Last session of the week and of the quarter on the marketswith the European stock exchanges which are moving in positive territory. In fact, the stock exchanges of the Old Continent remain closed tomorrow and Monday 1st April due to the long Easter holiday. Despite the closure, some key events of the week are on the calendar tomorrow: inflation in France and Italy, the US PCE Deflator (the Fed’s preferred inflation indicator), but also the speech by the president of the Federal Reserve (Fed), Jerome Powell .
Meanwhile Even in Piazza Affari there is a festive atmospherewith the Ftse Mib currently rising by only 0.15% to 34,815.29 points. Among the titles to follow today Brunello Cucinellthe, Saipem And Azimuth.
Let’s look at these three stories in detail.
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Brunello Cucinelli, Goldman Sachs raises the price
Positive tone for Brunello Cucinelli at Piazza Affari. The stock of the luxury giant advanced by around 3% to 106.5 euros, among the best of the week on the Ftse Mib. The stock is regaining ground after the lackluster performances of the last month, while remaining far from the 2024 highs reached last March 14, just a step away from 123 euros.
Yesterday Cucinelli ended up under the scrutiny of Goldman Sachs who confirmed the buy recommendation and revised the target price upwards which rose from 112 to 135 euros. The experts of the US investment bank updated their estimates on the Umbrian company after the 2023 financial results which highlighted a solid performance in terms of sales and Ebit. In detail, Goldman Sachs expects revenues to grow by 13% on an annual basis for 2024 compared to the consensus of +10%.
Saipem still among the best in the Ftse Mib, Barclays raises the bar
New bullish momentum today for Saipem, with the stock gaining around 2%. Today Saipem received the positive evaluation of Barclays analysts who confirmed the overweight rating. It was instead the target price was revised upwards, rising from 2.50 to 2.90 euros.
In the last month the stock has accelerated decisively, recording an increase of almost 50 percent. Performances that coincide with the presentation of the 2023 numbers and the 2024 guidance but also with the update of the 2024-2027 strategic plan which promises a return to the dividend set in 2025 and an order intake of 18 billion euros. On the occasion of the 2023 accounts, the analysts of the English bank underlined that “Saipem recorded very strong numbers and positive guidance”, with the “numbers for the fourth quarter alone beating our estimates and those of the Bloomberg consensus by more than 20%. %”.
Azimut doubles, here are the latest announcements
Among the stocks under the spotlight today at Piazza Affari is Azimut which announced some news to the market. In particular, on the occasion of the annual meeting involving the approximately 2000 members of the Azimut Holding shareholders’ agreement, it outlines the macro-guidelines of a new project for the creation of a new fintech bank which will be subjected to the authorizations of the competent Supervisory Authorities once the design of the operation has been completed. A new project that foresees the spin off of part of the Italian network of financial advisors which will merge into a new digital bank with the aim of listing it within 6-9 months.
In a note from the group led by Pietro Giuliani we read: “the new entity, independent of the Azimut Group, will also be able to include banking/financial partners in its shareholding structure and will have at the start-up at least 20 billion in assets under management of which around 1,000 refer financial advisors and will be characterized by a strong growth orientation. In 5 years, 10% of the share capital (2% per year) of the new bank will be assigned to the Financial Consultants already in the structure and to those who will enter the new reality from the market, rebuilding the model based on partnership and participation of the Consultants Financial to the shareholder structure that has characterized Azimut in its 34 years of history”.
A new project that aims to bring “significant value for the current shareholders of Azimut Holding through the spin-off and listing of the new digital bank and further opportunities for future growth. Further financial details will be shared at a later stage.” With a clarification: Azimut Holding remains independent and listed on the stock exchange, with Timone Fiduciaria maintaining the role of reference shareholder. It will arrive in the next few months Azimut Holding’s new strategic plan for the period 2025-2029 which will remain inspired by revenue growth, operational efficiency and further creation of value for shareholders.
The targets
The new company aims to double its profits and assets under management/administration in 5 years, under normal market conditions, in line with what has always been achieved by the Azimut Group in previous industrial plans. In the first 5 years, the collection of managed, insurance, advisory and administered savings is expected to be between 16 and 19 billion euros, the growth of liquidity and current accounts between 7.5 and 10 billion euros. By 2029, the plan involves the inclusion of 500 new professionals from the market, including Wealth Managers, Private Bankers and Financial Consultants also thanks to the possibility of being able to participate in the company’s capital.
