Nexi overwhelmed by bad sell-off. What happened? What to do now?


Sitting ds nightmare,

Estimated reading time: 4 minutes

by Federica Pace


Ftse Mib

Nexi experienced a nightmare session, with a rain of sales and dizzying exchange volumes. Here are the reasons.

Among the blue chips that today made people talk about themselves in Piazza Affari, but in the negative, we find Nexi who lived a fearful session.

Nexi at peak in Piazza Affari with boom volumes

The stock, having already stopped yesterday a series of three consecutive days on the rise, yielding almost two and a half percentage points, was literally overwhelmed by sales today.

At the end of the day, in fact, Nexi stopped at € 14.105, with a sinking of 7.84% and dizzying trading volumes, given that almost 17 million shares were traded on the market, equal to almost six times the monthly average.

Nexi: the largest shareholder sells almost 9% of the capital

Nexi was hit by sales after Mercury UK Holdco, the group’s largest shareholder with 52.1% of the share capital, and company owned by the private equity funds Bain, Advent and Clessidra, sold to institutional investors, through an accelerated bookbuilding, 55 million Nexi shares, equal to 8.8% of the share capital, thus reducing its stake to 43.4%.

The price of the accelerated bookbuilding was 14.2 euros, or a 7% discount compared to yesterday’s closing for a value of 781 million euros.

Nexi: the comment of Equita SIM

As highlighted by Equita SIM analysts in a note, considering that Mercury has already undertaken to sell a further 9.9% stake in Nexi’s capital to Intesa Sanpaolo, at the closing of the transaction related to the bank’s acquiring book, expected during the summer, Mercury’s pro-forma stake in Nexi would be 33.4%.

It should be noted that Mercury has undertaken not to further reduce its participation for a period of 90 days.

Equita SIM analysts confirm their strategy on Nexi, reiterating the “hold” recommendation, with a target price at 13.5 euros.

Nexi rejected by Bca Akros. Bullish instead Mediobanca

Banca Akros’ colleagues who have rejected the stock today are also cautious, with a change in rating from “accumulated” to “neutral” and a target price of 13 euros, because they believe that Nexi has gone up too much.

Mediobanca Securities, however, still believes in the title, which today reiterated the “outperform” recommendation, with a fair value of 17 euros.

Commenting on the sale of a share of Nexi by Mercury UK, analysts believe that this transaction would favor a merger with Sia and would reduce the weight of private equity funds in the entity that would be born from the merger.

According to a simulation of Mediobanca Securities, Cassa Depositi e Prestiti, the current shareholder of Sia with an 83% stake, would have an 18% stake in the new entity and the private equity funds would dilute to about 29% after the merger between Sia and Nexi.

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