Original-Research: Reply S.p.A. - von GBC AG Einstufung von GBC AG zu Reply S.p.A. Unternehmen: Reply S.p.A. ISIN: IT0005282865 Anlass der Studie: GBC Italian Champions Empfehlung: - Kursziel: - Letzte Ratingänderung: Analyst: Cosmin Filker, Matthias Greiffenberger, Marcel Goldmann, Marcel Schaffer, N. Ripplinger, E. Geßwein Theme study GBC Italian Champions: New investment opportunities in Bella Italia ?!   Dear investors,   The trend is clear: for some years now, fewer and fewer companies in Germany have dared to go public. The number of IPOs has been particularly low in recent years. Since the beginning of 2022, there have only been five new issues on the regulated market. At the same time, many companies have decided to leave the German capital market. The number of companies listed in Germany in the four segments of Deutsche Börse currently stands at 514. This structural development is compounded by the cur-rent difficult capital market environment, which does not suggest a trend reversal.   In contrast, the Italian capital market presents a positive picture. In the past calendar year, 49 new issues took place in Italy, breaking the record set in 2000. Last year is not an outlier, because in previous years there were also about 40 new issues a year, interrupted only by a pandemic-related restraint in IPOs. In the meantime, 419 issuers are listed on the Italian stock exchange and the Italian capital market has thus caught up considerably with the German capital market. In addition to the increasing willing-ness of Italian companies to focus their financing mix more on equity, the Italian capi-tal market also offers structural advantages. One example is the multiple voting rights, which enable better control of the founders and good takeover protection. For medium-sized companies in particular, this is a good argument for capital market orientation. In addition, investors benefit from attractive tax advantages, which can lead to tax exemp-tion of profits and current income if certain conditions are met. Issuers can also benefit from tax advantages when going public.   From the perspective of German investors, the Italian capital market currently offers attractive valuation levels. With a P/E ratio of 8, the Italian market was already clearly undervalued last year and thus quoted at a level that was otherwise only reached in times of crisis (2008 - P/E ratio = 6 and 2011 - P/E ratio = 6.5). This picture continues today, so it is not surprising that more than half of the 200 companies listed on Euron-ext Growth Milan have announced share buybacks.   In our first “GBC Italian Champions” study 2023, we present 13 particularly promising companies. With a market capitalisation of € 22 million to € 3.5 billion, our selection covers a wide range of sizes and also features broad sector diversification.   The 'GBC Italian Champions“ Study 2023 contains assessments of the following companies:   B&C Speakers S.p.A. (IT0001268561) Cembre S.p.A. (IT0001128047) ENAV S.p.A. (IT0005176406) Energy S.p.A (IT0005500712) Giglio.com S.p.A. (IT0005453003) Health Italia S.p.A. (IT0005221004) IDNNT SA (CH1118852594) Landi Renzo S.p.A. (IT0004210289) MEXEDIA S.p.A. (IT0005450819) Reply S.p.A. (IT0005282865) Sanlorenzo S.p.A. (IT0003549422) Solid World Group S.p.A. (IT0005497893) Zignago Vetro S.p.A. (IT0004171440)   We wish you an exciting read and successful investments,   Cosmin Filker Deputy Chief Analyst   Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28209.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Disclosure of potential conflicts of interest in accordance with Section 85 WpHG and Art. 20 MAR The following potential conflict of interest exists at the company analysed above: see individual studies; a catalogue of potential conflicts of interest can be found at: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Editorial deadline: 06.11.2023 Date and time of completion of the research report (german version): 09.11.2023 (08:13 am) Date and time of the first disclosure of the research report (german version): 09.11.2023 (10:00 am) Date and time of completion of the research report (english version): 09.11.2023 (8:07 pm) Date and time of the first disclosure of the research report (english version): 10.11.2023 (10:30 am) -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.