Equita lifted target for Lottomatica stock to EUR 36.00

Published on 10/08/2026 at 12:40 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Equita had a EUR 31.00 target and kept Buy on September 23, 2026. Lottomatica stock costs EUR 24.42 after EUR 24.33.

Lottomatica, IT0005541336, Illustration mit AI erstellt.

Lottomatica (ISIN IT0005541336) was trading at EUR 24.42 at Lang & Schwarz on October 8, 2026 at 12:32 p.m. CEST, up 0.37 percent versus the prior close of EUR 24.33. The key valuation update came from Equita on September 23, 2026, when the broker lifted its target from EUR 31.00 to EUR 36.00 and confirmed its Buy rating, as Repubblica reported.

Target rises on Cirsa synergies

Equita based the higher target on the planned combination with Cirsa. Its analysis estimated earnings-per-share accretion of 23.00 percent to 28.00 percent by 2029-30 from cost synergies alone, with the range rising to 28.00 percent to 39.00 percent when revenue synergies are included, according to Repubblica.

The target increase implies EUR 5.00 of additional value per share, or 16.13 percent versus the former EUR 31.00 target. Equita also modeled EUR 115.0 million of cost synergies by 2030 and a possible EUR 38.00 target under a full-synergy 2030 scenario, while execution risk and exposure to emerging markets remain part of the valuation framework.

Merger scale brings a leverage test

The proposed all-share combination would leave current Lottomatica shareholders with 67.50 percent of the combined group, while Blackstone would hold 24.00 percent. S&P Global Ratings said on September 8, 2026 that the transaction is expected to close in the second quarter of 2027, subject to regulatory and shareholder approvals, and estimated combined 2027 revenue of EUR 5.6 billion and adjusted EBITDA of EUR 1.8 billion, as S&P Global Ratings reported.

The same assessment puts combined debt at EUR 5.4 billion and adjusted debt to EBITDA at 3.0 times by the end of 2027. Management targets leverage of 2.0 to 2.5 times after closing, so deleveraging and integration execution are central to whether the higher valuation can be justified.

Stock remains below its yearly high

The Lang & Schwarz price of EUR 24.42 stands 13.68 percent below the 52-week high of EUR 28.29 and 30.87 percent above the 52-week low of EUR 18.66, using the October 8, 2026 quote context. The market capitalization was EUR 5.7 billion on October 8, 2026, while the primary listing is on Borsa Italiana under ticker LTMC.MI.

Lottomatica was trading at EUR 24.42 at Lang & Schwarz on October 8, 2026 at 12:32 p.m. CEST, plus 0.37 percent versus the Lang & Schwarz prior close of EUR 24.33. The further course of trading is shown by the continuously updated real-time quote of Lottomatica stock.