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After a challenging period for the European payment sector, investors had been cautious as the Q3 report approached. They were aware that meeting the consensus expectations could have been difficult, given the recent profit warning from Worldline. Nexi’s Q3 results were in line with expectations in terms of revenue, although the focus is likely to be on margins. EBITDA margins surpassed AV’s estimates (which were already above consensus), indicating Nexi’s investment case resilience.
Companies: Nexi S.p.A.
AlphaValue
Nexi’s Q3 results were in line with market expectations and slightly below AV’s estimates on revenue. However, we believe the focus should be on margins this quarter, especially after observing Worldline’s performance. The EBITDA margin exceeded our expectations, which were slightly higher than the market consensus. This demonstrates Nexi’s ability to consistently deliver synergies.
Nexi is set to announce its Q3 2023 results on November 9. We have revised our Q3 estimates downwards, but anticipate stronger growth in Q4. The market was taken by surprise when Bloomberg released a rumour suggesting that CVC Capital Partners is contemplating a potential bid for Nexi. Following this news, Nexi’s stock surged by 13%. Nevertheless, we view the likelihood of this acquisition as quite slim.
Nexi’s results were in line with expectations: good growth, despite the challenging impact of COVID-19-related re-openings. As a result, the management has reaffirmed its guidance for the year. Nexi aims to rekindle investors’ interest and dispel concerns about the new Italian competitor (Banco BPM, FSI, and BCC JV). We believe that the allocated €1.3bn, out of the expected €2.8bn excess cash generated, and not intended to reduce debt, may potentially be utilised to create an opportunity to ret
Nexi again delivered in line with its guidance. Indeed for the past few quarters the firm has relentlessly recorded performances in line with its plan. While the shares are now trading at a discount, we see very few catalysts ahead although M&A speculation with Worldline could emerge within 6-12 months.
Nexi’s Q4 22 results were fully in line with our expectations and the consensus. The guidance is very slightly ahead of our expectations, but the problem lies elsewhere… the firm’s net profit, which was very weak. Our IC is confirmed; the firm is simply too expensive for the profitability it generates, especially considering the top-line growth which is good but not exciting and not worthy of such multiples.
A quiet quarter for Nexi (not a bad thing), which delivered on expectations with a small beat on margins. There were no real surprises in the release especially as it came a few weeks after the Capital Markets day. The overall thesis remains unchanged.
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.
Nexi’s results were broadly in line with consensus if not slightly ahead. This remained a strong performance as the firm delivered on its ambitions. We believe that the neutral to negative reaction for the share mainly stems from the previous gains post Worldline’s results. Overall, Nexi also has room to recover as per its fundamentals however fears of recession blur the horizon and may impede the full catch-up.
Nexi’s Q1 22 results were good, albeit in line with consensus and our expectations. The firm seems to be delivering on its plan and promises, which is great for the fundamentals and should pay-off over time. Nonetheless, at this stage, Nexi Group remains a pile of businesses and services at a time when, in current market conditions, the transparency and tangibility of business models is key. Time for a CMD.
Nexi released its FY results yesterday. As we took a very cautious approach in the margin analysis and its possible consequences, we update our reading following clarifications with the firm’s investor relations.
Nexi released its Q4 results. While the firm disclosed financials that were fully in line with expectations, we have reservations about the group’s margin expansion in the medium to long term, with a potential read-across to Worldline. A very important trigger in the short term is the consolidation of Nets and SIA, while we still believe that the firm’s of cash flow strength is valuable, considering the current share price.
Nexi posted results fully in line, albeit, very slightly above consensus expectations. While we greet this sustained performance, we believe that the most important part in the group’s history starts now. With Nets integrated and to be strongly scrutinised on its delivered growth, SIA to be closed by year end and management to be evaluated on its execution of the group’s consolidation… Money time…
Nexi posted a strong set of results, which were in line with the consensus and overall expectations. However, to the same extent as many growth stocks over the last days, delivering the expected is unfortunately no longer enough for the market. Also, we strongly believe that it is time for Nexi to give better signs of control over its group, before investors lose patience.
Nexi has published better than expected results, beating guidance and consensus estimates. The Italian Paytech leader has benefited from higher volumes propelled by the cash-back plan from the government that is still ongoing. After the first quarter of 2021, supposedly the last to be heavily impacted by the crisis, Nexi has raised its FY guidance from mid-to-high single-digit revenue growth to high-single to low double-digit growth yoy.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Nexi S.p.A.. We currently have 143 research reports from 4 professional analysts.
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FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi
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S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi
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2023 results are, as indicated in its February pre-close update, “slightly ahead of market expectations”. Current trading continues to improve, with 1Q24 underlying operating profit up yoy, “reflecting the benefits of the Group’s transformation programme completed in 2023 as well as improving market conditions.” With net cash of £35m at end 2023, the Board approved 7.4p final DPS and £7m buy back.
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International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th
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In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.
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Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…
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Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.
Companies: Foxtons Group Plc
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