(Finance) – EnVent Italia SIM has confirmed a 2.94 euros per share the target price on CleanBnBa company listed on Euronext Growth Milan and active in the field of property management for the short and medium-term rental market, also maintaining the judgment on the title to “Outperform” given the potential upside of 131%. The revision of the recommendation came after the company reported its 2023 results.
Analysts write that i revenues of CleanBnB FY23 increased by almost 60% year-on-year to €14.8 million, well above the estimate of €13.2 million, coming from €40.1 million in gross bookings (+53% on an annual basis) and almost 100,000 stays (+48%) in over 2,400 properties (mostly managed with Full Package services). L’EBITDA was 0.7 million euros, more than doubled compared to the previous year, thanks to a mix of volumes and efficiency measures, margin of 5% versus 4%, lower than the estimate of 7%.
CleanBnB’s smooth operational progression has resulted in a Net income in 2023 by €0.3 million, compared to -€0.2 million in FY22. Net liquidity of 3.8 million euros at the end of the year against 7 million euros in June 2023, due to the usual lower seasonal bookings.
“There market recovery in recent years after the pandemic it has been relatively robust and Italy has developed its reputation as an internationally attractive tourist destination – we read in the research – In 2023 the Italian hospitality market has gone beyond the pre-Covid period, in 2024 is on track to surpass last year’s value. According to Demoskopika, the Italian summer should record growth in both arrivals and overnight stays, respectively of +2% and +1% on an annual basis. Events like the Jubilee in 2025 and the Winter Olympics in 2026 arrivals will further increase, both from Italy and abroad”.
(Photo: © Veerasak Piyawatanakul)