Good performance for the Juventus stock which is currently up on the stock exchange by almost 2% on the day in which the shareholders’ meeting is called to hold approve the financial statements as at 30 June 2022the last chaired by Andra Agnelli.
“Resigning was not an easy decision, but Juventus comes first and foremost”, with these words the outgoing president Agnelli kicked off the last meeting of his era, before passing the ball to his successors who will have the arduous task of reviving the fortunes of society, outlining the guidelines for the near future.
In fact, at the end of November, the entire board of directors of Juventus resigned following the new complaints by Consob on the capital gains of the company. In particular, according to the Public Prosecutor’s Office, between 2019 and 2021 Juventus would have recorded a loss of 542 million euros, while in the same reference period, the black and white company would have declared losses of 337 million euros; inconsistent numbers, in fact, between the two versions (prosecutor’s office and club) there is one difference of more than 200 million euros.
The new BoD led by Ferrero
Following this scandal, the football club had to run for cover and in recent days, Exor, the majority shareholder of Juventus, through its spokesman John Elkann has indicated the names of the members of the new board of directors of the club. With this in mind, Elkann has opted for a drastic 50% cut in the number of board members, which thus passes from 10 to 5 components. He was chosen as President Gianluca Ferrerofaithful and historic accountant of various companies linked to the Agnelli family, who from today will have the objective of forming a new board of professionals for the Turin club.
Barring surprises, the new CEO of the club will be instead Maurice Scanavino, recently General Manager of Juventus; while Fioranna Negri she will be the expert in auditing and financial statements, as well as risk control. Among the other names of the new and slimmer black and white board, which will be made official in the next assembly on 18 Januaryappear Diego Pistone (finance and control expert) e Laura Cappiello (expert in mergers, acquisitions, corporate law and corporate criminal law), all of them “highly professional figures from a technical and legal point of view”, comments Elkann.
No change, however, as far as football is concerned, with the renewal of trust in coach Massimiliano Allegri.
Today the company approved the 2021/2022 budget with a operating loss of more than 238 million euros.
Board of directors resigns and stock rises
Despite the storm that has unleashed on the stock in the last month and in particular after the resignation of the Board of Directors which took place on 28 November, the title Juventus not only did not lose on the stock market but also gained, how come? In detail, since the day of Agnelli’s resignation, the stock has gained more than 23%, thus bringing the company’s market capitalization from approximately 700 million euros to the current approximately 870 million euros.
The rise in the stock was mainly triggered by rumors about the possible delisting of the stock from Piazza Affaria move that would also make it possible to lighten the bureaucratic aspects for the Turin club.
What are the suspects at risk?
There are several possible sanctions for the members of the former Juve Board of Directors and these range from one simple fine up to several penalty points; while the maximum penalty could even include exclusion from the tournament or relegation.
However, in this intricate context it is necessary to clarify and therefore consider the difference between ordinary justice and sports justice, two different paths. In this sense, we recall that even if Juventus was acquitted on appeal in the capital gains proceeding, on the other hand, the FIGC prosecutor’s office has opened a new proceeding with reference to the agreements between clubs and players for wage supplementation.
But there are many hot topics, in fact, let’s remember that the football market reopens on 1 January and in this context it will be necessary to understand what room for maneuver the club will have for new signings or transfers in view of the new year.
Technical analysis on the stock
Improve the graphic framework of the Juventus title that after touching a new low in the first days of December, lowest since 2016, rebounded. In particular, since the beginning of December, after the resignation of the entire Board of Directors, the stock has shown a performance of over 27% growth, thus going from the minimum marked around 0.24 euro per share, to the current 0.32 euro. In this sense, the security in the last trading month has benefited from rumors that the Agnelli-Elkann holding company is working to privatize the black and white clubthus delisting it from the Milan Stock Exchange, on which it is currently still listed.
Here these rumors have reported interest and volatility on the title. As we said now, the stock is in the 0.3 euro area and in the event of continuation of purchases, the upward overcoming and with trading volumes increasing the resistance level at 0.344 euroa level through which the 200-period moving average also passes, could bring prices back towards resistance at 0.4 euros.
On the contrary, the yielding of the support at 0.25 euro could be dangerous, as it could bring the prices back towards the downward target at 0,20 euroMarch 2017 prices.