Invest Securities reaffirms its 'buy' recommendation on AdVini, with a price target lowered from 24 to 22.8 euros, highlighting the company's strong undervaluation. We now need to demonstrate that 2023 was merely a parenthesis to trigger a recovery", he believes.

"As the disappointing sales figures published at the end of February suggested, fiscal 2023 saw a sharp deterioration in earnings and net debt, albeit in line with our estimates", the analyst points out, adding that Advini needs to turn the situation around quickly.

Our 2024 targets may appear conservative if Advini manages to maintain its prices, with input deflation in our view modestly integrated. We are more or less in line with our guidance, with estimates for 2024-25 raised significantly", he continues.

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