(Finance) – EnVent Italia SIM increased a 6.00 euros per share (from 5.90 euros previously) the target price on Entrepreneura company listed on Euronext Growth Milan and active in urban regeneration and the recovery of real estate structures, maintaining the judgment on the title to “Outperform” given the potential upside of 100%.
Analysts write that the group’s order book amounted to 55.4 million euros at the end of the first quarter of 2024. The European EPDB directive (also known as the “Green Homes” directive, up to 1,000 billion euros of investments needed in Italy ) is seen as a potential growth driver from the second half of 2024. The management focuses on M&A in complementary markets, focusing on recurring revenue streams. The rebranding to Renovalo is then mentioned, highlighting the ambition of a national geographical positioning.
The early completion of the Superbonus order book led to notable results for fiscal 2023 and prompted analysts to revise their 2024-25 forecasts downwards, introducing explicit estimates for 2026. EnVent developed conservative projections assuming only growth organic. It also provides that the EBITDA margin will settle at around 20% and the net cash position to almost €19.5 million in 2024, with sequential improvement in 2025-26.