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: 04.04.2022
Target Price: Eu3.50
Strong Capital Allowing Growth & Attractive Dividends
We maintain a positive view on Intermonte as the group: (i) showed a good trend in revenues in FY21, confirmed in the first two months of 2022; (ii) has a strong capital position (CET1 ratio 39.9% at end-2021), leaving room for both external growth opportunities and a rewarding remuneration policy for shareholders; (iii) offers an average 2022E-24E 10% dividend yield, according to our estimates.
Following our estimates’ revision, we obtain a new target price of EUR 3.5/share (only fine-tuned vs. the previous one of EUR 3.6/sh.), 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 25% upside potential from the current share price, we confirm our BUY rating.