Analyst Coverage

Alantra Equity Research Update
Strong revenue growth, profitability catching up

MidCap Equity Research Update
1H 2025 Results

Alantra Equity Research Update
Strategic boost: ISED and Eu20mn capital raise

MidCap Equity Research Update
€20mn Capital Increase and New Acquisition

Alantra Equity Research
From restructuring to scalable, profitable growth

MidCap Equity Research Update
Nuova partnership con Tiscali e nuove linee guida

MidCap Equity Research
FY24, a transition year with positive EBITDA

MidCap Partners Equity Research
Expert.ai: An AI Pure Player

MidCap Partners Equity Research
While ChatGPT Boosts Investments in AI, Expert.ai Has Added Alan Packer to its BoD

Mainfirst Bank – Stifel Company Update
SaaS sales acceleration in H1 and inflection in the key US market

MidCap Partners Update
The US market is the growth driver for the business

Intermonte Initiates Coverage with BUY Recommendation

Mainfirst Bank – Stifel Company Update (BUY, Target Price €3,70)
Setting the stage

Edison Group Update
Growth in focus areas

MidCap Partners Update (BUY, Target Price €6,3)
H1 2021 Results – Good prospects and upcoming MTA listing

MidCap Partners Update (BUY, Target Price €6,3)
X-read from Microsoft’s purchase of Nuance

Mainfirst Bank – Stifel News Flash (BUY, Target Price €3,70)
Nuance Communication acquired by Microsoft at 14x revenue

MidCap Partners Update (BUY, Target Price €6,3)
Launch of the NLU platform in early access

Edison Group Update
Focus shifts to scaling up

Mainfirst Bank – Stifel News Flash (BUY, Target Price €3,7)
FY-20 in line with preliminaries – focus on US and recurring revenues

MidCap Partners Update (BUY, Target Price €6,3)
FY 2020 – A structuring year

MidCap Partners Update (BUY, Target Price €6,3)
Preliminary results 2020 – Towards an Acceleration of Growth in 2021

Mainfirst Bank – Stifel News Flash (BUY, Target Price €3,7)
Focusing on recurring revenues and US growth

MidCap Partners Update (BUY, Target Price €6,3)
A Perfect Peer Goes Public

MidCap Partners Update (BUY, Target Price €6,3)
Entering a ramping growth stage

Edison Update
H120 results – Laying the foundations for growth

MidCap Partners Update
H1 2020 Results (BUY, Target Price €3,8)

Edison Update
Fund-raising target achieved

MidCap Partners Update
A new strategic plan for 2020-2024: “Path to Lead” (Target Price €3,8)

Edison Update
Five-year growth strategy unveiled

MAINFIRST – A Stifel Company
“The Path to Lead”. Upgrade to BUY. PT €3,70 (vs €3,15)

Edison Update
More funding for the international growth

Integrae SIM Update
BUY – Target Price €3.65

Edison Update
Focused on international growth

MidCap Partners
Results FY 2019 (Target Price €3)

Edison Update
ADmantX stake sold for €7m

MAINFIRST – A Stifel Company
Cogito, ergo as humans Initiation of Coverage (Target Price €3.15)

Integrae SIM Update
ADamantX Operation” BUY – Target Price €3.44 (Italian)

MidCap Partners
Update – Still Dynamic (BUY – Target Price €3.75 Upside Potential +25%)

Edison Update
Accelerating investment in growth

MidCap Partners
H1 2019 Earnings (BUY – Target Price €3.75)

Integrae SIM Update
HOLD – Target Price €3.39 (Italian)

MidCap Partners Update
Objective raised (BUY – Target Price €3.90)

Integrae SIM Update
BUY – Target Price €2.06 (Italian)

Edison Update
FY18 results – Better Visibility

MidCap Partners Update
Substantial improvements in margins (BUY – Target Price €2.00)

MidCap Partners
Initiation of Coverage (BUY – Target Price €1.78)

Edison Update
Making good progress towards growth targets (Target Price €1.91) – 1H2018

Integrae SIM Update
1H18 Results – BUY, Target Price €2.1 (Italian)

Edison Update
Strong H118 sales support FY18 targets

UBI Banca
Turning point (BUY from HOLD)

Edison Update
Strong finish to the year

Integrae SIM Update
1H17 Results and FY18-20F expectations, BUY – Target Price €2.06 (Italian)

Edison Update
€10m raised to fund growth – Target Price €1.58

Edison Update
Slower pipeline conversion

UBI Banca Update
Recovery still far – Hold (Maintained)

Integrae SIM Update
FY16 Results – Target Price €2.28 (Italian)

Edison Update
Turning the AI hype into reality

Integrae SIM Update
H117 results and FY17-19F expectations, Target Price €1.58 (Italian)

UBI Banca Update
Hold from Buy (TP € 1.89 from €2.32)

Integrae SIM Update
FY16 Results – Target Price €2.38 (Italian)

Edison Update
Building the foundations for growth

UBI Banca
Weak results in 1H 2016 – BUY

UBI Banca
Initiation of coverage – Investing in the future (TP €2,55)

Integrae SIM Update
Rating BUY, Target Price €2,61 (Italian)

Edison Update
Investing in the International Opportunity

Edison Update
Leveraging Cogito technology internationally

Integrae SIM Update
Expert System Target Price €2.9 (Italian)

Integrae SIM Update
Expert System Target Price €3.9 (Italian)

Edison Update
Transformational acquisition

Edison Update
Strong organic growth with acquisition upside (TP €3.43)

Edison
Initiation of coverage – Interpreting natural language

Integrae SIM
Initiating Coverage