Per quel che conta, Banca Akros Buy TP 10.20 da 8.10 che era.
Ready to reap the fruits of the work already done
In the 2022 – 2025 plan period, growth, capital strength and shareholders’
remuneration are the mantra. Net aims to grow its market share in the CQS
business and preserve good profitability as well. In the bancassurance
segment, which still offers very interesting growth and profitability
perspectives, the group will reap the fruits of the labour done in the past few
years, continuing to expand its distribution network as well; the Broker
channel will still be complementary to the bancassurance business with the
aim to create a wider offer. The digital catalogue will be improved further,
thanks also to the support of digital tools and platforms, which are likely to
permeate the entire value chain. The group could also seize any external
growth opportunities. We believe that the execution risk is moderate thanks to
the proven management team, the business diversification and Net’s
reinsurance policy. The only risk we see is the extreme volatility of Italian
spread, although the SII ratio has also been resilient in choppy waters. The
planned listing on the “Star” segment, which ought to be finalised this
summer, is likely to improve the company’s liquidity and visibility and
represents a new milestone in Net’s growth and development path. Based on
our Valuation models and after the business plan presentation, we come to a
fair value of EUR 195m for Net Insurance. This gives a new TP of EUR 10.2 per
share compared to the previous EUR 8.1. We confirm our Buy rating on the
stock.
