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Original-Research: Somec S.p.A. - from GBC AG
Classification of GBC AG to Somec S.p.A.
Strong order intake in the marine business confirms Somec’s leading market position and ensure visibility until 2033 On 17 July 2025, Somec S.p.A. (Somec) announced new strong order intake in their marine business totalling over € 57 million, which was received by the core segment 'Horizons' (ship glazing division). The contracts expand the agreements already signed with a leading Finnish shipyard, which were announced on 20 December 2024 and 31 January 2025. Specifically, one of the previously agreed options has been converted into a firm order, a new ship has been added and another option has been confirmed. The agreements now cover a total of three cruise ships. The contracts cover the turnkey delivery of the balcony systems for the new motorised vertical opening system developed for so-called Infinity Cabins, as well as windows and glazing for the upper decks in the bow area. Delivery is scheduled for the period from 2028 to 2030. The economic impact of this is expected between 2026 and 2030. The Somec Group had previously announced large-volume orders received on 14 July 2025 for its 'Horizons' and 'Talenta' business units with a total value of over € 110 million. The first contract was signed with Fincantieri (Europe's largest shipbuilding group) for three ships in the ACE series for Carnival Cruise Line (one of which is under option), each capable of carrying up to 8,000 passengers. Somec will supply the complete prefabricated balcony module system and high-performance sliding window frames for all cabins. Delivery of the cruise ships is scheduled for the period 2027 to 2028, with the economic effects expected in the same period. The second contract, signed with the French company Chantiers de l'Atlantique, covers one ship in the Oasis series of the Royal Caribbean Group fleet. Somec will supply the entire 'Ocean View Balcony' package, including glazing, windshields and balustrades for the public areas as well as the suites, family suites and royal suites. Delivery of the ship is scheduled for the first half of 2028, with the economic impact of this order spread over the period from 2026 to 2028. Oxin, one of the most important companies in Somec's Talenta division (professional kitchen segment), will supply a turnkey solution for the new cruise ship of Japan's Ryobi Holdings at the West Sea shipyard in Viana do Castelo (Portugal). The order includes the construction and complete furnishing of the laundry and catering areas (kitchens, bars, storage rooms and cold rooms). At the same time, Somec will be responsible for installing all high-performance sliding windows and balcony cabin partitions, vertical motorised sliding windows ('Ocean View Balcony') and continuous glazing in the public areas and the Skydome. Delivery is scheduled for the first quarter of 2027. The economic impact is expected to be felt between 2025 and 2026. In addition, Oxin will also be involved in the construction of six ships for Viking at the Fincantieri shipyard, four of which are under option. Specifically, the company will be responsible for the construction of the kitchens, catering areas and bars on board the newly built cruise ships. The company will deliver a turnkey package covering all phases of the project under the 'Made in Italy' banner, including design, production, installation and after-sales service for the equipped areas. The ships will be delivered between 2030 and 2033, and the economic effects will be felt during the same period. The strong order intake from the marine business, from major (cruise) shipyards across almost all divisions of the Group, underscores the Somec Group's leading market position in this booming sector. At the same time, the large-volume orders received ensure a growing order backlog and economic visibility through to 2033. The significant order intake recorded in the traditionally high-margin core maritime business is an important factor in enabling the Somec Group to continue its growth course in the medium and long term. The positive order reports reinforce our generally positive assessment of the Somec Group and the Group's continued promising prospects. We will update and review our previous estimates and valuation when the company publishes its half-year figures. Until then, we confirm our current forecasts, with strong margin growth expected as the company continues on its growth path, and our price target of € 22.50.
You can download the research here: 20250724_Somec_Comment_ENG Contact for questions: GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a, 6a, 11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 24/07/2025 (8:52) Date (time) of first distribution: 24/07/2025 (10:30)
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2174146 24.07.2025 CET/CEST