DOCSLIB.ORG

NEXI 12 May 2020.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

NEXI Company report Hold (unchanged) 13 May 2020 – 5:30 PM MARKET PRICE: EUR13.95 TARGET PRICE: EUR15.0 (from EUR14.80) Financial Tech. - Payments Solid quarter, good visibility on 2020 Data Shares Outstanding (m): 627.8 Despite 1Q20 preliminary figures were already disclosed (16 April), Nexi managed to surprise by reporting slightly stronger revenues and EBITDA. However, the focus was Market Cap. (EURm): 8,757 on trading conditions update and, eventually, a 2020 guidance. Management Enterprise Value (EURm): 11,008 indicated signs of stabilization in April (value of acquiring and issuing transactions - 33.0% Y/Y and -43.4% Y/Y respectively) vs. what disclosed with the preliminary Free Float (%): 46.6% results (that mentioned a -45/50% in volumes at the beginning of April). Av. Daily Trad. Vol. (000): 2,014 Furthermore, value of acquiring and issuing transactions at -25% Y/Y in the last week rolling (May 2nd – 8th) showed very early signals of possible initial recovery across Main Shareholder: Mercury UK (50.2%) categories. While this was not enough to give a 2020 guidance, management announced a EUR100 million cash costs containment plan to mitigate EBITDA and Reuters/Bloomberg: NEXI.MI NEXI IM cash flow impact. All in all, we are fine tuning down our estimates (-1.1% on 52-Week Range (EUR) 8.0 16.9 2020/22 EPS) and stick with our Hold rating, mostly for valuation reasons: the stock trades in line with peers (although we acknowledge a discount to Worldline) showing Source: FactSet, UBI Banca estimates similar or worse fundamentals (in terms of cash metrics) balanced by M&A appeal Performance (SIA discussions still on-going) and growth prospects of the Italian market. TP fine- tuned to EUR15.0 on peers re-rating. 1m 3m 12m Absolute 7.5% -0.8% +65.3% > 1Q20 in more details: Top line posted a -0.5% YoY driven by a combination Rel. to FTSE IT 9.2% 29.0% +84.2% of low single-digit volume decline, high single-digit decline in average value per Source: FactSet transaction and a significant increase in take-rates. The cost base declined 4.8% YoY thanks to the fact that 38% of it is variable (linked to volumes of Graph area Absolute/Relative 12 M transaction and level of activities on POS, ATMs, etc.) so EBITDA grew 3.9% YoY. The company generated EUR50 million cash in 1Q20. > Transaction volumes -35% in March, -48% in April, -35% last week rolling. 52% of Nexi revenues are installed-base driven. The remaining 48% are split almost evenly by basic consumption (growing during the crisis), discretionary consumptions (hit by the crisis) and high-impacted consumptions (collapsed). While there are signs of stabilization, we expect transaction volumes still negative in July/August (-7%) and then back to growth from September (at a 10% rate). Adding the Intesa division, we get to a revenue’s growth of 5.7% this year. The risk on our estimates, we believe, is tilted towards the downside as consumption recovery may be slower and depends also on the speed of exit from the lockdown in Italy. Source: FactSet > Cost cutting should mitigate volumes decline. No significant credit Massimo Vecchio risk. The reduction EUR100 million in cash costs is to be split by capex or Senior Analyst Opex depending on the transaction volume trend. We assumed it to be [email protected] two/third on capex, also to protect the cash flow given the leverage (3.7x our Tel. +39 02 62753016 FY2020 estimate). We learnt that there is a strong protection mechanism on Dario Fasani the business to be acquired from Intesa (i.e. there is a compensation on the Analyst EBITDA which in fact, pro-forma, would have grown 6.3% YoY). Management [email protected] Tel. +39 02 62753014 reinforced the concept of a very low credit risk with provisions of around EUR7/8 million in 2019 which, at worst could double this year. www.ubibanca.com/equity-research Financials Ratios priced on 11 May 2020 2019A 2020E 2021E 2022E 2019A 2020E 2021E 2022E Revenues (EURm) 984 1040 1136 1224 P/E (x) 44.2 43.6 34.7 27.3 EBITDA (EURm) 503 590 675 766 P/CF (x) 35.1 33.6 26.6 23.7 EBITDA margin (%) 51.1% 56.7% 59.4% 62.6% P/BV (x) 4.5 5.7 4.9 4.2 EBIT (EURm) 382 440 500 586 Dividend Yield 0.0% 0.0% 0.4% 0.7% EPS (EUR) 0.22 