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

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

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24.07.2025 / 10:30 CET/CEST

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

Company Name: Somec S.p.A.

ISIN: IT0005329815

Reason for the research: Research study (Comment)

Recommendation: BUY

Target price: 22.50 EUR

Last rating change:

Analyst: Marcel Goldmann, Cosmin Filker

Strong order intake in the marine business confirms Somec's leading market

position and ensure visibility until 2033

On 17 July 2025, Somec S.p.A. (Somec) announced new strong order intake in

their marine business totalling over EUR 57 million, which was received by the

core segment 'Horizons' (ship glazing division). The contracts expand the

agreements already signed with a leading Finnish shipyard, which were

announced on 20 December 2024 and 31 January 2025. Specifically, one of the

previously agreed options has been converted into a firm order, a new ship

has been added and another option has been confirmed. The agreements now

cover a total of three cruise ships.

The contracts cover the turnkey delivery of the balcony systems for the new

motorised vertical opening system developed for so-called Infinity Cabins,

as well as windows and glazing for the upper decks in the bow area. Delivery

is scheduled for the period from 2028 to 2030. The economic impact of this

is expected between 2026 and 2030.

The Somec Group had previously announced large-volume orders received on 14

July 2025 for its 'Horizons' and 'Talenta' business units with a total value

of over EUR 110 million. The first contract was signed with Fincantieri

(Europe's largest shipbuilding group) for three ships in the ACE series for

Carnival Cruise Line (one of which is under option), each capable of

carrying up to 8,000 passengers. Somec will supply the complete

prefabricated balcony module system and high-performance sliding window

frames for all cabins. Delivery of the cruise ships is scheduled for the

period 2027 to 2028, with the economic effects expected in the same period.

The second contract, signed with the French company Chantiers de

l'Atlantique, covers one ship in the Oasis series of the Royal Caribbean

Group fleet. Somec will supply the entire 'Ocean View Balcony' package,

including glazing, windshields and balustrades for the public areas as well

as the suites, family suites and royal suites. Delivery of the ship is

scheduled for the first half of 2028, with the economic impact of this order

spread over the period from 2026 to 2028.

Oxin, one of the most important companies in Somec's Talenta division

(professional kitchen segment), will supply a turnkey solution for the new

cruise ship of Japan's Ryobi Holdings at the West Sea shipyard in Viana do

Castelo (Portugal). The order includes the construction and complete

furnishing of the laundry and catering areas (kitchens, bars, storage rooms

and cold rooms).

At the same time, Somec will be responsible for installing all

high-performance sliding windows and balcony cabin partitions, vertical

motorised sliding windows ('Ocean View Balcony') and continuous glazing in

the public areas and the Skydome. Delivery is scheduled for the first

quarter of 2027. The economic impact is expected to be felt between 2025 and

2026.

In addition, Oxin will also be involved in the construction of six ships for

Viking at the Fincantieri shipyard, four of which are under option.

Specifically, the company will be responsible for the construction of the

kitchens, catering areas and bars on board the newly built cruise ships. The

company will deliver a turnkey package covering all phases of the project

under the 'Made in Italy' banner, including design, production, installation

and after-sales service for the equipped areas. The ships will be delivered

between 2030 and 2033, and the economic effects will be felt during the same

period.

The strong order intake from the marine business, from major (cruise)

shipyards across almost all divisions of the Group, underscores the Somec

Group's leading market position in this booming sector. At the same time,

the large-volume orders received ensure a growing order backlog and economic

visibility through to 2033. The significant order intake recorded in the

traditionally high-margin core maritime business is an important factor in

enabling the Somec Group to continue its growth course in the medium and

long term.

The positive order reports reinforce our generally positive assessment of

the Somec Group and the Group's continued promising prospects. We will

update and review our previous estimates and valuation when the company

publishes its half-year figures. Until then, we confirm our current

forecasts, with strong margin growth expected as the company continues on

its growth path, and our price target of EUR 22.50.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=bbf216de6ad1b9461a0ab79893b565cd

Contact for questions:

GBC AG

Halderstrasse 27

86150 Augsburg

0821 / 241133 0

[email protected]

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Date (time) of completion: 24/07/2025 (8:52)

Date (time) of first distribution: 24/07/2025 (10:30)

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2174146 24.07.2025 CET/CEST

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Quelle: dpa-AFX