Research Coverage on the Intermonte Partners (RIC: INT.MI, BB: INT IM)
Intermonte Partners SIM is covered by the analysts of Intesa Sanpaolo. Find below the latest available equity research. The research is also available on the Borsa Italiana official website
Last Update: 29.11.2021
Target Price: Eu3.60
Leveraging on the Partnership Model
Intermonte Partners is an independent investment bank, based on a successful partnership model, which has been in business on the Italian market for over 26 years and currently enjoys a leadership position in the Italian SME segment. The group is active in four business areas (Sales & Trading, Investment Banking, Global Markets and Digital Division & Advisory), characterised by low capital consumption, balanced growth and all contributing to revenues expansion (EUR 40.7M in FY20, +17% yoy). Its strong profitability and capital position allow the group to grant shareholders a rewarding dividend policy, with a 2021E dividend yield at around 9% at the current share price.
Our estimates point to a +4.8% FY20A-23E CAGR in revenues and +10.7% in net profit, with an average dividend pay-out of 95%. We obtain a target price of EUR 3.6/share, resulting from the average of a 3-stage DDM and a multiples’ analysis based on Equita, which we consider the closest peer. Given the around 26% upside potential from the current share price, we initiate our coverage with a BUY rating.