Borsa Italiana, commentary on today's meeting (8 November 2019)


UniCredit should be monitored after the sharp rise achieved on Thursday. Leonardo could record significant changes at the start of the day  </p><div>

            &lt;! - <EdIndex> -&gt;<p><img style="float: left;" src="" alt="graphic-quotes-bag" width="200" />The major indices of the Italian Stock Exchange and the main European stock exchanges <strong>could start the last session of the week with minimum discounts</strong>.

Telecom Italia TIM in the spotlight. The telephone company ended the period July-September with revenues of € 4.43 billion, down 6.1% on an organic basis. The figure was slightly lower than the analysts' consensus (published on the Telecom Italia TIM website) which indicated revenues of 4.52 billion. The organic gross operating margin decreased by 4.5% to 2 billion euros, but was slightly above the indicated 1.97 billion analysts. At the end of September, adjusted net financial debt amounted to € 24.31 billion, down from € 25.27 billion at the beginning of the year. The net financial debt at September 30, 2019 was equal to € 28.45 billion and included the impact of the new accounting standards. The top management of Telecom Italia TIM confirmed the financial targets disclosed during the results of the first half of 2019. In particular, for the current year the heads of the telephone company expect organic group revenues from services slightly down (0-5% ) compared to last year, while the organic group EBITDA should record the same growth rates as organic group revenues from services, bringing the margins to 40% for 2020. The consensus of the brokers that follow the stock indicates for the full 2019 revenue of € 18.26 billion (down 3.6% from € 18.94 billion in 2018) and an organic gross operating margin of € 7.61 billion (down 2.6% compared to 2018 ).

Focus still on banking sector securities.

To be monitored UniCredit after the sharp rise achieved on Thursday. According to what is written on Il Sole24Ore the resources deriving from the sale of the Mediobanca share package could be used to repurchase treasury shares.

BPER Banca among the protagonists of the day. The institute communicated the results for the first nine months of 2019, a period closed with a net profit (excluding minority interests) of 522.93 million euros, a sharp increase compared to 358.13 million booked in the first three quarters of the last year. At the end of September, loans to customers, net of value adjustments, amounted to € 52.5 billion. At the same date, net non-performing loans (non-performing, probable and expired defaults) amounted to 3.2 billion euro, down 1.5% compared to the beginning of 2019, with a total coverage ratio of 63.7 %. Also at the end of September, the Common Equity Tier 1 was equal to 14.24%, compared to 14.27% at the beginning of the year, on the basis of a net equity it was equal to 5.2 billion euro. The parameter is well above the SREP requirement set by the ECB for 2019. The management of BPER Banca reported that in the latter part of the year revenues are expected to be substantially maintained supported.

Leonardo it could register significant changes at the start of the day. The aerospace company has completed the period under review with revenues of 9.13 billion euros, up 10.8% compared to the 8.24 billion obtained in the first three quarters of 2018. The net profit is also improving, which it went from 263 million to 465 million euros; the final result benefited from the effects of the transaction with Hitachi. In the same period Leonardo obtained new orders for 8.58 billion euros; consequently, at the end of September the order backlog amounted to 35.67 billion euros. Leonardo's top management confirmed the financial targets for the entire 2019, communicated on the occasion of the dissemination of the half-year results.

Fair day for the main US stock indexes, in the wake of the possibility of a rapprochement between the United States and China on trade issues. The Dow Jones reported a 0.66% increase to 27.675 points, after having scored the new all-time high at 27.775 points. A plus sign also for the S & P500 (+ 0.27% at 3,085 points, after setting the new all-time high at 3,098 points). The Nasdaq gained 0.28% to 8,435 points (new record high at 8,483 points).

In Tokyo the Tokyo stock exchange is rising. The Nikkei index gained 0.26% at 23,392 points.

THE'EUR it stands at $ 1.105. The spread Btp-Bund restarts from 141 points.

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