Analyst Coverage and Consensus

DISCLAIMER
doValue shares are covered by the analysts listed below.
The consensus table reports figures computed as the median of the most recent estimates by some of the mentioned analysts on the main financial data of doValue S.p.A..
 
Consensus information included in this page is presented for information purposes only and do not constitute a recommendation or offer to purchase, hold or sell doValue shares.
Such information represents estimates by the mentioned independent analysts and do not represent opinions, estimates or forecasts of doValue S.p.A. or members of its management.
 
By including this information on its website, doValue does not share nor concur to the forming of opinions, estimates or forecasts presented in this page and declines responsibility with regards to the accuracy, completeness and or correctness of such information.
 

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ANALYST COVERAGE
 

Broker	Analyst	E-mail	Telephone	Target Price (€)	Rating	Last Modified
Banca Akros	Luigi Tramontana	luigi.tramontana@bancaakros.it	+39 02 4344 4239	10	Neutral	05/08/2020
Berenberg	Andreas Markou	andreas.markou@berenberg.com	+44 20 3753 3022	10,0	Buy	06/08/2020
Citi	Borja Ramirez	borja.ramirez@citi.com	+44 20 7508 0206	10,5	Buy	10/07/2020
Equita SIM	Andrea Lisi	a.lisi@equitasim.it	+39 026204275	11,0	Buy	07/08/2020
Intermonte SIM	Christian Carrese Nicholas Binda	christian.carrese@intermonte.it, nicholas.binda@intermonte.it	+39 02 77115 485 +39 02 77115 422	11,9	Outperform	02/09/2020
JP Morgan	Gurjit S Kambo	gurjit.s.kambo@jpmorgan.com	+44 20 7742 0719	10,4	Overweight	04/08/2020
Kepler Cheuvreux	Filippo Prini	fprini@keplercheuvreux.com	+39 02 8550 7226	10,5	Buy	06/08/2020
Fidentiis Equities	Pietro Solidoro	pcs@fidentiis.com	+39 02 982880205	9 -10	Buy	13/05/2020

  

ANALYSTS' CONSENSUS
 

€m	2017A	2018A	2019A	2020E	2021E	2022E	N. of estimates 2022
Gross Revenues	213	234	364	385	534	584	7
Net Revenues	195	210	324	357	492	515	7
EBITDA ex NRI	70	84	140	127	201	223	6
EBITDA margin	33%	36%	39%	33%	38%	38%	6
EBITDA	70	81	128	115	201	228	6
EBIT	68	80	78	35	115	146	7
Net Income ex NRI	45	53	69	25	66	82	5
Net Income	45	51	41	9	64	83	7
Net Debt / (Net Cash)	- 39	- 68	237	376	270	161	6

Last update: October, 2020

Notes:
Non-recurring items (NRIs) mainly refer to costs connected with the acquisition of Altamira Asset Management and Eurobank FPS (now doValue Greece), included in operating costs, as well as termination incentive plans and non-cash DTA reassessment costs.