MILAN, June 5 Italy's state-owned shipbuilder Fincantieri, which is planning to list on the Milan stock market, could be worth up to 1.6 billion euros ($2.2 billion), according to a report by Banca IMI, one of the book runners working on the deal.
The initial public offering of a minority stake in Fincantieri is part of a privatisation push launched by the Italian government last year to raise funds to cut its public debt.
Fincantieri, wholly owned by state lender Cassa Depositi e Prestiti (CDP), has already filed for a listing on the Milan bourse.
"We obtain a core valuation range of 1.26 billion to 1.6 billion euros," Banca IMI said in the confidential report for investors, obtained by Reuters.
The bank said it based its calculations on a long-term analysis. The valuation based on peers' multiples focused on 2015 estimates "as we believe they better factor in the expected recovery in performance and the medium/long-term growth opportunities," the report said.
Sources have said Fincantieri intends to list a stake of almost 50 percent. ($1 = 0.7345 Euros) (Reporting by Elisa Anzolin, writing by Stephen Jewkes, editing by Silvia Aloisi)