Nexi SpA. Nexi SpA is an Italy-based financial technology company. The Company is specialized in the payment technology field offering digital services and infrastructure to banks, businesses, institutions and the public administration.
  • TickerNEXI
  • ISINIT0005366767
  • SectorSupport Services
  • CountryItaly
Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/14/2020

The case for of a K-shaped recovery may be attractive, with one world belonging to the industries of the future (growth), mainly digital and technological, and another “old world” destined for relegation (value). But the recent correction by tech stocks serves as a reminder that the die is not cast. There can be no new world without the help of the old (no booking.com without hotels). The old world is awaiting the COVID-19 vaccine to be revived. When it comes, it will benefit fully fr...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/09/2020

La thèse de la reprise en K est attrayante : le monde appartiendrait aux industries du futur (la croissance), essentiellement digitales et technologiques, avec un « vieux monde » condamné à la relégation (la value). Mais la récente correction des valeurs technologiques nous rappelle que la messe n’est pas dite. Pas de nouveau monde sans le concours de l’ancien (ex pas de Booking.com sans hôtels). Ce dernier attend pour se réveiller la piqûre du vaccin COVID-19. Il profitera alors à pl...

Emmanuel Matot ...
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Stephane Houri

Nexi S.p.A : Some details on the Nexi/SIA deal following the recent newsflow

>The newsflow surrounding the Nexi-SIA deal recently turned favourable again (after fears it would fall through during the summer) - Since the start of discussions in December 2019, articles in the press have regularly fuelled the newsflow on the state of negotiations between Nexi and SIA. 1/ In May a Bloomberg article indicated that Nexi and SIA were stepping up their talks. 2/ In July, Italian daily Il Sole 24 Ore reported that the two companies were focusing on the...

Emmanuel Matot ...
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Stephane Houri

Nexi S.p.A : Quelques précisions sur le deal Nexi/SIA suite au newsflow récent

>Le newsflow autour du deal Nexi-SIA est récemment redevenu favorable (après la crainte d’un échec durant l’été) - Depuis le début des discussions en décembre 2019, des articles de presse ont régulièrement alimenté le newsflow sur l’état des négociations entre Nexi et SIA. 1/ En mai, un article de Bloomberg indiquait que Nexi et SIA intensifiaient leurs discussions. 2/ En juillet, le quotidien Il Sole 24 Ore, rapportait que les deux sociétés se concentraient sur la va...

Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/04/2020

Discussions are underway to devise a methodology that factors in CO2 emissions avoided thanks to insulation products in a possible scope 4. Saint-Gobain harbours greater avoided emissions potential than its rivals, which we value at € 8 per share. In the shorter term, the group is likely to announce an exceptional dividend (Q3), appoint Benoit Bazin as CEO (H1 2021) and revive its underperforming asset divestment programme (2021). (See report published yesterday) - ...

Emmanuel Matot ...
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Stephane Houri

Nexi S.p.A : Some details on the Nexi/SIA deal following the recent newsflow

>The newsflow surrounding the Nexi-SIA deal recently turned favourable again (after fears it would fall through during the summer) - Since the start of discussions in December 2019, articles in the press have regularly fuelled the newsflow on the state of negotiations between Nexi and SIA. 1/ In May a Bloomberg article indicated that Nexi and SIA were stepping up their talks. 2/ In July, Italian daily Il Sole 24 Ore reported that the two companies were focusing on the...

Emmanuel Matot ...
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Stephane Houri

Nexi S.p.A : Quelques précisions sur le deal Nexi/SIA suite au newsflow récent

>Le newsflow autour du deal Nexi-SIA est récemment redevenu favorable (après la crainte d’un échec durant l’été) - Depuis le début des discussions en décembre 2019, des articles de presse ont régulièrement alimenté le newsflow sur l’état des négociations entre Nexi et SIA. 1/ En mai, un article de Bloomberg indiquait que Nexi et SIA intensifiaient leurs discussions. 2/ En juillet, le quotidien Il Sole 24 Ore, rapportait que les deux sociétés se concentraient sur la va...

