Equita raises Maire 2025 EBITDA estimate, reaffirms 'buy' on strong Q1 results

Maire SpA

30/04/2025 12:23

** Equita reaffirms "buy" on Italian engineering group Maire MTCM.MI, raising its 2025 EBITDA estimate by 3% to 462 million euros ($525.02 million), slightly above the current guidance range of EUR 420-455 million, due to strong Q1 results and potential for a guidance upgrade

** The broker sees additional upside potential of another 3-4%, driven by annualising the Infrastructure, Engineering & Construction Services (IE&CS) division's strong Q1 performance; increases 2025 earnings per share (EPS) estimate by 4%

** "We believe Maire is well positioned to achieve ambitious growth targets, supported by a good execution track record, a broad technology portfolio, increased engineering capacity and a very strong balance sheet," Equita says

** It notes marginal impact from tariffs, with U.S. exposure in the backlog less than 0.3%, a highly diversified supplier portfolio, and minimal procurement activity from the U.S.

($1 = 0.8800 euros)

(Reporting by Laura Contemori)

((Laura.contemori@thomsonreuters.com))