MutuiOnline, Intesa Sanpaolo cuts target price and confirms Buy

MutuiOnline Intesa Sanpaolo cuts target price and confirms Buy

(Finance) – Intesa Sanpaolo he lowered to 34.3 euros per share (from 36.4 euros) the target price on MutuiOnline Groupa company listed on Euronext STAR Milan active in the online comparison, promotion and brokerage of products of financial institutions, confirming the judgement on the title a “BuyThe review of the recommendation came after the company released its results for the first half of 2022 and announced the acquisition of the Rastreator and LeLynx portals for € 150 million.

“Despite the difficult market conditions, MutuiOnline reported positive results in the second quarter of 2022, with substantially stable sales and a lively improvement in the EBITDA margin – comment the analysts – However, the mortgage scenario is deteriorating rapidly and the third quarter of 2022 is expected to be weak. In September, it also acquired Rastreator and, two leading insurance brokerage firms in Spain and France, one right move in our opinion to expand abroad“.

In this context of macroeconomic slowdown, Intesa Sanpaolo has slightly reduced its sales and EBITDA estimates for 2022. In 2023-24 it has reduced organic growth but incorporated the new companies acquiredachieving sales in excess of 15% compared to previous estimates with an EBITDA margin of 26.4% in 2023 and 26.9% in 2024.

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