First Read: Sanlorenzo SpA "SMID Pan-European Conference 2026 - Feedback" (Buy)

研报英文原文证据摘录

First Read: Sanlorenzo SpA "SMID Pan-European Conference 2026 - Feedback" (Buy)

Global Research

14 May 2026ab

First Read

EquitiesSanlorenzo SpA

SMID Pan-European Conference 2026 - Italy

Feedback Recreational Products & Services

12-month rating Buy

12m price target €47.00

Sanlorenzo at the SMID Pan-European Conference 2026

We hosted Massimo Perotti, Chief Executive Officer, Attilio Bruzzese, Chief Financial

Officer, and Ivan Cutrufello, IR, Finance and M&A Manager at the SMID Pan-European Price (14 May 2026) €39.24

Conference today for group meetings. RIC: SNL.MI BBG: SL IM

Trading data and key metrics

Key takeaways

52-wk range €39.24-28.55

Management’s tone was positive post the recent Capital Markets Day. Order book

Market cap. €1.37b/US$1.60b

remains resilient, with with book-to-bill consistently at ~1x and order intake improving

for seven consecutive quarters despite geopolitical and macro uncertainty and some Shares o/s 35.0m (ORD)

regional softness in the Middle East. The backlog remains high quality and largely sold to Free float 40%

end customers with meaningful deposits, underpinning low cancellation risk and Avg. daily volume ('000) 68.1

providing visibility on deliveries (with volumes remaining at 60-70 units per year). Margin Avg. daily value (m) €2.3

guidance was reiterated, with a broadly stable margin in FY26, but a pathway to Common s/h equity (12/26E) €0.58b

improvement to 2028 supported by favourable mix and new product launches. Upside P/BV (12/26E) 2.4x

to the mid-term targets (Revenue CAGR ≥6% through to FY28, with EBITDA margin Net debt to EBITDA (12/26E) NM

≥19.0%) could come from 1) an improvement in the macro environment and trading

EPS (UBS, diluted) (EUR)

conditions, 2) expansion into refitting and 3) better developing new geographies.