ANALYST COVERAGE

CompanyNameE-mailDateStudies and Reports RatingTarget Price (€)
Intermonte SIMAndrea Randone
Francois Robillard		andrea.randone@intermonte.it
francois.robillard@intermonte.it		June 1, 2021Cellularline - Tough-1Q-as-expected-back-to-growth-from-2Q-onwardsOutperform5.30
Intesa Sanpaolo IMIGabriele Antonio Bertigabriele.berti@intesasanpaolo.com18 Maggio 2021Cellularline - Q12021 Results BUY6.10
Intermonte SIMAndrea Randone
Francois Robillard		andrea.randone@intermonte.it
francois.robillard@intermonte.it		March 23, 2021Cellularline - Soft 4Q20-1Q21 stll impacted by pandemic rebound from 2QonwardsBUY5.50
MediobancaMarco Vitale
Giuseppe Grimaldi		marco.vitale@mediobanca.com
giuseppe.grimaldi@mediobanca.com		March 22, 2021Cellularline - Business recovery delayed by restrictionsNeutral5.00
Intesa Sanpaolo IMIGabriele Antonio Bertigabriele.berti@intesasanpaolo.comMarch 22, 2021Cellularline - FY2020 Results BUY6.40
Banca AkrosAndrea Bonfàandrea.bonfa@bancaakros.itMarch 19, 2021Cellularline - Q420 soft-No DVD-low visibilityNeutral5.00
Intesa Sanpaolo IMIGabriele Antonio Bertigabriele.berti@intesasanpaolo.comNovember 18, 2020Cellularline - Covid second wave to impact 4QBUY7.60
MediobancaMarco Vitale
Giuseppe Grimaldi		marco.vitale@mediobanca.com
giuseppe.grimaldi@mediobanca.com		November 16, 2020Cellularline - Demand recovery postponedNeutral5.20
Intermonte SIMAndrea Randone
Francois Robillard		andrea.randone@intermonte.it
francois.robillard@intermonte.it		November 13, 2020Cellularline - Q3 broadly in-line, lockdowns to impact 4QBUY6.30
Banca AkrosAndrea Bonfàandrea.bonfa@bancaakros.itNovember 12, 2020Cellularline - Q3/9M20 in line. October deterioration included in latest forecastsAccumulate6.00
Intermonte SIMAndrea Randone
Francois Robillard		andrea.randone@intermonte.it
francois.robillard@intermonte.it		September 16, 2020Cellularline - Time for recovery and MA execution after a difficult 2QBUY7.30
BANCA IMIGabriele Antonio Bertigabriele.berti@intesasanpaolo.comSeptember 16, 2020Cellularline - Acquisition of WorldconnectBUY9.40
Banca AkrosAndrea Bonfàandrea.bonfa@bancaakros.itSeptember 15, 2020Cellularline - DVD and 2021e sales recovery key to equity storyAccumulate6.00
MediobancaMarco Vitale
Giuseppe Grimaldi		marco.vitale@mediobanca.com
giuseppe.grimaldi@mediobanca.com		September 15, 2020Cellularline - Need to rebalance sales channel mixNeutral6.00
BANCA IMIGabriele Antonio Bertigabriele.berti@intesasanpaolo.comMay 19, 2020Cellularline - Q1 20 Results BUY9.10
Banca AkrosAndrea Bonfàandrea.bonfa@bancaakros.itMay 15, 2020Cellularline - Q120 cc feedbacks, growth opportunities are thereBUY8.00
MediobancaMarco Vitale
Giuseppe Grimaldi		marco.vitale@mediobanca.com
giuseppe.grimaldi@mediobanca.com		May 15, 2020Cellularline - Q1-Preparing-for-Phase-2Outperform6.50
Intermonte SIMAndrea Randone
Francois Robillard		andrea.randone@intermonte.it
francois.robillard@intermonte.it		May 15, 2020Cellularline - Q1-2020-supported-by-Systema-strategy-confirmed-ahead-of-challanging-Q2BUY8.50
Banca AkrosAndrea Bonfàandrea.bonfa@bancaakros.itMarch 27, 2020Cellularline - CV seems manageable. DVD yld at 8%+ and sustainableBUY8.00
Intermonte SIMAndrea Randone
Francois Robillard		andrea.randone@intermonte.it
