Sitting ds nightmare,
Estimated reading time: 4 minutes
by Federica Pace
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.