IGD SIIIQ S.p.A. (IT:IGD)
:IGD
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IGD SIIIQ S.p.A.
(IGD)
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Rating:71Outperform
Price Target:
€4.50
▲(2.27% Upside)
Action:Upgraded
Date:05/09/26
The score is driven by attractive valuation (low P/E and a solid dividend yield) and constructive technicals (price above key moving averages with positive MACD). Financial performance is improving with strong TTM margins and positive cash generation, but the rating is tempered by historical earnings and cash-flow volatility.
Positive Factors
Cash generation
Sustained positive operating and free cash flow over the trailing twelve months gives IGD durable internal funding to cover maintenance capex, tenant improvements and interest service. That cash generation enhances flexibility for dividend payments and selective asset investment without near-term financing.
Negative Factors
Historical earnings and cash-flow volatility
Repeated swings in earnings and cash flow reduce predictability of distributions and capital planning. For a REIT dependent on steady rental income, such volatility increases refinancing and liquidity risks during downturns, raising the operational burden to stabilize occupancy and tenant sales over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained positive operating and free cash flow over the trailing twelve months gives IGD durable internal funding to cover maintenance capex, tenant improvements and interest service. That cash generation enhances flexibility for dividend payments and selective asset investment without near-term financing.
Read all positive factors
IGD SIIIQ S.p.A. (IGD) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€502.06M
Dividend Yield2.98%
Average Volume (3M)141.71K
Price to Earnings (P/E)13.5
Beta (1Y)0.72
Revenue Growth-0.56%
EPS GrowthN/A
CountryIT
Employees139
SectorGeneral
Sector StrengthN/A
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.32
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)2.72
P/FCF Ratio16.30
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 Upside19.32% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.37
Revenue Forecast (FY)€133.00M
IGD SIIIQ S.p.A. Business Overview & Revenue Model
Company Description
Immobiliare Grande Distribuzione SIIQ S.p.A. is one of the main players in Italy's retail real estate market: it develops and manages shopping centers throughout the country and has a significant presence in Romanian retail distribution. Listed on...
How the Company Makes Money
IGD primarily makes money by owning retail real estate and monetizing it through leasing and related property income. Its main revenue stream is rental income from tenants (e.g., retailers and service operators) occupying units within IGD’s shoppi...
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 | 140.79M | 137.03M | 148.62M | 144.79M | 145.53M |
| Gross Profit | 106.09M | 119.96M | 107.88M | 112.61M | 108.59M | 121.50M |
| EBITDA | 92.88M | 92.13M | 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 | 11.40M | 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 | 23.50M | 27.07M | 54.20M | 50.29M | 59.97M |
| Operating Cash Flow | 54.67M | 49.76M | 46.46M | 77.38M | 82.98M | 78.68M |
| Investing Cash Flow | -15.49M | -8.22M | 137.35M | -23.18M | -32.70M | 95.16M |
| Financing Cash Flow | -34.27M | -37.07M | -185.14M | -75.16M | -181.33M | -133.01M |
IGD SIIIQ S.p.A. Technical Analysis
Positive
4.40
Price Trends
4.12
Positive
3.88
Positive
3.60
Positive
Market Momentum
0.11
Negative
59.58
Neutral
78.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:IGD, the sentiment is Positive. The current price of 4.4 is above the 20-day moving average (MA) of 4.27, above the 50-day MA of 4.12, and above the 200-day MA of 3.60, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 59.58 is Neutral, neither overbought nor oversold. The STOCH value of 78.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:IGD.
IGD SIIIQ S.p.A. Peers Comparison
UnderperformOutperform
Sector (55)
IT:IGD
IGD SIIIQ S.p.A.
4.42
1.46
49.56%
IT:ADB
Aeroporto Guglielmo Marconi di Bologna S.p.A.
9.14
0.84
10.17%
IT:CALT
Caltagirone SPA
9.00
2.27
33.69%
IT:GAB
Gabetti Property Solutions SpA
0.50
-0.20
-28.98%
IT:RN
Risanamento SPA
0.02
>-0.01
-10.00%
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.