De'Longhi Spa "1Q26 Results: Solid execution, FY guidance reiterated" (Buy)

研报英文原文证据摘录

De'Longhi Spa "1Q26 Results: Solid execution, FY guidance reiterated" (Buy)

Global Research

13 May 2026ab

De'Longhi Spa Equities

Italy1Q26 Results: Solid execution, FY guidance

reiterated Household Products, Durable

12-month rating Buy

12m price target €46.00Limited impact from macro volatility, FY guidance confirmed

De’Longhi delivered a solid and, in our view, reassuring Q1 print, particularly against a

backdrop of low investor expectations heading into the release. Despite a weak January, Price (12 May 2026) €36.38

impacted by destocking, the group once again demonstrated resilience in its Household RIC: DLG.MI BBG: DLG IM

segment, especially in coffee, alongside continued strong growth in the Professional

division. While management remains typically cautious at this stage of the year, the Trading data and key metrics

reiteration of guidance should be taken positively, particularly given the ongoing 52-wk range €39.50-27.04

uncertainty in the Middle East. Clear articulation of M&A priorities, focusing first on Market cap. €5.50b/US$6.45b

minority interests in Professional, followed by selective geographic or Professional asset Shares o/s 151m (ORD)

expansion, should also be well received by the market. We continue to see an attractive Free float 46%

risk/reward profile. De’Longhi offers exposure to the compelling structural growth story Avg. daily volume ('000) 197

in coffee, which is proving more resilient than the market had anticipated. The shares Avg. daily value (m) €6.7

trade on 7.7x 2027E EV/EBITDA, representing a ~20% discount to the long-term Common s/h equity (12/26E) €2.26b

average. On a SOTP basis, we believe the current valuation ascribes limited value to the P/BV (12/26E) 2.4x

high-growth, high-margin Professional division.