Original-Research: Somec S.p.A. (by GBC AG): BUY
| Original-Research: Somec S.p.A. – from GBC AG
03.12.2025 / 11:00 CET/CEST Classification of GBC AG to Somec S.p.A.
9M 2025: Robust Group sales performance boosted by high-growth Mestieri division; positive outlook reaffirmed BUSINESS DEVELOPMENT 9M 2025 On 17 November 2025, the Somec Group published key figures on its nine-month sales figures for the current financial year 2025. According to these figures, the Somec Group achieved a slight year-on-year increase in consolidated sales of 0.4% to € 271.1 million at the end of the third quarter (9M 2024: € 270.0 million), whereby growth would have been as high as 1.3% on a constant currency basis. The Somec Group’s nine-month growth was driven in particular by dynamic business development in the ‚Mestieri‘ division (9M segment growth: >15.0%). The majority of Group sales (approximately 59.2%) were attributable to the core segment ‚Horizons‘, which generated segment sales of € 160.4 million in the third quarter, down moderately on the same period of the previous year (9M 2024: € 171.0 million). The main reason for this downward trend was the differing progress made in maritime and civil projects. It should be noted that some of these project activities were shifted to the current fourth quarter, which is also in line with expectations for this period. According to company information, refitting activities (refitting projects) in the maritime division continue to make a significant contribution to segment performance and at the same time account for a structurally growing share of the order backlog, which supports medium-term visibility with regard to future business development. By contrast, the Talenta business unit developed in the opposite direction with a moderate increase in segment sales of 4.2% to € 42.5 million in the third quarter (9M 2024: € 40.8 million). This positive business development resulted from increased synergies between the division’s various business areas, which enabled a strong and diversified performance in all segment activities. The ‚Mestieri‘ division developed even more dynamically with a significant increase in segment revenue of 17.1% to € 68.2 million in the third quarter (9M 2024: € 58.3 million). Segment growth was fuelled primarily by the expansion of the ship interiors business and increased business with high-end projects in the hospitality, retail and residential sectors. The strong growth of the Mestieri business unit over the first nine months has thus made a significant contribution to offsetting the temporary weakness of the ‚Horizons‘ core segment, according to the company. When announcing the key figures for the nine-month sales figures, Somec’s management emphasised the robustness of the Group business model and the consistent corporate strategy based on the results and sales revenue achieved. The increasing integration of the business divisions and the improved project quality in the order backlog should also further strengthen the business model. Furthermore, the management expects the momentum in the maritime sector to remain high and to continue in the coming years. Demand is also expected to remain high in the vertical target markets in which the Somec Group operates. Despite the fact that no key earnings figures or current order backlogs were reported with the nine-month business figures, Somec’s management has announced that visibility regarding future business development remains high. With regard to the current financial year 2025, Somec’s management continues to strive for an improvement in the key financial indicators. Against the backdrop of the nine-month business performance, which fell short of our expectations due to project delays (only some of which were postponed to Q4), we have moderately adjusted our previous revenue estimates downwards. For the current financial year, we now expect consolidated revenue of € 387.76 million (previously: € 398.55 million). For the following years 2026 and 2027, we expect sales revenues of € 401.23 million (previously: € 419.02 million) and € 419.83 million (previously: € 441.12 million) respectively, based on the lower sales-related starting point and conservative considerations. On the other hand, we are maintaining our previous earnings estimates due to the expected continuation of positive cost management (high cost discipline, efficiency gains, etc.), continuous improvements in the sales mix (higher proportion of high-margin refitting business, etc.) and projected economies of scale. In view of our unchanged earnings forecasts, we are also confirming our previous target price of € 23.35 per share. Based on the current share price, we are maintaining our ‘BUY’ rating and see significant upside potential for Somec shares. You can download the research here: 20251203_Somec_Note_9M_ENG_final Contact for questions: ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. +++++++++++++++ |
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