(Finance) – Intesa Sanpaolo positively evaluates the half-year report from Revo, SPAC promoted by Alberto Minali and Claudio Costamagna and which at the end of 2021 completed the acquisition of Elba Assicurazioni. At the same time as the results for the first six months of 2022, the company also announced that IVASS has issued the authorization for the merger by incorporation of Revo into Elba Assicurazioni, which will lead to the delisting from Euronext Growth Milan and the contextual quotation on Euronext STAR Milan.
“We believe that the results of the first half of 2022 have given visibility of the objectives of the Business Plan 2022-25, showing a significant double-digit growth in premiums (+ 43.8% y / y), thanks to a solid core business and the launch of new business lines, and a good operating performance despite important investments“, write the analysts, who have a” No Rating “opinion on the shares.
Intesa Sanpaolo reminds us that, after most of the investments and the launch of the new business lines in the current year, the 2023 will represent the first real year of the new company.
Looking at the P / E 2023-24 of specialist insurers in the UK and the US and applying the average to Revo’s adjusted net profit estimates for 2023 and 2024, analysts identify a relatively wide fair valuation range between € 205 and € 286 million.
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