Invest Securities has reaffirmed its 'buy' recommendation on Bigben, with a price target revised from 5.6 to 6.4 euros, in view of the upside potential of its listed subsidiary Nacon, whose direct ownership the research firm continues to favor.

While Nacon has regained positive momentum, as we expected, and has risen significantly in value over the past month (+37%) with the success of Robocop and a much-improved second half of 2023/24, it is difficult to find any other reason for hope for Bigben", he believes.

The analyst also points out that Bigben will have to refinance its bond exchangeable for Nacon shares, which matures in February 2026, and that 'barring a massive revaluation of Nacon, this refinancing should lead to a separation of the two groups'.

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