Emmanuel Matot ...
  • Stephane Houri
  • Tony Lebon

ODDO : Feedback de notre conférence de paiement de rentrée

>Un message assez ‘bullish’ - ODDO BHF a organisé une série de conférence calls consacrées au secteur du paiement. Etaient représentés Edenred (pour la partie crédit), Nexi, Ingenico et Worldline. Nous retenons globalement un message positif sur le rétablissement des volumes après la crise du COVID-19 et sur la poursuite du M&A. Nexi (Achat, OC 20 €) : retour à la croissance et toujours du M&A en vue - Nexi était représenté par Bernardo Mingrone (CFO)...

Emmanuel Matot ...
  • Stephane Houri
  • Tony Lebon

ODDO : Feedback from our back to school payment service conference

>A fairly bullish message - ODDO BHF has organised a series of conference calls dedicated to the payment sector. Edenred (for the credit research part), Nexi, Ingenico and Worldline were all represented. Overall, we retain a positive message on the upturn in volumes after the COVID-19 crisis and on the fact that M&A will continue apace. Nexi (Buy, target price of € 20): return to growth and M&A in prospect - Nexi was represented by Bernardo Mingrone (...

Emmanuel Matot ...
  • Stephane Houri

Nexi S.p.A : Pretty confident stance on a return to growth by the end of the year and on a pace of +5/7% in 2021

>Q2 2020 results slightly short of the consensus - Nexi's Q2 2020 results, reported yesterday afternoon, fell slightly short of the consensus. Net sales excluding the Intesa deal came to € 202.4m (-16% y-o-y), i.e. 1% below the consensus of € 205m. Including the Intesa acquiring deal, sales work out at € 229.7m (-13%). EBITDA excluding Intesa totalled € 99.2m (-18%), 2.7% below the consensus, i.e. a margin of 49%. With Intesa, it works out at € 124.8m, or a margin of ...

Tony Lebon

Ingenico : Feedback from conference calls with four issuers in the payment services industry

On September 2, we organized virtual group meetings with four issuers in the payment services sector: Edenred, Ingenico, Nexi and Worldline. - This document summarizes our feedback from the conference calls by issuer. - - - - - - - > - - - ...

Tony Lebon

Ingenico : Feedback des conférences téléphoniques organisées avec quatre émetteurs du secteur des services de paiement

Nous avons organisé le 2 septembre des group meetings virtuels avec quatre émetteurs du secteur des services de paiement : Edenred, Ingenico, Nexi et Worldline. - Ce document synthétise nos feed-back des conférences téléphoniques par émetteur. - - - - - - - - > - - - ...

Tony Lebon

Ingenico : Update of our recommendations on Worldline, Ingenico and Nexi, along with some comments on the Wirecard situation

In this report, we updated our recommendations on the issuers we cover within the payment services industry: - Ingenico: Buy on 2024 straight bond which offers an attractive pick-up compared with the Worldline bond (convergence of spreads). The 2022 CB is also interesting with regards to the upside potential on the Worldline stock. We maintain our Neutral recommendation on the 2021 bond. We are confident that the merger with Worldline will be completed; - Worldline: Buy maintained on...

Tony Lebon

Ingenico : Update of our recommendations on Worldline, Ingenico and Nexi, along with some comments on the Wirecard situation

In this report, we updated our recommendations on the issuers we cover within the payment services industry: - Ingenico: Buy on 2024 straight bond which offers an attractive pick-up compared with the Worldline bond (convergence of spreads). The 2022 CB is also interesting with regards to the upside potential on the Worldline stock. We maintain our Neutral recommendation on the 2021 bond. We are confident that the merger with Worldline will be completed; - Worldline: Buy maintained on...

