Nexi runs after Cdp move, brokers positive but drops speculative appeal

(Il Sole 24 Ore Radiocor) Shares of Nexi in Piazza Affari on the news that Cdp is ready to push to 29.9% of the capital, from the current 19.1%. The payment services company's shares jumped almost 5%.

In detail Cdp announced that it is aiming to strengthen itself in Nexi up to close to 30%, while specifying that it has no intention of launching a takeover bid. "As part of this strategy, Cdp Equity has approved the subscription of derivative contracts up to 8% of Nexi's share capital, which may be settled in shares if the necessary authorisations are obtained. In addition, the stake may also be increased through direct purchases by Cdp Equity," it was stated. It should be noted that in addition to Cdp in Nexi's shareholding there is the private equity fund H&F, which has a stake of around 22%.

Analysts at Equita, while believing thatthe increase in Cassa Depositi e Prestiti's stake is "a supportive element for the stock", maintain their 'Hold' recommendation on the shares, calculating a price target of €3.1, lower than today's stock price. Intermonte also reiterated its 'Neutral' rating with a price target of €3.6 on Nexi. The sim's analysts have expressed appreciation for Cdp's move, given that it manifests institutional interest in the company, but at the same time they recall that Cdp has not only already announced that it will not launch a takeover bid, but at this point its hold discourages any possible takeover operations by other funds. Experts therefore believe that the current stock level indicates more of a 'floor', while they are more cautious about upside prospects.