IGD SIIIQ S.p.A. (IGD) AI Stock Analysis

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IGD SIIIQ S.p.A.

(Milan:IGD)

Select Model

Rating:62Neutral

Price Target:EUR 4.00▲(1.52% Upside)

Action:reiterated

Date:08/18/26

The score is driven primarily by improving financial performance (profit and cash-flow recovery with moderating leverage) but is held back by weak technical momentum (below key moving averages with negative MACD and low RSI). Reasonable valuation and a 3.83% dividend yield provide a supportive offset.

Positive Factors

Profitability RecoveryThe return to positive earnings and strong operating margins indicates improved profitability of the rental platform. If maintained, this recovery can strengthen retained capital and support investment in property quality and tenant mix.

Negative Factors

Earnings VolatilityRecent profitability remains unproven across a full cycle because large losses occurred in several preceding years. This history signals sensitivity to property values, financing conditions and operating performance, limiting confidence in sustained earnings.

IGD SIIIQ S.p.A. (IGD) vs. iShares MSCI Italy ETF (EWI)

Market Cap: EUR 433.09M
Dividend Yield: 3.80%
Average Volume (3M): 84.06K
Price to Earnings (P/E): 10.3
Beta (1Y): 0.63
Revenue Growth: -0.77%
EPS Growth: 221.81%
Country: Italy
Employees: 162
Sector: General
Sector Strength: 55
Industry: REIT - Retail

IGD SIIIQ S.p.A. Business Overview & Revenue Model

Company Description

Immobiliare Grande Distribuzione SIIQ S.p.A. is a key player in Italy’s retail real estate sector. IGD owns a rich portfolio of shopping centres located throughout Italy, which are managed by in-house asset, property, facility and leasing management...

How the Company Makes Money

IGD primarily makes money by generating recurring rental income from its retail property portfolio. The company leases retail units and commercial spaces within its shopping centers and other retail assets to a diversified mix of tenants (e.g., fashi...

IGD SIIIQ S.p.A. Financial Statement Overview

Summary

TTM results show a meaningful recovery with positive net income (42.0m) and improved margins, and cash generation has rebounded (TTM operating cash flow 65.1m; free cash flow 38.4m). However, profitability has been volatile with sizable losses in 2022–2024, revenue growth is modest, and debt remains meaningful (~804m TTM) despite improved leverage (debt-to-equity ~0.80).

Income Statement

72Positive

Balance Sheet

64Positive

Cash Flow

70Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	140.43M	139.26M	137.03M	148.62M	144.79M	145.53M
Gross Profit	114.04M	119.02M	107.88M	112.61M	108.59M	121.50M
EBITDA	100.61M	95.09M	41.29M	-28.81M	6.01M	84.83M
Net Income	42.01M	32.00M	-30.08M	-81.73M	-22.32M	52.77M
Balance Sheet
Total Assets	1.86B	1.86B	1.85B	2.06B	2.21B	2.41B
Cash, Cash Equivalents and Short-Term Investments	22.27M	9.29M	4.74M	6.07M	27.07M	158.08M
Total Debt	803.73M	799.87M	808.63M	974.67M	1.00B	1.14B
Total Liabilities	861.08M	863.84M	883.21M	1.06B	1.09B	1.23B
Stockholders Equity	999.09M	992.54M	970.27M	1.00B	1.12B	1.17B
Cash Flow
Free Cash Flow	38.44M	24.06M	27.07M	54.20M	50.29M	59.97M
Operating Cash Flow	65.11M	49.40M	46.46M	77.38M	82.98M	78.68M
Investing Cash Flow	-7.15M	-8.01M	137.35M	-23.18M	-32.70M	95.16M
Financing Cash Flow	-39.17M	-36.59M	-185.14M	-75.16M	-181.33M	-133.01M

IGD SIIIQ S.p.A. Technical Analysis

Technical Analysis SentimentPositive

Last Price3.94

Price Trends

50DMA3.75Positive

100DMA3.91Positive

200DMA3.97Negative

Market Momentum

MACD0.05Negative

RSI60.91Neutral

STOCH90.95Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:IGD, the sentiment is Positive. The current price of 3.94 is above the 20-day moving average (MA) of 3.76, above the 50-day MA of 3.75, and below the 200-day MA of 3.97, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 60.91 is Neutral, neither overbought nor oversold. The STOCH value of 90.95 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:IGD.

IGD SIIIQ S.p.A. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IT:IGD against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IT:IGD	62Neutral	EUR 433.09M	10.25	4.23%	3.80%	-0.77%	221.81%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IT:RN	45Neutral	EUR 41.96M	-14.63	-953.12%	―	―	―

* General Sector Average

Performance Comparison

IT:IGD and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IT:IGD	IGD SIIIQ S.p.A.	3.94	0.49	14.24%
IT:ADB	Aeroporto Guglielmo Marconi di Bologna S.p.A.	9.04	0.34	3.90%
IT:CALT	Caltagirone SPA	9.88	1.19	13.75%
IT:GAB	Gabetti Property Solutions SpA	0.36	-0.31	-46.87%
IT:RN	Risanamento SPA	0.02	0.00	15.00%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 18, 2026

IGD SIIIQ S.p.A. AI Stock Analysis