During 2024, the number of companies listed on the EGM was 210, with only 21 IPOs, slowing down from 34 last year. Total capitalization is 9.4 billion euros, with an average of 45.8 million.
In the last two years, 28 companies have delisted from the EGM, compared to 16 in the previous three years, indicating a less attractive EGM that suffers from a prolonged lack of liquidity. Discounted valuations have made these companies targets for acquisitions, with 17 takeover bids in the last two years compared to 14 in the previous six years.
We left you at the end of October with cautious optimism on the EGM and we return to you confirming our view. In fact, the segment continues to be dynamic for M&A, with Q4 marking a record number of operations.
Furthermore, the FTSE Italia Growth index stabilized around 8,000 points thanks to low valuations, accommodative monetary policy and fiscal stimulus. It outperformed its European counterpart Euronext Growth All Shares, which hit new lows this year. Finally, after the cut in October, consensus confirmed the estimates for the 2024-2026 period, with revenue growth of 13% in 2023-26, accompanied by an average improvement in margins of 300 basis points over the same time frame.
We mark 2024 as a transitional year. Explore the research here and watch the video analysis by Francesca Sabatini, Head of Equity Research, and Michele Calusa, Equity Research Analyst at Banca Profilo.
