On Tuesday, Invest Securities initiated coverage of Airwell, a manufacturer of heating and air-conditioning equipment, with a buy opinion and a price target of six euros.

"Airwell is capitalizing on its established brand in the heat pump market to capture the strong market growth linked to the gradual ban on oil/gas-fired boilers", notes Invest, which describes the company as "right on trend".

The research firm estimates that this favorable dynamic should enable the company to achieve sales of 101 million euros by 2025, in line with its target of 100 million euros.

Invest Securities, which hails the company as "low capital-intensive" and "already profitable", praises the merits of its "fabless" model, which it believes should enable it to return to an operating margin (Ebitda) of over 5%, after the years 2022-2023 marked by a temporary acceleration in investments.

Airwell shares have gained over 50% since the start of the year.

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