(Finance) – Intesa Sanpaolo he cut to 1.40 euros per share (from the previous 1.80 euros) the target price on Innovateca company listed on Euronext Growth Milan and active in the sectors of energy efficiency and environmental sustainability, confirming its recommendation on the title to “Buy” given the potential upside of 55%.
The analysts write that, despite some progress in the first half of 2024, the Board recognized the different market dynamics and limited operational synergies between the group’s two main business units, approving the Haiki+ split process and subsequent listing on EGM, with the aim of obtaining greater flexibility and resources to develop renewable energy.
The new 2025-27 industrial plans have confirmed the good growth trajectory of Haiki+while restoring the foundation for the Energy Efficiency & Renewables business unit, which will primarily focus on opportunities in the photovoltaic market.
Based on the results of the first half of the year and considering the new management guidelines for 2024 and the prospects outlined in the 2025-27 Business Plans, Intesa has revised the 2024-26 revenue estimate by an average of 13%, introducing the estimate of revenues 2027, largely in line with management’s new objectives. Furthermore, it has reduced the 2024 EBITDA estimate by 16%leaving estimates for subsequent years substantially unchanged.