Re­se­arch | 12 No­vem­ber 2024 00:00

Ori­gi­nal-Re­se­arch: Fran­chet­ti S.p.A. – from GBC AG
12.11.2024 / 11:01 CET/CEST
Dis­se­mi­na­ti­on of a Re­se­arch, trans­mit­ted by EQS News – a ser­vice of EQS Group AG.
The is­suer is so­le­ly re­spon­si­ble for the con­tent of this re­se­arch. The re­sult of this re­se­arch does not con­sti­tu­te in­vest­ment ad­vice or an in­vi­ta­ti­on to con­clude cer­tain stock ex­ch­an­ge tran­sac­tions.

Clas­si­fi­ca­ti­on of GBC AG to Fran­chet­ti S.p.A.

Com­pa­ny Name: Fran­chet­ti S.p.A.
ISIN: IT0005508574
Re­ason for the re­se­arch: GBC Ita­li­an Cham­pi­ons
Re­com­men­da­ti­on: BUY
Tar­get pri­ce: EUR 9.00
Tar­get pri­ce on sight of: 31.12.2025
Last ra­ting ch­an­ge:
Ana­lyst: Mar­cel Gold­mann, Cos­min Fil­ker

Dear in­ves­tors,

For the se­cond year in a row, we have sel­ec­ted 13 Ita­li­an small and mid-caps that we con­sider to be par­ti­cu­lar­ly pro­mi­sing as part of GBC’s “Ita­li­an Cham­pi­ons” stu­dy. As in the pre­vious year, our sel­ec­tion is high­ly di­ver­si­fied across a ran­ge of sec­tors and co­vers a broad spec­trum of mar­ket ca­pi­ta­li­sa­ti­ons, ran­ging from €32 mil­li­on to €5.3 bn. Eight com­pa­nies from last year’s stu­dy have been in­cluded in this year’s sel­ec­tion, lea­ving us with five new in­vest­ment ide­as.

Over the past twel­ve months, the fun­da­men­tal mar­ket en­vi­ron­ment for Ger­man equi­ties has de­te­rio­ra­ted even fur­ther, which is why we are more con­vin­ced than ever that it can be wort­hwhile to look across the bor­der. One trend can­not be over­loo­ked: the ca­pi­tal mar­ket no lon­ger seems to be an at­trac­ti­ve op­ti­on for Ger­man com­pa­nies. On the con­tra­ry, the easy op­ti­on of de­lis­ting has led to a de­cli­ne in the num­ber of lis­ted com­pa­nies in re­cent ye­ars. By con­trast, a look at the Mi­lan stock ex­ch­an­ge and, thus, the Ita­li­an ca­pi­tal mar­ket shows a com­ple­te­ly op­po­si­te de­ve­lo­p­ment. While a to­tal of 18 com­pa­nies were lis­ted on the Mi­lan stock ex­ch­an­ge in 2023, only th­ree IPOs took place in Ger­ma­ny.

The grea­ter wil­ling­ness of Ita­li­an com­pa­nies to go pu­blic is li­kely due, among other things, to struc­tu­ral ad­van­ta­ges. The­se in­clude, for ex­am­p­le, mul­ti­ple vo­ting rights, which enable bet­ter con­trol of the foun­ders and good take­over pro­tec­tion. For me­di­um-si­zed com­pa­nies in par­ti­cu­lar, this is a good ar­gu­ment in fa­vour of a ca­pi­tal mar­ket ori­en­ta­ti­on. In ad­di­ti­on, is­suers can be­ne­fit from tax ad­van­ta­ges when go­ing pu­blic. The high va­lue pla­ced on equi­ties can also be seen from the plan­ned in­vest­ment in­itia­ti­ve Fon­do Na­zio­na­le Stra­te­gi­co. A to­tal of € 1.0 bil­li­on is to be in­ves­ted in a tar­ge­ted man­ner in me­di­um-si­zed and smal­ler Ita­li­an com­pa­nies un­der a new fund of funds pro­po­sed by the sta­te in­vest­ment bank Cas­sa De­po­si­ti e Pres­ti­ti (CDP). Even though the fund is ai­med at in­sti­tu­tio­nal in­ves­tors and qua­li­fied pri­va­te in­ves­tors, it is ex­pec­ted that the in­creased mar­ket li­qui­di­ty and the ge­ne­ral­ly hig­her de­mand for ‘se­cond-tier’ stocks could pro­ve to be a pri­ce dri­ver for the­se stocks.

Which is why, on the fol­lo­wing pa­ges, we would like to pre­sent you, dear in­ves­tor, with the GBC-Best of Ita­ly 2024 sel­ec­tion. A se­ries of pro­mi­sing com­pa­nies from a va­rie­ty of sec­tors with at­trac­ti­ve va­lua­tions that, in our view, could be an at­trac­ti­ve ad­di­ti­on to a port­fo­lio.

B&C Spea­k­ers S.p.A. (ISIN: IT0001268561)
Ban­ca Ifis Group (ISIN: IT0003188064)
Cembre S.p.A. (ISIN: IT0001128047)
En­er­gy S.p.A (ISIN: IT0005500712)
Fran­chet­ti S.p.A. (ISIN: IT0005508574)
IDNNT SA (ISIN: CH1118852594)
Lind­bergh S.p.A. (ISIN: IT0005469272)
Red­fi­sh S.p.A. (ISIN: IT0005549354)
Re­p­ly S.p.A. (ISIN: IT0005282865)
San­lo­ren­zo S.p.A. (ISIN: IT0003549422)
So­lid World Group S.p.A. (ISIN: IT0005497893)
So­mec S.p.A. (ISIN: IT0005329815)
Zign­ago Ve­tro S.p.A. (ISIN: IT0004171440)

We wish you an ex­ci­ting read and suc­cessful in­vest­ments,

Cos­min Fil­ker
De­pu­ty Chief Ana­lyst

You can down­load the re­se­arch here: http://​www​.more​-ir​.de/​d​/​3​1​2​8​3​.​pdf

Cont­act for ques­ti­ons:
GBC AG
Hal­der­stra­ße 27
86150 Augs­burg
0821241133 0
research@​gbc-​ag.​de
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Dis­clo­sure of po­ten­ti­al con­flicts of in­te­rest in ac­cordance with Sec­tion 85 WpHG and Art. 20 MAR The fol­lo­wing po­ten­ti­al con­flict of in­te­rest exists at the com­pa­ny ana­ly­sed abo­ve: (see in­di­vi­du­al stu­dies); a ca­ta­lo­gue of po­ten­ti­al con­flicts of in­te­rest can be found at:

https://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​ung
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Edi­to­ri­al dead­line: 04.11.2024
Date and time of com­ple­ti­on of the re­port: 11.11.2024 (3:09 pm)
Date and time of the first dis­clo­sure of the re­se­arch re­port: 12.11.2024 (11:00 am)

Ori­gi­nal-Re­se­arch: Fran­chet­ti S.p.A. (from GBC AG): BUY

GBC AG
Hal­der­stra­ße 27
86150 Augs­burg

Pho­ne: +49 821 241133–0
E‑mail: office(@)gbc-ag.de

Fol­low us!