(Finance) – EnVent Capital Markets has judgment suspended on Casasold, a company operating in the real estate services sector and listed on Euronext Growth Milan. The withdrawal of the rating (which was previously Outperform) comes after the Casasold stock has reached its lowest level since its listing in March 2021. The stock closed today at an altitude of € 0.54 per share (with a + 12% made with a value of less than 6,000 euros), far from the 3.33 euros of the IPO.
Casasold reported declining revenues in the first nine months of 2022 and said it expects “a significant decline in revenues and margins in the second half of 2022“. According to the management, EnVent points out, the main factors affecting the building renovation market are: lack of raw materials, speculation relating to tax incentives at 110%, higher costs related to continuous regulatory changes on bonuses, increase in the cost of power.
“In the context of uncertainty for the current macroeconomic situation and perturbations of Casasold’s reference markets, and considering that the regulatory changes will produce their effects for at least two or three years, we agree with the management on a poor visibility of operations and dynamics financial – reads the note – Consequently, due to the presence of material uncertainties that may affect our estimateswe suspend our rating “.