Kepler Cheuvreux restarts doValue at 'buy' after Gardant deal

doValue

08/01/2025 09:12

** Kepler Cheuvreux restarts Italy's doValue  DOVA.MI  with
"buy" as it sees the acquisition of rival Gardant and the
recently completed 150 million euros ($154.79 million) capital
hike as a "new chapter" for the bad loan manager
    ** At 0900 GMT doValue's shares are up 1.9%, paring gains
after rising as much as 7%
    ** The post-acquisition portfolio will drive higher revenues
and growth, and margins will be boosted by an increased exposure
to non-NPL business, Kepler says  
    ** Gardant's acquisition will strengthen doValue's position
in Italy by adding 22 billion euros in gross book value, it adds
    ** It will also ensure forward flow agreements with Italian
banks BPM  BAMI.MI  and BPER  EMII.MI , and add investment
manager Elliott both as client and anchor shareholder, it notes
    ** Out of two analysts that cover doValue, ​one rates the
stock "strong buy" and one rates it "hold"


($1 = 0.9691 euros)

 (Reporting by Philippe Leroy Beaulieu)
 ((Philippe.leroybeaulieu@thomsonreuters.com))