(Finance) – Bestinver has confirmed the Buy and lowered the Valuation Range between 20 and 22 euros (from 23-24 euros) on Gibusa company active in the high-end outdoor design sector and listed on Euronext Growth Milan.
Analysts say the EBITDA margin it should reach 16.4% in 2023 and then increase to 18-19% in FY24-25, considering a probable market slowdown in 2023 and a recovery in 2024.
In addition, they believe that the significant investments carried out should be rewarding in the coming years, resulting in greater geographical diversification and bringing the exposure of Gibus’ turnover to foreign markets around 40% from around 25% in FY22.
“We reaffirm ours positive stance on the equity storybased on an undemanding valuation and also considering an expected EBITDA margin 117-229 basis points higher in FY23-24 than comparable companies,” the research reads.
(Photo: Fragment)