Analyst Alberto Francese of Intesa Sanpaolo maintained a Buy rating on Smart Capital S.P.A. (SMCAP – Research Report), retaining the price target of €1.85.
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Alberto Francese has given his Buy rating due to a combination of factors surrounding Smart Capital S.P.A.’s strategic financial maneuvers and investment outcomes. The company is poised to benefit significantly from the potential sale of A.L.A. by its major shareholder A.I.P to H.I.G. Capital. This transaction is expected to generate approximately EUR 15 million for Smart Capital, representing a return of about 2.6 times its initial investment. This successful exit underscores the company’s ability to create substantial value for its shareholders.
Furthermore, Smart Capital’s involvement in the A.L.A. IPO as a cornerstone investor, alongside a club deal with prominent Italian families, highlights its strategic investment acumen. The buy-back of minority stakes in March 2025 further consolidated its position, ensuring full ownership of the investment vehicle. These strategic decisions not only facilitated an earlier exit but also positioned Smart Capital to leverage new investment opportunities with the anticipated capital gain of around EUR 9 million. These factors collectively justify the Buy rating by Alberto Francese.