Intermonte, Intesa confirms Buy and appreciates high dividend yield

BF Dompe Holdings stake rises to 29948

(Finance) – Intesa Sanpaolo he confirmed target price (2.8 euros per share) e recommendation (Buy) on the title Intermonte Partners SIMan independent investment bank listed on Euronext Growth Milan, after the publication of its 2023 results.

Analysts write that in 2023, Intermonte’s results suffered difficult market contextshowing a revenue decline of 13.6% year-on-year, leading to a net profit of €2.5 million, well below the €6.5 million level recorded in 2022, also weighed down by some costs one-off (adjusted net profit 3.7 million euros compared to 6.9 million euros in 2022).

The new estimates The broker’s 2024-25 fiscal years incorporate 87% and 24% year-over-year growth in adjusted net profit respectively, with the expectation of net profit reaching €10 million in 2026 estimates. The 2026 forecast takes into account of more volatile revenue sources (Sales & Trading and Global Markets) reducing their contribution to 48.1% in FY26 (from 58.8% in FY23), with Investment Banking up to 36.5% (from 29.5 %) and DD&A reaching 15.4% (from 11.7% in 2023).

Intesa Sanpaolo continues to highlight thehigh dividend yield (10.4% for the proposed dividend for 2023 at the current share price), with the generous distribution to shareholders who rely on a strong capital position, such as key support for the equity story.

(Photo: Carrie Allen www.carrieallen.com on Unsplash)

tlb-finance