Coverage

Copertura del titolo Intermonte Partners (RIC: INT.MI, BB: INT IM)

Il titolo Intermonte Partners è seguito dagli analisti di Intesa Sanpaolo. Di seguito l'ultima ricerca pubblicata. Le ricerche sono liberamente accessibili anche dal sito di Borsa Italiana.

 

Ultimo Update: 29.11.2021 Target Price: Eu3.60 Raccomandazione: BUY

 

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.


 

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