0.32 0.40 0.51 EV/EBITDA (x) 14.8 18.7 15.9 13.5 CFPS (EUR) 0.27 0.42 0.52 0.59 Debt/Equity (x) 1.1 1.5 1.1 0.8 DPS (EUR) 0.0 0.0 0.1 0.1 Debt/EBITDA (x) 2.9 3.8 2.9 2.1 Source: Company data, UBI Banca estimates Source: Company data, UBI Banca estimates 1 NEXI 13 May 2020 Key Financials (EURm) 2019A 2020E 2021E 2022E Revenues 984 1040 1136 1224 EBITDA 503 590 675 766 EBIT 382 440 500 586 NOPAT 302 344 405 474 Free Cash Flow 170 261 329 370 Net Capital Employed 2795 3775 3729 3700 Shareholders' Equity 1325 1526 1778 2099 Net Financial Position 1471 2250 1951 1601 Source: Company data, UBI Banca estimates Key Profitability Drivers 2019A 2020E 2021E 2022E Net Debt/EBITDA (x) 2.9 3.8 2.9 2.1 Net Debt/Equity (x) 1.1 1.5 1.1 0.8 Interest Coverage (%) 3.1 8.5 10.5 12.6 Free Cash Flow Yield (%) 2.8% 3.0% 3.8% 4.2% ROE (%) 10.2% 13.2% 14.2% 15.3% ROI (%) 13.6% 11.6% 13.4% 15.8% ROCE (%) 9.1% 7.8% 9.0% 10.6% Source: Company data, UBI Banca estimates Key Valuation Ratios 2019A* 2020E 2021E 2022E P/E (x) 44.2 43.6 34.7 27.3 P/BV (x) 4.5 5.7 4.9 4.2 P/CF (x) 35.1 33.6 26.6 23.7 Dividend Yield (%) 0.0% 0.0% 0.4% 0.7% EV/Sales (x) 7.6 10.6 9.4 8.5 EV/EBITDA (x) 14.8 18.7 15.9 13.5 EV/EBIT (x) 19.5 25.0 21.4 17.7 EV/CE (x) 2.7 2.9 2.9 2.8 Source: Company data, UBI Banca estimates * Based on 2019 average price Key Value Drivers 2019A 2020E 2021E 2022E Payout 0% 0% 15% 20% NWC/Sales -5.2% -6.2% -7.0% -7.7% Capex/Sales 17.1% 14.1% 12.8% 10.6% Source: Company data, UBI Banca estimates 2 NEXI 13 May 2020 Recent developments > 4Q19: financials in line with last year in a tough environment. Preliminary results were published on 16 April so only a minor surprise in NEXI’s 1Q20 set of figures, but a nice YoY comparison given the current scenario: a) Revenues of EUR225.3 million or -0.5% YoY – UBI est. EUR221.0 million - Consensus EUR233 million; b) Adj EBITDA of EUR115 million or +3.9% YoY - UBI est. EUR113.0 million - Consensus EUR118 million; c) A Net Financial position of EUR1,420 million - UBI est. EUR1,405 million - Consensus EUR1,441 million. During Q1 20, Nexi managed over 1bn issuing and acquiring transactions in Jan-Feb (up 13.2% Y/Y) with value of managed transactions of EUR 72.5bn (+5.4% Y/Y), while in March, given the implementation of the lockdown measures nationwide, managed transactions decreased 31% Y/Y to 338m with a value down 33% Y/Y to EUR 24.9bn. > 52% of the revenues are non-volume driven. In detailing how the business model behaved during the crisis management mentioned that half of the total 2019 Revenues are linked to the installed base (n. of POS terminals, n. of merchants, n. of managed cards, n. of ATMs, etc.) - and therefore not directly impacted by the short term volumes’ dynamics – while and 38% of variable costs related to volumes and activities. MSS is the division where the volume-driven share of revenues is higher (64%) while DBS is where it is the lowest (only 9%, in fact that division posted a YoY growth in revenues). CDS sits in the middle with a 41% share of volume driven revenues). Figure 1 – Nexi 1Q20 results (EURm) 1Q19A 1Q20A YoY chg. 1Q20E A/E change Consensus Merchant Serv. & Solutions 106.1 105 -0.9% 102 3.4% Cards & Digital Payments 93.0 93 -0.4% 93 -0.2% Digital Banking Solutions 27.4 28 0.7% 27 4.1% Net Revenues 226.5 225.3 -0.5% 221.0 1.9% 233.0 EBITDA 110.6 114.9 3.9% 113.0 1.7% 118.0 EBITDA margin % 48.8% 51.0% 51.1% 50.6% Net Debt/(Cash) 2,185 1,419 -35.1% 1,405 1.0% 1,441 Source: Company data, UBI Banca estimates, FactSet 3 NEXI 13 May 2020 Financial Projections > Our assumptions on COVID-19. Since we developed a scenario to assess the COVID-19 impact there was a major advancement in terms of therapy (drugs) to treat the disease: Gilead’s drug should mark the first approval this week from the FDA. Aside from that, the other assumptions are still valid: a) A vaccine for the mass population would not be ready before fall 2021 but it should be ready for healthcare operators in fall 2020; b) Serology testing is probably the faster and easier way to stabilize the economy by allowing immune people to avoid the lockdown; c) Very likely the virus would re-emerge in the fall so, social distancing is here to stay for a while.
Recommended publications
  • Press Release Results As at 31 December 2020

