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The stock exchange rewards the new plan. Italian Exhibition Group on top in Piazza Affari, with the stock rising by more than eight points following the update of the 2023-2028 strategic plan, well received by analysts and investors. «The indications for 2024 are very good (Ebitda 10% well above our estimates) and the plan targets are decidedly strong», comment the Intermonte experts. The stock rises by almost 9 percent, exceeding the threshold of 4 euros per share for the first time since February 2020
The guidelines
Ieg’s new plan, writes Intermonte, «takes into account the important results achieved» by the company in the 2022 and 2023 financial years, in which it exceeded the objectives defined in the previous Strategic Plan (2022-2027) «elaborated in a context in which the evolution of the post-pandemic exhibition market was still permeated by uncertainties”. The business plan now estimates revenues of around 323 million by 2028, with an “adjusted” ebitda of around 90 million (and an “adjusted” ebitda margin of 28%). Furthermore, the new plan envisages «new development guidelines which have as their objective the acceleration of organic growth through an important investment plan», necessary to «consolidate the role of the company in the national and international trade fair panorama, laying the foundations for a further growth through external lines”. Analysts like the update: «Both short and long term targets are higher than expected supported by an important Capex plan (172 million euros)», underline Equita analysts, recalling that «the plan anticipates a growth in turnover of 9% CAGR 2023-2028 and EBITDA of 13% with margins expanding by 500 basis points to 28% (historical maximum around 23%)”.