(Finance) – Banca Akros has lowered to €5.20 per share (from 5.40 euros) the target price on digital magicbusiness incubator listed on Euronext Growth Milan, confirming the recommendation on the title to “Buy“.
Analysts had already included the negative impact related to shareholding dilution indirect interest in Hyperloop (from 3.14% to 2.12%), which accounted for 0.4 euro/per share. The further reduction of 0.2 euro/per share is due to lower net cash positionwhile new investments, write-offs and higher post-money valuations essentially offset each other.
Banca Akros underlines that the company is constantly implementing its strategy of the 2021-25 business plan, having launched the originally planned 6 accelerators, with committed firepower of 21 million euros to fund up to 50 startups per year.
Additionally, the company “is leveraging its extensive network of financial and corporate investors to look for new opportunities (for example the JV Apside with Understanding), while thebusiness combination with L Venture should create a leader in the Italian VC market and a major player at the European level”, reads the research.
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