(Finance) – Intesa Sanpaolo confirmed the recommendation (Buy) and lowered the target price (to 25.0 euros per share by the previous 26.7 euros) on the title Wiita company listed on Euronext Star Milan and activates in the cloud computing market, after the publication of the 2024 results.
Analysts write that i results were widely in line with expectations. From the point of view of profitability, the integration of Edge & Cloud and Econis activities recently acquired is initially dilutive on the Ebitda margin. However, the forecast is that the profitability of the activities acquired will be more in line with that of WiIT after cost synergies and the cleaning process of some non -core revenues (synergies should be made within the next 12 months).
In particular, the turning point in Switzerland (Econis) is proceeding, with an Ebitda already positive in 2024 and an EBIT expected positive by 2025. Furthermore, German profitability should improve in 2025 thanks to the continuous cost synergies after the merger of the five companies acquired in Wiit AG. Overall, management said that the visibility on the objectives of 2025 (high growth in a figure) is good Also thanks to the solid order portfolio. The cloud-native and recently launched infrastructure activities should also have a positive impact.