Nexi flies on rumoured Cdp interest in Rni, analysts say it would be positive
For the experts, it would accelerate the debt reduction process in the budget, thus reassuring the market about debt sustainability and strategic flexibility. The valuation knot remains
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(Il Sole 24 Ore Radiocor) - Speculation about the sale of the National Interbank Network (Rni) by Nexi and the stock jumped to the top of the FTSE MIB . According to rumours reported by Il Corriere della Sera, Cdp - Nexi's shareholder with 14.5% - would be interested in taking over Rni, the 208,000-kilometre-long infrastructure that allows banks, the Post Office and the Bank of Italy to settle the give and take transactions generated by users' transactions. For analysts, the operation would be positive because it would reduce indebtedness, leaving room for shareholder remuneration. Already in past months there had been talk of negotiations with F2i, which then foundered due to a disagreement over the valuation of the asset and the contractual clauses.
According to rumours at the time, the valuation of the asset was EUR 800 million. The business is part of the Digital Banking Solutions division, which in 2023 generated 383 million in revenues, or 11% of group revenues, and 151 million in ebitda (9% of group ebitda). "Should a sale materialise, this would in our view be a positive event," says Equita, "as Nexi would deconsolidate an asset with a lower growth profile than Merchant acquiring, and the company would obtain financial resources that could be used to accelerate deleverage and support shareholder remuneration. Equita has a buy rating on Nexi with a target price of €9.50.
According to Banca Akros, "the finalisation of the sale of the clearing infrastructure would allow Nexi to accelerate the process of debt reduction in the balance sheet, thus reassuring the market on debt sustainability and strategic flexibility". Analysts maintain a Buy rating with a target price of €8.3. Intermonte, for its part, emphasises that 'the sale is unlikely to involve investors other than institutional investors or those with strong institutional links'.
The article does not state the value of the asset, but analysts estimate that it could be in the region of 350/400 million. "If confirmed, the news of Cdp's interest in the purchase would be positive for Nexi," the analysts say, "as it would reduce financial debt by increasing the possibility of new buyback plans in 2025 and increase speculative appeal by removing from Nexi's perimeter a sensitive asset with potential problems related to the exercise of golden power by the Italian government. Intermonte's rating is outperform with a target of €8.10.
