Dexelance runs after preliminary 2025 revenues, analysts raise estimates

(Il Sole 24 Ore Radiocor) - A shower of purchases on Dexelance at Piazza Affari, with the market welcoming the preliminary revenues for the 2025 financial year, announced by the company at the weekend. In detail, the high-end furniture, design and lighting company announced total revenues for the fiscal year 2025 of approximately EUR 370 million, an increase of 15% year-on-year. The figure includes Mohd's results within the scope of consolidation with effect from 1 January 2025.

Awaiting the publication of the final figures (on 16 March), Banca Akros analysts estimate sales, excluding Mohd (which posted revenues of around €70m in 2024), of around €300m (compared to the previously estimated €295m), implying a 14% year-on-year decline in the fourth quarter (compared to -19% previously). The drop is mainly driven by the decline in the Luxury Contract business, they point out, due to a 'more conservative' approach to retail by major customers in the luxury sector. Management, however, is confident in a recovery of the division in 2027, also driven by the acquisition of new customers. In light of the new indications, Equita also raised its revenue estimates by 2% (and proportionally for the following years) while leaving the ebitda estimate unchanged "for the time being", awaiting more information on the revenue mix for both Mohd and Luxury Contract.

Moreover, in an interview with Il Sole 24 Ore at the weekend, the company's management confirmed its medium-term target of revenues of EUR 500 million and adjusted ebitda of 15%, specifying that this will be achieved by the financial year 2028. With regard to M&A's operations, the company emphasised that negotiations are"ongoing, but no new agreements are expected until the completion of the capital increase, expected by June. Pending execution, Akros keeps its rating and price target 'suspended'.

Equita instead upgrades the target to EUR 5.8 from the previous EUR 6.7, incorporating the capital increase. At current market prices, the analysts note, the stock trades at an earning value to ebitda ratio for the 2026-2027 financial years at a discount of around 20% compared to other operators in the sector. The capital increase, they point out, "although dilutive in the short term, will allow Dexelance to start 2026 with greater financial solidity, an important competitive advantage to seize future M&A opportunities and confirm its role as an aggregator in a highly fragmented high-end furniture sector".

Among the novelties of 2026, the article anticipates Saba Italia's debut in the outdoor sector and theexpansion of the Binova range. Currently specialising in the kitchen sector, Binova will extend its offer to systems, a market in which the group is currently not present. This growth path will also include bathroom furniture in the future.