    Press Release Results As at 31 December 2020

    PRESS RELEASE RESULTS AS AT 31 DECEMBER 2020 • PROFIT NET OF COSTS RELATED TO THE VOLUNTARY REDUNDANCY PLAN AND THE CLOSURE OF 300 BRANCHES AS WELL AS OTHER NON-RECURRING COMPONENTS1: € 330 MILLION • PROPOSED DISTRIBUTION OF A DIVIDEND OF 6 CENTS PER SHARE, IN LINE WITH ECB GUIDELINES PROFIT FROM OPERATIONS2 AT € 1,722 MILLION: • ESSENTIALLY STABLE (-1.4%) WITH RESPECT TO 2019, DESPITE THE NEGATIVE EFFECTS OF THE PANDEMIC CRISIS WHICH EXPLODED AT THE START OF 2020 AND IS STILL ONGOING; • SIGNIFICANT GROWTH IN THE SECOND HALF (+43.5% COMPARED TO THE FIRST HALF) THANKS TO THE STRONG SALES RECOVERY, DESPITE THE SECOND WAVE OF THE PANDEMIC CORE REVENUES3 AT € 1,876 MILLION IN THE SECOND HALF, + 5.9% H/H OPERATING EXPENSES AT € 1,181 MILLION IN THE SECOND HALF, -5.4% H/H THE EXCELLENT OPERATING RESULTS MADE IT POSSIBLE TO SUPPORT: 1 Result net of non-recurring components detailed in point 6 of the explanatory notes of this press release. 2 Effective from the closure of the accounting period as at 31 December 2020, the reclassified income statement is presented in a format that shows the profit (loss) before tax from continuing operations, by excluding not only the accounting impacts relating to the PPA, amounting to € -41.5 million, and the change in the company's creditworthiness on certificate issues, amounting to € -11.7 million, but some extraordinary components involving a significant amount, which have a notable influence on the economic results of the periods being compared, preventing a full understanding of the actual operating performance.
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA

    Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA

    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
  • REPORT on the CORPORATE GOVERNANCE and OWNERSHIP STRUCTURE of UBI BANCA Scpa

