1、 EQUITIES CONSUMER GOODS DE LONGHI OUTPERFORM FROMNEUTRAL PRICE*EUR29.3 TARGET PRICE EUR38(UPSIDE 30%)TARGET PRICE EPS 25e EPS 26e 19%3%4%A latte to like-upgrade to Outperform 11 SEPTEMBER 2025 Securities Research Report Production time:05:23*(London time)Research Analysts&Publishing EntitiesResearc

2、h Analysts&Publishing Entities De Longhis value proposition and leadership positions in the attractive and growing coffee market should help it to deliver solid 2025 results,even amid the volatile environment.Meanwhile,growth prospects remain attractive.We think the recent share price performance do

3、es not reflect the groups resilience and high-quality profile,with the stock now trading at the bottom end of the historical range.We upgrade to Outperform with a EUR38 TP(from EUR32).Leading position in growing coffee market,successful step-up in professional coffee De Longhi is the largest produce

4、r of espresso coffee machines with a global market share of 35%and we expect the market to continue to grow as consumers seek a more premium at-home coffee experience.Encouragingly,it continues to invest in R&D and marketing,which should continue to stimulate consumer demand.We see the recent step-u

5、p in Professional coffee(10%of revenue vs.3%in 2022)as a success,with the unit notably delivering margin accretion.Robust growth in 2025 amid volatile environment/US tariffs,solid momentum ahead While comps will be tough in H225,we sit in the upper half of the guided EBITDA 2025 range,with home and

6、professional coffee to remain the key growth drivers.Robust revenue momentum should continue in 2026E with further margin expansion opportunities.Yet it seems that the market is giving minimal credit to De Longhis growth attributes and defensive qualities,with the stock-2%YTD.High-quality profile no