GBC AG initiates coverage on Somec S.p.A. – Leading niche player entering phase of margin expansion

GBC AG initiates coverage on Somec S.p.A. – Leading niche player entering phase of margin expansion

Augsburg, 5 June 2025 – The research & investment company GBC AG, specialised in the analysis of listed European small and mid-cap companies, has initiated institutional research coverage of Somec S.p.A. (ISIN: IT0005329815). The Italian engineering group, listed on Euronext Milan, is a global niche leader in maritime glazing, complex façade systems and custom interiors for high-end environments.

Founded in 1978 and headquartered in San Vendemiano (Italy), the company operates through three synergistic business segments – Horizons (naval and civil glazing), Talenta (professional kitchen systems), and Mestieri (tailor-made interiors). With more than 1,000 employees, 18 production sites and a presence on three continents, Somec is a hidden champion in high-value industrial engineering.

In FY 2024, Somec reported revenues of €382.8 million and a 62.7% increase in EBITDA to €29.6 million, driven by strong performance in the core “Horizons” segment. Adjusted for special effects, net income turned clearly positive. With an order backlog of €744 million, the Group has a high degree of visibility and order stability. As the high-margin marine business gains further traction, management expects significant profitability improvements in the current and coming years.

In this context, GBC AG assigns a BUY rating with a price target of €22.50 based on a DCF valuation model.

"Somec is a textbook example of how strategic niche leadership, technological expertise and vertical integration can form the foundation for sustainable and scalable growth. The company’s strong positioning in the booming cruise and façade markets, combined with ongoing margin expansion, offers investors considerable long-term potential."
– Manuel Hölzle, Chief Analyst and Managing Director, GBC AG

The full research report (Initial Coverage, 42 pages) is now available free of charge on the GBC AG website: www.gbc-ag.com and https://www.more-ir.de/d/32782.pdf

About Somec S.p.A.
Somec S.p.A. is a global provider of advanced engineering systems for naval architecture, building façades and luxury interiors. As the world market leader in ship glazing, the company supplies major cruise ship builders and owners such as Fincantieri , Meyer Werft, Royal Caribbean and Carnival . The Group has pursued a successful buy-and-build strategy since its IPO in 2018, more than doubling revenues and building a robust and diversified business model.

Disclaimer:
This announcement does not constitute financial analysis within the meaning of Section 34b of the German Securities Trading Act (WpHG) nor does it represent investment advice or a recommendation. Investing in stocks carries risks, including the risk of total capital loss.

Disclosure of potential conflicts of interest in accordance with §85 WpHG and Art. 20 MAR: GBC AG and the responsible analyst point out that the following potential conflicts of interest may exist at the time of publication: 5a,5b,6a,11.

Details can be found in the full research report and at: https://www.gbc-ag.de/de/Offenlegung

Press Contact:
GBC AG
Phone: +49 821 241133 0
Email: research@gbc-ag.de