Somec S.p.A. (von GBC AG): BUY 22.10.2026, 10:30 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Somec S.p.A. - from GBC AG



22.10.2026 / 10:30 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.



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Classification of GBC AG to Somec S.p.A.



     Company Name:                Somec S.p.A.
     ISIN:                        IT0005329815



     Reason for the research:     Research study (Anno)
     Recommendation:              BUY
     Target price:                26.95 EUR
     Target price on sight of:    31/12/2027
     Last rating change:
     Analyst:                     Marcel Goldmann, Cosmin Filker



H1 2026: Strong operating profit; record order book achieved enables a
return to growth in the medium term



In the 2025 financial year, Somec recorded a 3.3% decline in consolidated
turnover to EUR 370.02 million (PY: EUR 382.82 million), primarily due to
adverse exchange rate effects and an increased focus on higher-margin
projects. On a constant exchange rate basis, the decline in turnover
amounted to 2.1%. In contrast,EBITDA and the operating margin rose
significantly by 12.7% to EUR 33.32 million (PY: EUR 29.58 million) and to 9.0%
(PY: 7.7%), respectively, primarily due to the increased focus on
higher-margin contracts. In parallel with this, net profit (after minority
interests) also improved significantly to EUR 4.82 million (PY: EUR -3.30
million).



With regard to the first half of 2026, Somec had to contend with a 3.3%
decline in turnover to EUR 186.32 million (H1 2025: EUR 192.72 million),
primarily due to adverse currency effects and a deliberately more selective
approach to project selection. On a constant exchange rate basis, the
decline in turnover was just 1.4%. In contrast, significant improvements
were achieved through a greater focus on higher-margin contracts, a more
balanced revenue mix and greater efficiency gains at all levels of
profitability. EBITDA rose significantly by 10.8% to EUR 17.54 million (H1
2025: EUR 15.83 million), resulting in an increase in the EBITDA margin to
9.4% (H1 2025: 8.2%). Net profit (after minority interests) also improved
significantly to EUR 6.12 million (H1 2025: EUR 1.63 million).



The Somec Group has not issued any specific guidance for the current
financial year 2026. Nevertheless, according to statements made by the
engineering company's management during the half-year earnings call, it
expects a slight improvement in consolidated revenue performance for the
second half of the 2026 financial year.



According to statements made by Somec's management to Teleborsa in
mid-September 2026, the group is expected to return to a growth trajectory
across all three business divisions in the medium term. Specifically, the
'Horizons' division is expected to see its core business return to a
sustainable growth path following a period of consolidation. The civil
façade business, new shipbuilding and the refitting business have been
identified as key growth drivers in this regard. With regard to the
'Talenta' business division, Somec expects growth to continue, particularly
in the areas of new shipbuilding and maritime refitting activities. With
regard to the 'Mestieri' division, Somec also anticipates a return to growth
in the medium term, based on the expected resumption of various interiors
projects. In addition, the company aims to resume M&A activities in the
'Mestieri' business division from 2027 onwards, which could subsequently
provide further impetus for growth.



In order to return to a significant growth trajectory from the 2027
financial year onwards, the Somec Group can draw on an extensive order book.
The total order book increased significantly as at 30 June 2026 to EUR 956.0
million (31 December 2025: EUR 771.0 million). Thanks to the major contracts
secured by Somec after the half-year reporting date, such as the prestigious
350 Park Avenue record contract for Fabbrica, the total order book most
recently even reached a record level of over EUR 1.1 billion.



Against the backdrop of Somec's weaker half-year turnover, which fell short
of our expectations, we have revised our previous turnover estimates for the
current financial year 2026 slightly downwards to EUR 375.13 million
(previously: EUR 379.94 million). Nevertheless, in view of the strong
operating profit performance and profitability in the first half of the
year, we have maintained our previous EBITDA estimate (EBITDA GBCe: EUR 36.25
million) for the current financial year. We have also left our revenue and
EBITDA estimates for the subsequent financial year 2027 unchanged.



In view of the record order book (most recently over EUR 1.1 billion), which
has significantly increased visibility on future revenue, and the
medium-term return to growth for the Group anticipated by Somec management,
we have raised our revenue and EBITDA estimates for the 2028 financial year
to EUR 408.54 million (previously: EUR 399.73 million) and EUR 42.09 million
(previously: EUR 40.53 million) respectively.



In view of the improved financial result at the end of the first half of
2026 and depreciation and amortisation (D&A) costs that were lower than we
had expected, we have also raised our previous net profit and EBIT estimates
for the 2026 financial year and subsequent years.



Overall, the engineering group should continue to benefit in future from the
global cruise industry, which remains buoyant, thanks to its extensive
business activities, which are firmly rooted in the maritime sector. The
prestigious record-breaking contract for Fabbrica should also enable the US
façade business to regain momentum in the coming financial years. The
planned resumption of M&A activities from the coming financial year 2027,
with a focus on the Mestieri Division, opens up additional growth potential
and could further significantly boost the pace of future growth.



Based on our revised revenue and earnings forecasts for the current
financial year and subsequent years, we have raised our previous price
target to EUR 26.95 (previously: EUR 22.70). Our increase in the target price
stems primarily from our significantly raised forecasts for the 2028
financial year and the associated higher baseline for estimates in
subsequent years. The so-called 'roll-over effect' (new target price horizon
31 December 2027 instead of the previous 31 December 2026) also contributed
to the increase in the target price. By contrast, our increased cost of
capital (WACC), resulting from the rise in the risk-free interest rate (from
3.0% previously to 3.5% currently), had a downward effect on the target
price. In view of the current share price level, we therefore maintain our
'BUY' rating.





You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=55aabe7278dd66f2e322fd29f8b234e3



Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Disclosure of potential conflicts of interest pursuant to Section 85 of the
German Securities Trading Act (WpHG) and Article 20 of the Market Abuse
Regulation (MAR) The following potential conflict of interest exists in
relation to the company analysed above: (5a, 5b, 6a, 11); A list of
potential conflicts of interest can be found at:
https://www.gbc-ag.de/de/Offenlegung



Note on issuer-sponsored research: This research report is issuer-sponsored
research and has been prepared in accordance with the EU Code of Conduct for
issuer-sponsored research.
+++++++++++++++
Completion: 21/10/2026 (17:25 pm)
First disclosure: 22/10/2026 (10:30 am)



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2420292 22.10.2026 CET/CEST