(Finance) – Equity has increased a 12.30 euros per share (from the previous 12.1 euros) the target price on Tamburi Investment Partners (TIP), an independent and diversified industrial group focused on medium-sized Italian companies, confirming the recommendation on the title to “Buy“, after recent updates on private subsidiaries.
The upgrade reflects in particular: the results of private subsidiaries; the updated evaluation of Bending Spoons based on the recent financing round; the updated assessment on listed assets covered by the broker (and the consensus rating for Boss and Roche Bobois not covered); the updated data of net debt at 380 million euros emerged from the presentation published yesterday.
It is pointed out that the title deals with one discount of 25% compared to the fair value of Equita and 18% on the valuation calculated with the market prices of the listed subsidiaries, compared to a 5-year average which stood at 20% and 10% respectively.
Intermontewhich confirmed the rating “Buy” and the target price at 12.40 euros per share, believes the current price “is an attractive entry point: Over the medium to long term, we expect the share price to close the gap to the intrinsic value of the investment portfolio.”
It is also noted that TIP has suffered much less than mid-cap companies due to the difficult market environment, but nevertheless the share price seems still far from reflecting fair value of society.