Nexi rises on Piazza Affari. Intermonte positive on accounts and guidance

(Il Sole 24 Ore Radiocor) - Purchases on Nexi which is positioned among the best on the list at Piazza Affari. The stock is supported by previews of the second quarter accounts which, according to analysts, should allow the achievement of the guidance set for 2025. In detail, the accounts will be announced on July 31 and Intermonte experts expect confirmation of the "positive trends, despite the more challenging comparison with the first quarter, especially in terms of costs". Revenues, they explain, are expected to benefit from Easter and data on tourism in Italy which should "have had a positive impact on the number of transactions and value of transactions. We expect the results to increase visibility on the achievement of the 2025 guidance announced at the end of February".

Specifically, Total Revenues is “expected to grow 2% to 897 million , in line with the annual guidance of low-to-mid single digit growth. Revenues for the first half are estimated to grow 2.8%. For adjusted EBITDA for the second quarter, we expect a more challenging comparison for personnel costs than observed in the first quarter. In particular, we expect these costs to grow 1.7%, the EBITDA margin is expected at 52.5% and EBITDA is expected to be 471 million in the second quarter and 857 million in the first half . Excess cash generation is estimated at 385 million in the first half, in line with achieving the annual guidance of more than 800 million”.

Intermonte therefore expects " solid results consistent with the 2025 guidance , which currently appears achievable. Economic growth expectations in the coming months will need to be monitored after holding up well during the first part of the year". The experts believe that “in the short term, M&A developments do not seem likely either in terms of disposals (Dbs division) or acquisitions (e.g. Worldline). Our current estimates are aligned with the guidance, on which we expect confirmation and full achievability . In light of the shareholders remuneration guidance, based on a growing dividend and structural buyback programs for the next few years, attention remains focused on cash generation: our estimates for 2025 foresee 813 million, growing in the following years, and overall equal to 2.8 billion in the three-year period 2025/2027. The moves of the shareholder funds also remain at the center of attention after the Advent and Bain funds sold half of their stake in Nexi, held through the Mercury vehicle, at the beginning of June, going from the current 6% to the current approximately 3%”.