(Finance) – TP ICAP Midcap has lowered the target price (to 21.8 euros per share from 22.4 euros) and the confirmed on judgment (Buy) on ConstructionAcrobatics, a company specialized in double safety rope construction work and listed on Euronext Growth Milan. The revision of the recommendation came after the company announced that it had closed the first nine months of 2023 with revenues of 118 million euros, up 6% compared to the same period of the previous year.
Analysts point out that, while the business in Italy still faces challenges related to the base effect linked to the Facade Bonus (-16.7% y/y), the Energy subsidiary continues to outperform projections with revenues of 23.4 million euros (compared to 3.7 million at 9 months 2022).
After changes to estimates for the transfer of tax credits and the company’s performance in France and the United Arab Emirates, TP ICAP Midcap has revised the revenue forecast for the full year to 151 million euros (compared to the previous 161.8 million euros).