We upgrade FACC to Outperform from Neutral, raising our DCF-based TP to € 15.50 from € 10. Despite the strong run, we believe the company’s double-digit organic growth profile and strong margin expansion potential are not adequately priced in, with the stock remaining among the cheapest in the aerospace sector. Based on EV/EBIT and P/E multiples, the shares trade at a significant 33-45% discount to the sector for 2026e, widening to 48-57% for 2027e which we view as unjustified.
HEADLINES: • Arcelik (BUY, PT TRY 207.5): 4Q25 results – in line operationally NEUTRAL • XTB S.A.: 4Q25 net profit materially ahead of expectations • CCC: acquisition of controlling stake in MKRI NEUTRAL • Orange Polska: fined PLN 34m by Poland's antitrust regulator NEUTRAL • Huuuge Games: January 2026 Sensor Tower bookings estimate down 1% mom NEUTRAL • Ten Square Games: January 2026 Sensor Tower bookings estimate flat mom NEUTRAL • Rainbow Tours: 4Q25E preview – EBITDA marginally above zero in...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.