Invest Securities initiates a 'buy' rating on Advini shares, with a target price of 26.4 euros, noting that the stock 'has never recovered from the COVID episode, currently trading -25% below its March 2020 levels'.

In its view, management's willingness to communicate again, the CEO's acquisition of nearly 10% of the share capital in recent months, and the gradual improvement in sales and earnings should put an end to the undervaluation of this wine group.

The research department believes that AdVini's share "is currently trading 20% below its net book value, which does not even take into account the revaluation of winegrowing assets carried at historical cost".

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