Original-Research: Reply S.p.A. (von GBC AG): BUY

About this update from Redfish Longterm Capital S.p.a.

Original-Research: Reply S.p.A. - from GBC AG 11.11.2025 / 10:30 CET/CEST Dissemination of a Research, transmitted by - a service of . The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to Reply S.p.A. Company Name:Reply S.p.A.ISIN: Reason for the research:GBC Italian Champions 2025Recommendation:BUYTarget price:€ 175.00Last rating change: Analyst:Cosmin Filker, Matthias Greiffenberger, Marcel GoldmannDear Investors, This year, we are once again presenting Italian small and mid-cap companies that we consider to be particularly promising in our study 'GBC Italian Champions'. As was the case last year, our selection is highly diversified across sectors and covers a wide range of company sizes. Nine companies from last year's study have made it into this year's selection again. This means that we are presenting four new investment ideas in this update to the study. This year, too, it is worth looking beyond national borders. While the German capital market no longer seems to be an attractive option for many companies, the Italian capital market remains as popular as ever. While IPO activity in Germany has been at a low level for years, new companies are constantly being listed on the Milan Stock Exchange. In Germany, new issues have almost come to a standstill in recent years. After only three IPOs took place in 2023, 2024 was not significantly better with five IPOs. In contrast, the Milan Stock Exchange recorded unbroken high IPO activity with 35 IPOs in 2023 and 23 in 2024. The greater willingness of Italian companies to go public is likely due, among other things, to structural advantages. These include, for example, multiple voting rights, which enable better control by the founders and good protection against takeovers. This is a particularly good argument for medium-sized companies to orient themselves towards the capital market. In addition, issuers can benefit from tax advantages when going public. The high status enjoyed by equities is also reflected in the planned Fondo Nazionale Strategico investment initiative. Under the umbrella of the state investment bank Cassa Depositi e Prestiti (CDP), over €700 million is to be invested specifically in medium-sized and smaller Italian co...

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