^Original-Research: Reply S.p.A. - von GBC AGEinstufung von GBC AG zu Reply S.p.A.Unternehmen: Reply S.p.A.ISIN: IT0005282865Anlass der Studie: GBC Italian ChampionsEmpfehlung: -Kursziel: -Letzte Ratingänderung: Analyst: Cosmin Filker, Matthias Greiffenberger, Marcel Goldmann, Marcel Schaffer, N. Ripplinger, E. GeßweinTheme study GBC Italian Champions: New investment opportunities in BellaItalia ?! Dear investors, The trend is clear: for some years now, fewer and fewer companies inGermany have dared to go public. The number of IPOs has been particularlylow in recent years. Since the beginning of 2022, there have only been fivenew issues on the regulated market. At the same time, many companies havedecided to leave the German capital market. The number of companies listedin Germany in the four segments of Deutsche Börse currently stands at 514.This structural development is compounded by the cur-rent difficult capitalmarket environment, which does not suggest a trend reversal. In contrast, the Italian capital market presents a positive picture. In thepast calendar year, 49 new issues took place in Italy, breaking the recordset in 2000. Last year is not an outlier, because in previous years therewere also about 40 new issues a year, interrupted only by apandemic-related restraint in IPOs. In the meantime, 419 issuers are listedon the Italian stock exchange and the Italian capital market has thuscaught up considerably with the German capital market. In addition to theincreasing willing-ness of Italian companies to focus their financing mixmore on equity, the Italian capi-tal market also offers structuraladvantages. One example is the multiple voting rights, which enable bettercontrol of the founders and good takeover protection. For medium-sizedcompanies in particular, this is a good argument for capital marketorientation. In addition, investors benefit from attractive tax advantages,which can lead to tax exemp-tion of profits and current income if certainconditions are met. Issuers can also benefit from tax advantages when goingpublic. From the perspective of German investors, the Italian capital marketcurrently offers attractive valuation levels. With a P/E ratio of 8, theItalian market was already clearly undervalued last year and thus quoted ata level that was otherwise only reached in times of crisis (2008 - P/Eratio = 6 and 2011 - P/E ratio = 6.5). This picture continues today, so itis not surprising that more than half of the 200 companies listed onEuron-ext Growth Milan have announced share buybacks. In our first "GBC Italian Champions" study 2023, we present 13 particularlypromising companies. With a market capitalisation of EUR 22 million to EUR 3.5billion, our selection covers a wide range of sizes and also features broadsector diversification. The 'GBC Italian Champions" Study 2023 contains assessments of thefollowing 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 FilkerDeputy Chief Analyst Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28209.pdfKontakt für RückfragenGBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@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: 06.11.2023Date 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 Anlageberatungoder Aufforderung zum Abschluss bestimmter Börsengeschäfte.°