Lisi SA shares rose more than 5% on Monday, 22 June 2026, after Berenberg launched coverage of the French industrial group with a Buy recommendation and a price target of €81.
Berenberg analyst Giovanni Selvetti described Lisi as a high‑quality industrial compounder with entrenched positions in automotive and, most importantly, aerospace fasteners. He noted that Lisi ranks among the top three global producers of aerospace fasteners with an estimated market share of around 20%, operating in a market characterised by high entry barriers, strict safety certifications, short lead times and high customer switching costs.
For the aerospace division, Selvetti expects sales momentum to improve as supply‑chain bottlenecks ease and aircraft deliveries from Airbus and Boeing accelerate. He forecasts the division’s EBIT margin to increase from roughly 12% at present to 13% by 2028.
The analyst flagged the ongoing conflict in Iran as a near‑term risk that could disrupt Airbus deliveries to the Middle East, but maintained that the medium‑term outlook remains fundamentally strong.
In the automotive segment, Selvetti sees volume pressure stemming from squeezed global light‑vehicle production due to geopolitical tensions and regulatory uncertainty. He nonetheless anticipates up to 150 basis points of margin improvement over the next four years, driven by automation investments and a shift toward higher‑value‑added components.
The note also referenced Lisi’s recent M&A activity. The sale of its Medical division to SK Capital in 2025 generated net proceeds of €270 million, reducing the company’s net financial leverage to 0.9 times EBITDA. Berenberg estimates that Lisi now has roughly €1 billion of financial firepower for acquisitions; at a target multiple of 12 times EBITDA, such deals could lift the 2028 earnings‑per‑share forecast by about 20%.