GBC AG Maintains 'BUY' Rating for Somec S.p.A. Amid Operational Growth

GBC AG has reiterated its 'BUY' recommendation for Somec S.p.A., setting a new target price of €26.95 valid until the end of 2027. Despite a 3.3% decline in consolidated turnover for 2025 due to adverse exchange rate impacts, strategic focus on higher-margin projects boosted the operating margin to 9.0%. In the first half of 2026, Somec's turnover declined by 3.3%, but profitability improved, with EBITDA rising by 10.8%.

Somec's management predicts medium-term growth across its business divisions, driven by sectors like shipbuilding and interiors projects. A record order book over €1.1 billion supports this optimistic outlook. The promising contract for Fabbrica is expected to enhance growth in the US façade market.

The anticipated resumption of M&A activities in 2027, particularly in the Mestieri division, could further fuel growth. Despite revised turnover estimates for 2026, improved forecasts for 2028 underpin the new price target, balancing out increased capital costs. The global cruise industry remains a vital component of Somec's growth strategy.