francois.robillard@intermonte.it		March 26, 2020Cellularline - M&A supports growth ahead of an uncertain 2020BUY8.70
BANCA IMIGabriele Antonio Bertigabriele.berti@intesasanpaolo.comMarch 23, 2020Cellularline - FY2019 ResultsBUY9.30
MediobancaMarco Vitale
Giuseppe Grimaldi		marco.vitale@mediobanca.com
giuseppe.grimaldi@mediobanca.com		March 3, 2020Cellularline - Value stalled by COVID-19Outperform7.00
Banca AkrosAndrea Bonfàandrea.bonfa@bancaakros.itNovember 26, 2019Fine tuning forecast with inclusion of IFRS16. Value still there. PT confirmedBUY9.50
BANCA IMIGabriele Antonio Bertigabriele.berti@intesasanpaolo.comNovember 22, 2019Cellularline - 3Q/9M19 ReultsBUY10.40
Intermonte SIMAndrea Randone
Francois Robillard		andrea.randone@intermonte.it
francois.robillard@intermonte.it		November 20, 2019Revenues set to accelerate in 4Q after 3Q slowdownBUY10.30
MediobancaMarco Vitale
Giuseppe Grimaldi		marco.vitale@mediobanca.com
giuseppe.grimaldi@mediobanca.com		November 18, 2019Cellularline - Ready to deliver in a tougher environmentOutperform9.20
BANCA IMIGabriele Antonio Bertigabriele.berti@intesasanpaolo.comSeptember 16, 2019Cellularline - 1H19A ResultsBUY10.80
Intermonte SIMEdoardo Girelli
Andrea Randone		edoardo.girelli@intermonte.it
andrea.randone@intermonte.it		September 16, 2019Cellularline - 1H19 in line_Double digit top line growth; slightly drop in profitabilityBUY10.70
MediobancaMarco Vitale
Giuseppe Grimaldi		marco.vitale@mediobanca.com
giuseppe.grimaldi@mediobanca.com		September 16, 2019Cellularline - A small step in the right directionOutperform9.60
Banca AkrosAndrea Bonfàandrea.bonfa@bancaakros.itSeptember 4, 2019Cellularline - Prospective 23% EBITDA margin looks sustainable - Initial CoverageBUY9.50
BANCA IMIGabriele Antonio Bertigabriele.berti@intesasanpaolo.comSeptember 3, 2019Cellularline - 1H19E Results PreviewBUY10.80
MediobancaMarco Vitale
Giuseppe Grimaldi		marco.vitale@mediobanca.com
giuseppe.grimaldi@mediobanca.com		September 3, 2019Cellularline - A value adding partner for retailers - Initial CoverageOutperform9.60
Intermonte SIMEdoardo Girelli
Andrea Randone		edoardo.girelli@intermonte.it
andrea.randone@intermonte.it		July 25, 2019Cellularline - 2019 Starts with Double-Digit Sales Rebound, Entry to STAR Segment of MTABUY11,0
BANCA IMIGabriele Antonio Bertigabriele.berti@intesasanpaolo.comMarch 21, 2019Cellularline - FY18 ResultsBUY12.0
Intermonte SIMEdoardo Girelli
Andrea Randone		edoardo.girelli@intermonte.it
andrea.randone@intermonte.it		March 18, 2019Cellularline - Plenty of Irons In The Fire in 2019, Including An Unexpected DividendBUY11.50
BANCA IMIGabriele Antonio Bertigabriele.berti@intesasanpaolo.comOctober 1, 2018Cellularline - 1H18 ResultsBUY12.6
Intermonte SIMEdoardo Girelli
Andrea Randone		edoardo.girelli@intermonte.it
andrea.randone@intermonte.it		September 28, 2018Cellularline - Weak 1H18 results affected by negative domestic CE channel dynamics BUY12.4
BANCA IMIVanessa Colangelo
Gabriele Antonio Berti		vanessa.colangelo@intesasanpaolo.com
gabriele.berti@intesasanpaolo.com		June 11, 2018Cellularline - Ready To Boost InternationalisationBUY13.3
Intermonte SIMEdoardo Girelli
Andrea Randone		edoardo.girelli@intermonte.it
andrea.randone@intermonte.it		June 7, 2018Cellularline - Making Smartphones SmarterBUY12.8