The outcome of Nexi’s long-awaited CMD was satisfactory overall with product clarification key to correctly identifying the firm’s profile. The conclusion is in line with our thesis that the company is not a Tech “pure play” although its highly scalable model is expected to generate strong margins. While growth may be set to run out of steam, Nexi could consider distributions to shareholders around 2025, which leads us to believe that it may be preparing the ground for a merger.
