Jefferies starts Gens Aurea at "buy", sees M&A scope in gold recycling market

Gens Aurea SPA

20/08/2026 06:43

** Brokerage Jefferies initiates coverage of Italian cash-for-gold trader Gens Aurea OROX.MI with a "buy" rating, seeing opportunity for consolidation in a highly fragmented market
** It sets an initial PT at €15 ($17.51), implying 56% upside from Wednesday's closing price
** Noting the high fragmentation of the European gold recycling market, the brokerage deems Gens Aurea well positioned to gain market share through superior scale, selective M&A and organic expansion
** "As gold prices rise, the Group passes part of the benefit to customers through more competitive pricing, supporting higher volumes, stronger store productivity and share gains," Jefferies says
** It adds the group offers a lower commodity risk compared to traditional gold miners, thanks to its hedging strategy limiting exposure to its core earnings and valuation from fluctuations in gold prices 
** Jefferies is the first broker to initiate Gens Aurea since its Milan bourse debut in July, according to LSEG data



($1 = 0.8568 euros)

 (Reporting by Mirko Miorelli)
 ((Mirko.Miorelli@thomsonreuters.com))