The Ftse Italy Mid-Cap index (-0.5%) underperformed the main index by 1.2% over the past month (-6.3% year-on-year)
The Ftse Italy Small Caps (-2.1%) is reported to have underperformed the market by 2.8% and -17.3% on a relative basis since the beginning of January
Beating the Ftse Mib are Txt E-solutions (+77% since the beginning of the year compared with +17% for the main index), Brembo (+39%) and The Italian Sea Group (+38%)
The Ftse Mib index, which summarizes the performance of Italy’s 40 most liquid and capitalized stocks, put in a positive performance of +0.7% over the past month (prices as of June 19, 2023), for a 16.1% year-on-year rise. The Ftse Italy Mid-Cap index (-0.5 percent) underperformed the main index by 1.2 percent over the same period (-6.3 percent year-on-year), while the Ftse Italy Small Caps (-2.1 percent) is reported to have underperformed the market by 2.8 percent and -17.3 percent on a relative basis since the beginning of January. Intermonte’s research team, in its latest monthly report on Italian mid and small caps, identified the 20 best performing stocks, both in the last month and since the beginning of the year. Also beating the Ftse Mib.
Pmi: the best performers in the last month
At the top of the podium of “best performers” for the last month is Txt E-solutions (an international player specializing in the implementation of digital solutions) with +18 percent, accompanied by Relatech (a company that provides digital solutions through a customizable cloud platform) with +17 percent and Seco (specializing in IoT services for industry, design and production of integrated systems and embedded solutions) with +15 percent. Also in the top20 are Fine Foods (+11%), Wiit (+10%), Bff Bank (+10%), Somec (+9%), Cy4gate (+8%), Pharmanutra (+6%), Sesa (+6%), Fila (+5%), Reply (+4%), Banca Sistema (+3%), Tip (+3%), Alkemy (+3%), Revo Insurance (+3%), Unidata (+3%), Sciuker Frames (+2%), Elica (+2%) and finally Mondadori (+2%). By contrast, the worst performers in the past month are Seri Industrial (-19%), Matica Fintec (-15%) and Saras (-12%).
Who has beaten the Ftse Mib since the beginning of the year
Beating the Ftse Mib since the beginning of the year are once again Txt E-solutions (+77% compared to +17% for the main index), Brembo (an industry leader in the development and production of braking systems for vehicles, with +39%) and The Italian Sea Group (an Italian company active in the luxury sector and specialized in the design and production of yachts, with +38%). Top performers also included Cyberoo (+36%), Piaggio (+33%), Webuild (+32%), Salcef Group (+31%), Bff Bank (+30%), Marr (+29%), Media for Europe (+28%), Tod’s (+28%), Tip (+26%), Reevo (+25%), Buzzi-Unicem (+25%), Technogym (+23%), Intercos (+20%), Brunello Cucinelli (+20%), Cementir (+18%), Iren (+18%) and finally Saes Getters (+18%). On the opposite side, at the top of the “worst performer” ranking are Dovalue (-37%), Aquafil (-35%) and Seri Industrial (-27%).
“The past month has been seasonally weak in terms of news flow”, the investment bank’s researchers explain. “The macro picture has provided mixed signals while Italy’s GDP shows decent resilience, partly due to support from tourism but also thanks to surprisingly solid local demand. Against this backdrop, our preference for stocks exposed to digital transformation has finally rebounded, supported by attractive valuation multiples, a slight reduction in Italian interest rates, and widespread debate about the unexpressed potential of artificial intelligence. Looking ahead, valuations in some sectors, such as IT, remain attractive, and we expect second quarter results to provide confirmation of the soundness of our estimates”.
