(Finance) – Intesa Sanpaolo he lowered to 2.7 euros per share (from 4.6 euros) the target price on OSAI Automation Systema company listed on Euronext Growth Milan and active in the production of machines for the automation and testing of semiconductors, confirming the judgment on the title to “Buy” given the potential upside of 69%.
Analysts write that a market context still unfavorable weighed on margins in the first half of 2023, which saw a decline in the more standardized BUs, while Automation sales grew by 55.2% y/y. They believe the company’s medium-term growth outlook is supported by an expected increase in orders year-on-year, thus confirming VoP projections.
However, looking at 1H23, analysts have revised FY23-25 margin outlook to incorporate a slight increase in profitability in 2H23 compared to 1H23 (but at a level that leads to an EBIT loss of 0.7 million for FY23); they also see a sequential improvement for FY24-25, but at lower levels than before (-43.4% in FY24, -15.5% in FY25 EBITDA).