Borsa Italiana, commentary on today's meeting (13 November 2019)

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Enel in negative territory, after the diffusion of the first nine months of 2019. Bad day for Prysmian. A plus sign, however, for Salvatore Ferragamo  </p><div>

            &lt;! - <EdIndex> -&gt;<p>Day<strong>teaches about sales</strong> for the major Borsa Italiana indexes and for the main European stock exchanges. Michele De Michelis - investment manager of Frame Asset Management - suggested<strong> caution on stock markets</strong>, highlighting that in this last period investors have rushed to buy shares. &quot;However, if we analyze the volumes, we will see that they have been anything but impressive, so these maximums have been reached without too much conviction&quot;, stressed De Michelis. Intesa Sanpaolo analysts have reported that US president Donald Trump used positive tones in a speech to the Economic Club of New York, but overall <strong>cautious about the evolution of negotiations with China</strong>. Trump also added that if an agreement is not reached, the United States would raise the duties &quot;to a very significant extent&quot;, confirming that the risks on trade policy are reduced but not eliminated. &quot;The crux of the dispute at the moment is the reduction of the duties already imposed, in particular those implemented in September. The skirmishes between the two parties could continue in the next month&quot;, Intesa Sanpaolo analysts reported.

Market-redThe FTSEMib suffered a drop of 0.86% to 23,578 points, after having fluctuated between a minimum of 23.436 points and a maximum of 23.727 points. The FTSE Italia All Share fell by 0.78%. Minus sign also for the FTSE Italia Mid Cap (-0.26%) and for the FTSE Italia Star (-0.08%). In the November 13 session, the exchange value fell to 2.68 billion euros, compared to 2.81 billion on Tuesday; 608,165,501 shares have changed hands (686.407.016 on Tuesday). Out of 429 securities traded, 254 registered a negative performance, while the increases were 139; unchanged the remaining 36 shares.

THE'EUR it stood at $ 1.1, while the bitcoin it remained under $ 9,000 (around € 8,000).

The Btp-Bund spread touched 155 points.

It is in the ended the day with a drop of 0.76% to 6.93 euros, after the diffusion of the first nine months of 2019. The electricity giant closed the period under review with revenues of 57.12 billion euros, up 3.4% compared to 55.25 billion obtained in the first three quarters of 2018 The gross operating margin rose sharply (+ 10.5%), from € 12.01 billion to € 13.27 billion. Enel ended the January-September period with a net profit of 813 million euros, compared to 3.02 billion booked in the first nine months of 2018, essentially due to the value adjustment carried out on some coal-fired plants. Ordinary net income rose 14.1% to 3.3 billion euros. Based on these results, Enel's top management confirmed economic-financial targets for 2019. In detail, the expected value of the consolidated ordinary EBITDA for the 2019 financial year is approximately € 17.8 billion, higher than the target of Plan, amounting to approximately € 17.4 billion. Ordinary net income is estimated at around 4.8 billion euros. Enel's management approved the distribution of the 2020 interim dividend (for the 2019 financial year). The top management approved the distribution of a coupon of € 0.16 per share. After the release of the quarterly results, Kepler Cheuvreux analysts raised the target price on Enel from 7.1 euros to 7.5 euros; the experts confirmed the indication of the purchase of the shares. Banca Akros also increased its target price on the electricity giant, raising it from 7.2 euros to 7.4 euros; experts confirmed the indication to accumulate portfolio shares.

In general, lower prices of the banking sector.

The bending of stands out UniCredit, which left 2.18% on the ground at 12.476 euros.

Brilliant day for Salvatore Ferragamo (+ 4.03% to 18.19 euros), after the dissemination of quarterly results. The luxury company closed the first nine months of 2019 with revenues of € 994.36 million, up 2.3% compared to € 971.86 million in the first three quarters of last year; at constant exchange rates, turnover would have increased by 1.9%. EBITDA increased, rising from € 149.03 million to € 242.72 million, as a result of the application of the new accounting standards. On the contrary, net profit fell from 64.1 million to 59.97 million euros. In the third quarter alone, Salvatore Ferragamo's revenues fell by 2.9% (-3.6% at constant exchange rates). The top managers of Salvatore Ferragamo believe that the slowdown in revenues and operating margins recorded in the third quarter of 2019 may continue in the last part of the year. After the dissemination of quarterly results, Banca Akros analysts reduced the Salvatore Ferragamo target price from € 20.2 to € 19.3; the experts confirmed the "Neutral" judgment. On the contrary, Equita SIM increased the valuation on the luxury company from 17.3 euros to 18 euros per share, following the improvement in the estimates on revenues and profitability for the three-year period 2019/2021; experts reiterated the indication to keep the shares in the portfolio. JP Morgan limited itself to reducing the estimates on profit for the two-year period 2019/2020, reiterating the target price of 18 euros and the "Neutral" rating.

Prysmian (-7.16% to 18.94 euros) black jersey at the FTSEMib. During the conference call commenting the results for the first nine months of 2019, the company's chief executive, Valerio Battista, pointed out that the adjusted EBITDA for 2019 should be in the lower part of the range communicated to the market (fork between 950 and 1.02 billion euros), following the slowdown in the growth of the telecom sector. The analysts' consensus (published on the Prysmian website and updated to 11 November) indicated an adjusted EBITDA for the entire 2019 amounting to € 992 million. After the publication of the quarterly results, Kepler Cheuvreux analysts have reduced Prysmian's target price from € 21.5 to € 20.5, following the reduction in earnings per share for the two-year period 2019/2020; the experts also worsened the judgment, taking it from "Buy" (to buy) to "Hold" (to keep). Morgan Stanley reduced the valuation on Prysmian from 26 euros to 25 euros per share; however, the experts confirmed the "Overweight" rating, as the new target price implies a 30% rise compared to the current Prysmian listing. Banca Akros limited itself to worsening from "Buy" to "Accumulate" the judgment, reiterating the target price of 23.5 euros and the estimates for the coming quarters.

Among the less capitalized securities stands out the excellent performance of Safilo Group (+ 11.4% to 1.13 euros). The company closed the first nine months of 2019 with net sales of continuing operations of 708.7 million euros, compared to the same period of the previous year; at constant exchange rates the increase would have been 2.7%.

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