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: 20.09.2022
Target Price: Eu3.10
Greater Visibility on 2022 DPS Supporting Our Positive View
Intermonte reported 1H22 results in line with our estimates and showing a more balanced revenue mix, with a lower weighting of market-related activities (Sales & Trading and Global Markets) in favour of Investment Banking and Digital Division & Advisory.The company stated that, in light of 1H trends and its capital solidity (IFR 3.9x), it has greater visibility on the possibility of confirming a dividend in line with 2021A, unless a further deterioration in the macroeconomic and market environment materialises. This would mean a 2022 DPS of EUR 0.26, in line with our estimate and implying an attractive 10.3% yield at the current share price. We reaffirm our positive view, also considering the group’s growth potential, especially in Investment Banking and Digital & Advisory Division.
We obtain a new target price of EUR 3.1/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 23% upside potential from the current share price, we confirm our BUY rating.