Tony Lebon

Nexi S.p.A : L’acteur clé pour jouer la fin de l’exception italienne dans le paiement (étude cross asset equity-crédit)

>Recommandation Neutre sur les obligations Nexi 2024 - Nexi domine le marché italien du paiement électronique. Il devrait bénéficier d’une croissance régulière sur un marché anormalement sous-pénétré (85% des transactions encore en cash), bien équipé en TPE et où le gouvernement prend de nombreuses mesures pour réduire l’usage du cash. De potentielles bonnes surprises (non intégrées à nos prévisions) liées à l’accélération de la pénétration du paiement électronique so...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/14/2020

The case for of a K-shaped recovery may be attractive, with one world belonging to the industries of the future (growth), mainly digital and technological, and another “old world” destined for relegation (value). But the recent correction by tech stocks serves as a reminder that the die is not cast. There can be no new world without the help of the old (no booking.com without hotels). The old world is awaiting the COVID-19 vaccine to be revived. When it comes, it will benefit fully fr...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Bruno Cavalier
  • Emmanuel Matot
  • Fatma Ayachi
  • Jerôme Bodin
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Melek Laabidi
  • Olfa Taamallah
  • Oussema Ettaieb
  • Stephane Houri
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/09/2020

La thèse de la reprise en K est attrayante : le monde appartiendrait aux industries du futur (la croissance), essentiellement digitales et technologiques, avec un « vieux monde » condamné à la relégation (la value). Mais la récente correction des valeurs technologiques nous rappelle que la messe n’est pas dite. Pas de nouveau monde sans le concours de l’ancien (ex pas de Booking.com sans hôtels). Ce dernier attend pour se réveiller la piqûre du vaccin COVID-19. Il profitera alors à pl...

Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/04/2020

Discussions are underway to devise a methodology that factors in CO2 emissions avoided thanks to insulation products in a possible scope 4. Saint-Gobain harbours greater avoided emissions potential than its rivals, which we value at € 8 per share. In the shorter term, the group is likely to announce an exceptional dividend (Q3), appoint Benoit Bazin as CEO (H1 2021) and revive its underperforming asset divestment programme (2021). (See report published yesterday) - ...

Emmanuel Matot ...
  • Tony Lebon

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/09/2020

Des discussions seraient en cours pour définir une méthodologie intégrant les émissions de CO2 évitées par les produits isolants dans un possible scope 4. Saint-Gobain dispose d’un potentiel supérieur à celui de ses concurrents. Nous l’évaluons à 8 € par action. A plus court terme, le groupe devrait annoncer un dividende exceptionnel (T3), nommer Benoit Bazin au poste de CEO (S1 2021) et relancer son programme de cessions d’actifs sous-performants (2021). (Cf étude publiée hier) - ...

NEXI suffers a double requalification, which weighs heavily on its rating, now at Neutral.

The independent financial analyst theScreener just downgraded the general evaluation of NEXI (IT), active in the Speciality Finance industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as moderately risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Neutral. As of the analysis date July 24, 2020, the closing price was EUR 14.97 and its target price was estimated at EUR 11.57.

Expert Corporate Governance Service (ECGS)

Nexi – EGM 26 June 2020

Nexi SpA (formerly Istituto Centrale delle Banche Popolari Italiane r"ICBPI") is an Italian financial technology company established in 2016. It is specialized in the payment technology field, offering digital services and infrastructure to banks, businesses, institutions and the public administration. Nexi shares have been listed on the Italian Stock Exchange since April 2019.The EGM is called to approve the convertibility of a bond issue denominated "€500'000'000 1.75 per cent. Equity Linked Bonds due 2027", as well as the authorization to increase the share capital by maximum 4.1% to servi...

Expert Corporate Governance Service (ECGS)

Nexi – AGM 5 May 2020

Nexi SpA (formerly Istituto Centrale delle Banche Popolari Italiane -"ICBPI") is an Italian financial technology company established in 2016. It is specialized in the payment technology field, offering digital services and infrastructure to banks, businesses, institutions and the public administration. Nexi shares have been listed on the Italian Stock Exchange since April 2019.   In item 2.1, shareholders are called to a binding vote on the remuneration policy. The quality of disclosure is in line with market practice in Italy, the CEO's base salary is in line with the median of peers and, i...

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