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

Original-Research: Reply S.p.A. - from GBC AG



09.11.2026 / 13:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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.



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Classification of GBC AG to Reply S.p.A.



   Company Name:            Reply S.p.A.
   ISIN:                    IT0005282865



   Reason for the           GBC Italian Champions 2026
   research:
   Recommendation:          BUY
   Target price:            185.00 EUR
   Target price on sight    31.12.2027
   of:
   Last rating change:
   Analyst:                 Cosmin Filker, Matthias Greiffenberger, Marcel
                            Goldmann



Dear Investors,



Once again this year, our 'GBC Italian Champions' study focuses on selected
Italian listed companies that, in our view, offer particularly attractive
business models, promising growth prospects and corresponding share price
upside potential. This year's selection comprises twelve companies from a
wide range of industries, covering a broad spectrum of company sizes and
business models. Ten companies were already included in last year's
selection. With Avio S.p.A. and Otofarma S.p.A., we are adding two new
investment opportunities to our 'GBC Italian Champions' selection.



The performance of our selection from last year has also shown that it can
be worthwhile to look beyond national borders. The twelve "GBC Italian
Champions 2025" achieved an average price performance of 21.7% between 6
November 2025 and 30 October 2026. The selection thus outperformed the
Italian market as a whole by a significant margin, as measured by the ITA
STAR, which rose by 3.7% over the same period. Our selection from last year
also significantly outperformed the German share indices. Over the same
period, the DAX rose by 6.0%, the MDAX by 3.1% and the SDAX by 11.3%. In our
view, this performance underscores the opportunities that a fundamental and
selective stock-picking approach can offer, particularly outside the major
European blue chips.



The Italian capital market also continues to offer attractive opportunities.
Although the challenging macroeconomic environment and heightened market
volatility have recently narrowed the window for initial public offerings in
Italy, the Italian primary market continues to demonstrate significantly
higher activity than its German counterpart over the longer term. Between
2021 and 2025, approximately 150 new listings were recorded in Italy,
compared with just 29 IPOs in Germany. Euronext Growth Milan, in particular,
remains an important gateway to the capital markets for small and
medium-sized enterprises.



At the same time, Italy continues to improve the framework conditions for
listed companies and investors. In addition to tax incentives for IPOs and
relatively flexible regulations governing multiple voting rights, the 'Fondo
Nazionale Strategico Indiretto' is gaining increasing importance. The
initiative, which has been expanded to EUR750 million, aims to channel
additional institutional capital into Italian small- and mid-cap companies.
Furthermore, in 2026, Consob approved regulatory simplification measures
designed to reduce administrative burdens and facilitate access to the
capital markets.



Against this backdrop, we present our twelve 'GBC Italian Champions 2026' on
the following pages. Our selection ranges from established market leaders
and highly profitable niche players to high-growth companies that have
positioned themselves in attractive markets with promising long-term
prospects.



The 'GBC Italian Champions Study 2026' contains assessments of the following
companies:



Avio S.p.A. (ISIN: IT0005119810)
Casta Diva Group S.p.A. (ISIN: IT0005003782)
Cembre S.p.A. (ISIN: IT0001128047)
Fine Foods & Pharmaceuticals N.T.M. S.p.A. (ISIN: IT0005215329)
Franchetti S.p.A. (ISIN: IT0005508574)
Lindbergh S.p.A. (ISIN: IT0005469272)
Lottomatica Group S.p.A. (ISIN: IT0005541336)
Otofarma S.p.A. (ISIN: IT0005663361)
Reply S.p.A. (ISIN: IT0005282865)
Sanlorenzo S.p.A. (ISIN: IT0003549422)
Siav S.p.A. (ISIN: IT0005504128)
Somec S.p.A. (ISIN: IT0005329815)



We hope you enjoy reading this study and wish you every success with your
investments.



Cosmin Filker
Deputy Chief Analyst





You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=648b73ef3fa42e9d206890b4a5bc26cc



Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@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: 03/11/2026
Date and time of completion of the study: 09/11/2026 (10:09 a.m.)
Date and time of first dissemination of the study: 09/11/2026 (1:00 p.m.)



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2430858 09.11.2026 CET/CEST