A barrier that has been insurmountable for fifteen years
Closing down for Piazza Affari. The Ftse Mib index lost 0.62% to 27,700 points. Altitude 28 thousand is still impassable. It has existed for fifteen years. The list has tried many times to launch the final attack, but so far it has always been repelled with losses. And to say that there is no shortage of stories in Piazza Affari.
Wedding at the door
The case of the day remains Banco Bpm, perhaps in UniCredit’s sights. Equita’s analysts reiterate their belief that the operation «would have a strong industrial rationale as it would strengthen significantly the positioning of UniCredit in Italy, with an overall market share in terms of branches that would increase from 11% to 18% and from 10% to 20% in the North, and room for a high increase in earnings per share, beyond the 15% after synergies, also against the recognition of a significant bonus in favor of Banco Bpm shareholders and without compromising the capital solidity of the combined entity”.
The role of Credit Agricole
“At the same time – they warn – we consider an operation complicated at this moment considering the uncertainties on the evolution of the macro scenario and in the light of the presence of Credit Agricole as the main shareholder of Banco Bpm, as well as a partner in consumer credit and insurance” . The acquisition of Banco Bpm by UniCredit, noted by Intermonte, “would close the Mps-Banco Bpm issue, with the probable disagreement of the government”.
Nexi the sleeping beauty has woken up
As mentioned, the possible valuation of the competitor Network International pushed the Nexi stock: the payment company based in Dubai and listed in London, in fact, confirmed that it had received an offer from the private equity funds CVC and Francisco Partners by 387 pence per share, or $2.6 billion, a 28% premium over Friday’s close. Before confirming the offer, Equita analysts had commented on the rumors about a valuation of “at least 2.5 billion dollars”, noting that it was “a figure significantly higher than the initial rumors which spoke of 2 billion”. According to the calculations of the experts, this is a multiple between price and profits in 2023 greater than 27 times, when «the European merchant acquirers Nexi and Worldline transact today respectively at 13 and 15 times».