Maire (1K) | Buy (vs Hold) | Good Q2 ahead. Let's buy a bit again

研报英文原文证据摘录

Maire (1K) | Buy (vs Hold) | Good Q2 ahead. Let's buy a bit again

#EarningsPreview #Positive #RatingChange

#HighConviction #Actionable

Release date: 10 July 2026

Company research

ESG profile Buy (Hold)Maire

Italy | Energy equip. & services Beta Profile: MCap: EUR4.7bn

Target Price: EUR17.50 Change in TP: 0.0 % Bloomberg: MAIRE IM Reuters: MTCM.MI

Current Price: EUR14.29 Change in Sales: none 25E/none 26E Free float 44%

Up/downside: 22.5% Change in Adj EBIT: none 25E/none 26E Avg. daily volume (EURm) 18.6

YTD abs performance 9.5% Market data: 09 July 2026 Change in Adj. EPS: none 25E/none 26E

52-week high/low (EUR) 16.52/11.73

Good Q2 ahead. Let's buy a bit again Price performance

Why this report?

We do expect a good Q2 report at Maire, with no major impact from the

current situation in the Middle East. A number of positive catalysts can

materialise over the next 12 months, from order intake, to acquisitions and

potential IPO (NextChem), to earnings forecast upgrade with Hail & Ghasha

(2027 story). No change in our model over 2026-28E. Shares have gone down

since our downgrade, re-creating an entry point, with c.25% upside. We

upgrade the name from Hold to Buy. TP unchanged at EUR17.5. Share

rebounded strongly post Q1; we could see the same scenario post Q2 as

investors seem to still be a bit worried about the 2026 guidance.

Key findings

The order intake dynamic has probably been better than expected in H1; Maire FY to 31/12 (EUR) 12/26E 12/27E 12/28E

has secured c.EUR7bn of orders, while the guidance (FY) is for c.EUR9bn. With still Sales 7,693 8,016 8,333

some opportunities ahead (Argentina especially), we do see upside risk on this EBITDA adj. 577 645 707

guidance (Maire is likely to wait for the Q3 report to update it). Post 2026, the EBIT adj. 510 577 639