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Original-Research: Mexedia S.p.a. SB - from GBC AG
22.12.2025 / 08:30 CET/CEST
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Classification of GBC AG to Mexedia S.p.a. SB
Company Name: Mexedia S.p.a. SB
ISIN: IT0005450819
Reason for the research: Research Report (Initial Coverage)
Recommendation: Buy
Target price: 50.00 EUR
Target price on sight of: 31.12.2026
Last rating change:
Analyst: Matthias Greiffenberger, Cosmin Filker
Mexedia Rebooted: Wholesale Normalization and Return to Profitability from
2026
Mexedia S.p.A. Società Benefit operates as an international wholesale
telecommunications provider focused on global voice and SMS termination
services. The company routes traffic for telecom carriers, VoIP operators,
and messaging aggregators through its interconnection network, combining
routing expertise with long-standing supplier relationships to secure
competitive and reliable termination capacity.
After the disruption in 2024 linked to working-capital constraints and the
resulting traffic contraction, Mexedia has re-established commercial
continuity and rebuilt the operational capacity required to support core
wholesale volumes. The sharp rebound in the first half of 2025 indicates
that underlying business fundamentals remain intact; however, 2025 should
still be viewed as a transition year. Despite the operational recovery, we
forecast that the Group will remain clearly loss-making at the net level in
FY2025, with a net loss of EUR12m, reflecting the lag effect of 2024, elevated
financial costs, and the time required for full traffic normalization.
Strategically, Mexedia's focus is firmly centered on its core wholesale
carrier business, where the Group benefits from international reach,
diversified interconnections, and specialized routing capabilities.
Management's priorities are directed toward restoring sustainable cash
generation, strengthening financial discipline, and improving operating
leverage as traffic volumes normalize. While the Group continues to monitor
selective opportunities that could enhance its positioning within the
telecommunications value chain, no acquisitions or inorganic transactions
are assumed as part of the current operating perimeter or financial
forecasts. The outlook presented in this report is based exclusively on the
standalone recovery trajectory of the existing business activities.
Recent leadership changes, including the appointment of the new CEO,
reinforce management's emphasis on operational execution, financial
discipline, and cash-flow restoration. With a streamlined organizational
model, improving visibility on traffic volumes, and a tighter cost
structure, Mexedia is positioned to stabilize margins through 2025 and
transition toward sustained profitability beginning in 2026.
Our discounted cash flow valuation indicates a target price of 50.00 Euro
per share, which represents significant potential upside relative to current
trading levels. We believe the market still prices Mexedia primarily on past
volatility rather than on its improving fundamentals and medium term
earnings potential. With an increasingly focused strategy, recovering
margins, and a return to growth, we initiate coverage with a BUY rating.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=f3e76ca9b2b767037023d5664f03c4ef
Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Completion: 18.12.2025 (10:30 a.m.)
First distribution: 22.12.2025 (8:30 a.m.)
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2248326 22.12.2025 CET/CEST
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