Day Avg. Volume141,713
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)0.39
Price to Sales (P/S)2.75
P/FCF Ratio15.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€5.25Price Target Upside27.43% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.4
Revenue Forecast (FY)€124.35M
IGD SIIIQ S.p.A. Business Overview & Revenue Model
Company Description
Immobiliare Grande Distribuzione SIIQ S.p.A. is a key player in Italy’s retail real estate sector. IGD owns a rich portfolio of shopping centres located throughout Italy, which are managed by in-house asset, property, facility and leasing manageme...
How the Company Makes Money
IGD primarily makes money by generating recurring rental income from its retail property portfolio. The company leases retail units and commercial spaces within its shopping centers and other retail assets to a diversified mix of tenants (e.g., fa...
IGD SIIIQ S.p.A. Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
61
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 138.93M | 139.26M | 137.03M | 148.62M | 144.79M | 145.53M |
| Gross Profit | 106.09M | 119.02M | 107.88M | 112.61M | 108.59M | 121.50M |
| EBITDA | 92.67M | 95.09M | 41.29M | -28.81M | 98.80M | 112.96M |
| Net Income | 36.11M | 32.00M | -30.08M | -81.73M | -22.32M | 52.77M |
Balance Sheet | ||||||
| Total Assets | 1.86B | 1.86B | 1.85B | 2.06B | 2.21B | 2.41B |
| Cash, Cash Equivalents and Short-Term Investments | 11.16M | 9.29M | 4.74M | 6.07M | 27.07M | 158.08M |
| Total Debt | 795.66M | 799.87M | 808.63M | 974.67M | 1.00B | 1.14B |
| Total Liabilities | 854.47M | 863.84M | 883.21M | 1.06B | 1.09B | 1.23B |
| Stockholders Equity | 1.00B | 992.54M | 970.27M | 1.00B | 1.12B | 1.17B |
Cash Flow | ||||||
| Free Cash Flow | 27.19M | 24.06M | 27.07M | 54.20M | 50.29M | 59.97M |
| Operating Cash Flow | 54.67M | 49.40M | 46.46M | 77.38M | 82.98M | 78.68M |
| Investing Cash Flow | -15.49M | -8.01M | 137.35M | -23.18M | -32.70M | 95.16M |
| Financing Cash Flow | -34.27M | -36.59M | -185.14M | -75.16M | -181.33M | -133.01M |
IGD SIIIQ S.p.A. Technical Analysis
Negative
4.12
Price Trends
4.20
Negative
4.15
Negative
3.83
Positive
Market Momentum
>-0.01
Negative
43.89
Neutral
27.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:IGD, the sentiment is Negative. The current price of 4.12 is below the 20-day moving average (MA) of 4.13, below the 50-day MA of 4.20, and above the 200-day MA of 3.83, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 43.89 is Neutral, neither overbought nor oversold. The STOCH value of 27.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:IGD.
IGD SIIIQ S.p.A. Peers Comparison
UnderperformOutperform
Sector (55)
IT:IGD
IGD SIIIQ S.p.A.
4.08
0.97
31.15%
IT:ADB
Aeroporto Guglielmo Marconi di Bologna S.p.A.
9.98
2.07
26.15%
IT:CALT
Caltagirone SPA
10.44
3.63
53.33%
IT:GAB
Gabetti Property Solutions SpA
0.32
-0.37
-53.77%
IT:RN
Risanamento SPA
0.02
<0.01
21.05%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.