Original-Research: Reply S.p.A. - from GBC AG 12.11.2024 / 11:01 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.

Original-Research: Reply S.p.A. (von GBC AG): BUY

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

12.11.2024 / 11:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group AG.
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 Reply S.p.A.

   Company Name:     Reply S.p.A.
   ISIN:             IT0005282865

   Reason for        GBC Italian Champions
   the research:
   Recommendatio-    BUY
   n:
   Target price:     EUR 170.00
   Target price      31.12.2025
   on sight of:
   Last rating
   change:
   Analyst:          Cosmin Filker, Matthias Greiffenberger, Marcel
                     Goldmann, Marcel Schaffer, N. Ripplinger, E. Geßwein

Dear investors,

For the second year in a row, we have selected 13 Italian small and mid-caps
that we consider to be particularly promising as part of GBC's "Italian
Champions" study. As in the previous year, our selection is highly
diversified across a range of sectors and covers a broad spectrum of market
capitalisations, ranging from EUR32 million to EUR5.3 bn. Eight companies from
last year's study have been included in this year's selection, leaving us
with five new investment ideas.

Over the past twelve months, the fundamental market environment for German
equities has deteriorated even further, which is why we are more convinced
than ever that it can be worthwhile to look across the border. One trend
cannot be overlooked: the capital market no longer seems to be an attractive
option for German companies. On the contrary, the easy option of delisting
has led to a decline in the number of listed companies in recent years. By
contrast, a look at the Milan stock exchange and, thus, the Italian capital
market shows a completely opposite development. While a total of 18
companies were listed on the Milan stock exchange in 2023, only three IPOs
took place in Germany.

The greater willingness of Italian companies to go public is likely due,
among other things, to structural advantages. These include, for example,
multiple voting rights, which enable better control of the founders and good
takeover protection. For medium-sized companies in particular, this is a
good argument in favour of a capital market orientation. In addition,
issuers can benefit from tax advantages when going public. The high value
placed on equities can also be seen from the planned investment initiative
Fondo Nazionale Strategico. A total of EUR 1.0 billion is to be invested in a
targeted manner in medium-sized and smaller Italian companies under a new
fund of funds proposed by the state investment bank Cassa Depositi e
Prestiti (CDP). Even though the fund is aimed at institutional investors and
qualified private investors, it is expected that the increased market
liquidity and the generally higher demand for 'second-tier' stocks could
prove to be a price driver for these stocks.

Which is why, on the following pages, we would like to present you, dear
investor, with the GBC-Best of Italy 2024 selection. A series of promising
companies from a variety of sectors with attractive valuations that, in our
view, could be an attractive addition to a portfolio.

B&C Speakers S.p.A. (ISIN: IT0001268561)
Banca Ifis Group (ISIN: IT0003188064)
Cembre S.p.A. (ISIN: IT0001128047)
Energy S.p.A (ISIN: IT0005500712)
Franchetti S.p.A. (ISIN: IT0005508574)
IDNNT SA (ISIN: CH1118852594)
Lindbergh S.p.A. (ISIN: IT0005469272)
Redfish S.p.A. (ISIN: IT0005549354)
Reply S.p.A. (ISIN: IT0005282865)
Sanlorenzo S.p.A. (ISIN: IT0003549422)
Solid World Group S.p.A. (ISIN: IT0005497893)
Somec S.p.A. (ISIN: IT0005329815)
Zignago Vetro S.p.A. (ISIN: IT0004171440)

We wish you an exciting read and successful investments,

Cosmin Filker
Deputy Chief Analyst



You can download the research here: http://www.more-ir.de/d/31283.pdf

Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
[e-mail]
++++++++++++++++
Disclosure of potential conflicts of interest in accordance with Section 85
WpHG and Art. 20 MAR The following potential conflict of interest exists at
the company analysed above: (see individual studies); a catalogue of
potential conflicts of interest can be found at:

https://www.gbc-ag.de/de/Offenlegung
+++++++++++++++
Editorial deadline: 04.11.2024
Date and time of completion of the report: 11.11.2024 (3:09 pm)
Date and time of the first disclosure of the research report: 12.11.2024
(11:00 am)

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