GVS (AO) | Buy | Q2 preview (6 August): trajectory to remain on track

研报英文原文证据摘录

GVS (AO) | Buy | Q2 preview (6 August): trajectory to remain on track

#EarningsPreview

Release date: 15 July 2026

Matteo Bonizzoni

Head of Italian Equity Research

+39 02 80 62 83 43

mbonizzoni@keplercheuvreux.com

BuyGVS

Italy | Medtech & services MCap: EUR866.4M

Target Price: EUR4.70 Bloomberg: GVS IM Reuters: GVS.MI

Current Price: EUR4.58 Free float 37%

Up/downside: 2.6% Avg. daily volume (EURm) 1.0

YTD abs performance 17.9% Market data: 14 July 2026

52-week high/low (EUR) 5.18/3.35

Q2 preview (6 August): trajectory to remain on track

Key points:

On 6 August GVS is scheduled to release its Q2 / H1 2026 results with a conference call in the afternoon.

We expect the continuation of a trend within the guidance range, with a +3.7% organic growth and a +30bps margin expansion in

Q2 2026. If our estimates should be validated, the company appears on track to meet its guidance, our estimates and consensus

on both organic growth, margins and deleverage. A less penalising FX impact might have some positive effect on the reported

figures in FY2026, considering that c50% of sales are denominated in USD.

The final results of the tender offer confirmed low acceptance (2.3% of total shares, cash out: EUR18.7m).

The shares have recovered recently above the EUR4.3 tender offer price. GVS is trading at 8.9x EV/EBITDA, 12.8x EV/EBIT, 16x PE

2027E with a 6.2% FCF yield, which still looks undemanding, assuming a scenario of organic growth normalisation. Buy, TP

EUR4.7.

Reporting date 6 August

Conference call 6 August afternoon, time TBA

Dial in number TBA

Guidance: Management confirmed FY 2026 guidance for low-single-digit constant-FX revenue growth (KECH: +2.4%) with a

progressive acceleration through the year, and 20-50bps adjusted EBITDA margin expansion (KECH: +20bps). NFP/EBITDA