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Sunday, December 5, 2021

Borsa, from Diasorin to Reply: the “small” shares that resist better than the big ones

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David count Goliath. The challenge opened in Piazza Affari. Coronavirus has highlighted even more the different ability to face and react to the difficulties between large and medium-small businesses. On the Italian capital market, competition prevails, in terms of performance, medium-small sized companies. But the distinctive element to succeed is the innovative component of resiliency of the business compared to the shock of lockdown.

The index of blue chip Italians from January to today leaves over 13% on the ground while that of mid-caps just under 3%. Both indices have left much larger losses behind them, but the size companiesreduced have been able to recover faster. And if the average in negative territory scrolling through the list of securities, rather positive situations emerge: among the small Diasorin, Trevi Finanziaria and Italmobiliare they earn between 30% and 50% while among the big ones, Nexi, Fineco and Enel they stand out with an increase higher than the double figure.

The ten best

The Economy of Corriere della Sera has reviewed the top 10 companies for performance of both rankings and results are shown in the table above. Note that there are titles that are part of both rankings and in particular Diasorin and Recordati that have been chosen to include among the mid-cap for the historical belonging to this category of titles even if they have recently made the jump in the club of the blue chip. Columbia Threadneedle Investments pays particular attention to smaller companies. According to William Davies, global equity manager: on the equity front, we continue to believe that the outlook for smaller global companies remains excellent. In addition, we pay attention to selecting the best quality securities characterized by low levels of debt, with a solid market positioning and valid models of business, which tend to be leaders in their respective sectors.

According to Columbia Threadneedle experts, these are the companies that will outperform in the current decade by taking advantage of the context of low inflation, low growth and low interest rates. In this category you can certainly insert the mid cap Italian companies that have always been characterized by a high level of internationalization, including Diasorin, De’Longhi and Recordati, global leaders in their respective niche and high-growth markets, with little debt and stable and sustainable cash generation. Since the beginning of the year, the overall rise in the trio has exceeded 40% on average. The manufacturer of small appliances emerged after the positive indications for the second quarter of the year. Equita Sim has thus raised the recommendation from hold to buy, with the target price rising from 18.5 to 26.5 euros. The analysts, according to the research, justify the decision with the indications provided by the company on the first part of the second quarter, in which we witnessed a trends of sales beyond initial expectations and able to stand the comparison in 2019. Volatility remains high, but investments in marketing and in the industrial platform can allow De’Longhi to navigate safely in these difficult times Equita concludes.

The case of pharmaceuticals

Recordati recently announced the positive results of the Istrusia drug study. News that prompted Goldman Sachs to raise the recommendation on Recordati from neutral to buy, with the target price going from 40 to 51.8 euros. Mediobanca Securities also raised the target price of the stock from 44.5 to 53.5 euros, confirming the rating outperform. In detail, analysts increase the earnings per share estimates for 2020-2022 by around 2% and around 5% until 2026. The consensus collected by Bloomberg records 7 buy, 2 neutral, 1 sell, average target 44.55 euros on Recordati.

But also among the blue chip there is no shortage of stories with the characteristics to seize the opportunities linked to the new post-pandemic macroeconomic scenario. Among these, Nexi, which has gained over 25% since January. Mediobanca Securities has recently confirmed the rating outperform and the target of 17 euros. Analysts report that: although the recovery of volumes after lockdown is certainly the most important question in the short term, there are various relevant medium-term themes that slowly resurface. The M&A is the most relevant, not only for the potential agreement with the competitor Sia, but also for the possible acquisition of activities from Ubi Banca.


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