Citi starts Italian Design Brands with 'buy' on growth prospects

Dexelance SpA

26/06/2023 12:35

** Citigroup initiates Italian Design Brands  IDB.MI  with
"buy", saying its superior brand portfolio should drive organic
growth and strong free cash flow leaves room for M&A
    ** "IDB management has a solid track record acquiring and
integrating companies successfully as shown by the financials of
selected companies following the transactions," Citi says
    ** The broker sees the current valuation as an attractive
entry point with risk/reward skewed to the upside
    ** It sets a target price of 14.30 euros ($15.59) per share,
compared with Friday's closing price of 11.02 euros
    ** IDB shares started trading on the Milan bourse on May 18
with an IPO price of 10.88 euros

($1 = 0.9171 euros)

 (Reporting by Alessandro Parodi)
 ((alessandro.parodi@thomsonreuters.com))