    REPORT on the CORPORATE GOVERNANCE and OWNERSHIP STRUCTURE of UBI BANCA Scpa

    REPORT ON THE CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE OF UBI BANCA Scpa Web site: www.ubibanca.it Year: 2008 Date: 24.03.2009 Introduction Governance of UBI Banca Composition of the share capital Role of the Parent Bank and the Unione di Banche Italiane Group Governing bodies of UBI Banca • Shareholders’ meetings • Supervisory Board - APPOINTMENT AND COMPOSITION - REMUNERATION - INDEPENDENT BOARD MEMBERS - FUNCTIONS OF THE SUPERVISORY BOARD - CHAIRMAN - MANAGEMENT OR SUPERVISORY POSITIONS HELD BY MEMBERS OF THE SUPERVISORY BOARD - MEETINGS • Committees - APPOINTMENTS COMMITTEE - REMUNERATION COMMITTEE - INTERNAL CONTROL COMMITTEE - ACCOUNTS COMMITTEE • Management Board - APPOINTMENT AND COMPOSITION - REMUNERATION - EXECUTIVE AND NON -EXECUTIVE BOARD MEMBERS - INDEPENDENT BOARD MEMBERS - FUNCTIONS OF THE MANAGEMENT BOARD - CHAIRMAN - MANAGEMENT OR SUPERVISORY POSITIONS HELD BY MEMBERS OF THE MANAGEMENT BOARD - MEETINGS • Chief Executive Officer • Board Member Appointed to Supervise the System of Internal Control • Board of Arbitration • General Management • Manager charged with preparing financial reports (Financial Reporting Officer) The internal control system Organisation, management and control model pursuant to Legislative Decree No. 231/2001 and the relative Supervisory Body Related party transactions Treatment of confidential information Internal Dealing Relations with Shareholders, Institutional Investors and the Financial Community Auditing of accounts Attachments Summary tables 755 Report on Corporate governance Introduction
  • Intesa Sanpaolo Spa

    Intesa Sanpaolo Spa

    EMEA Issuer Profile 11 February 2021 Intesa Sanpaolo SpA Senior Outlook Unsecured William Hahn Moody’s Baa1 Negative Credit Research +44 20 7597 8355 S&P BBB Negative [email protected] Fitch BBB- Stable Source: Moody’s, S&P and Fitch Background and ownership Intesa Sanpaolo SpA (‘ISP’) was formed through the merger of Banca Intesa and Intesa – Key Data Sanpaolo IMI in January 2007. In 2018, Intesa announced its intention to merge with its investment-banking subsidiary Banca IMI by incorporation, which was completed in July FY20 2020. In keeping with the bank’s articulated growth strategy, Intesa made a bid for Total Assets (€bn) 1,002 domestic rival and Italy’s fifth largest bank, UBI Banca, in early 2020 and acquired full control in late-July 2020. The merger into the parent company is expected to be finalised Loan Book (€bn) 461.5 by 2Q21. With total assets of €1tr at end-2020, Intesa has become the largest banking group in Italy, ahead of the more internationally active UniCredit group. Loans to Deposits (%) 87.9 Cost to Income (%) 52.2 ISP’s activities are predominantly domestically focused where it is the market leader in retail banking, corporate banking and wealth management, with domestic market shares Net Profit (€m) 3,277 (incl. UBI) of 21% in customer loans, 22% in deposits, 25% in asset management and 24% in pension funds. ISP has also developed a sound retail banking presence in Central LCR (%) >100 and Eastern Europe (CEE) and the Middle East and North Africa (MENA) with total assets FL CET1 (%) 15.4 and lending activities making up 6% and 8.4% of the group’s total respectively.
  • (Eu) No. 575/2013 As at December 31, 2017

    (Eu) No. 575/2013 As at December 31, 2017

    ACCORDING TO REGULATION (EU) NO. 575/2013 AS AT DECEMBER 31, 2017 Disclosure by Institutions according to Regulation (EU) 575/2013 as at December 31, 2017 Disclosure by institutions – Contents Contents Introduction ................................................................................................................................................................... - 3 - General Disclosure Requirements .............................................................................................................................. - 5 - Scope of application .................................................................................................................................................... - 6 - Own Funds ................................................................................................................................................................... - 7 - Capital requirements .................................................................................................................................................. - 14 - Capital Buffers ............................................................................................................................................................ - 20 - Credit risk adjustments .............................................................................................................................................. - 22 - Remuneration and incentive systems and practices ..............................................................................................
  • Nexi S.P.A. Successfully Prices the Offer of €500 Million Senior Unsecured Equity-Linked Bonds Due 2027

    Nexi S.P.A. Successfully Prices the Offer of €500 Million Senior Unsecured Equity-Linked Bonds Due 2027

    NOT FOR DISTRIBUTION, PUBLICATION OR RELEASE IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT IS NOT A PROSPECTUS AND NOT AN OFFER OF ANY SECURITIES IN ANY JURISDICTION, INCLUDING IN OR INTO THE UNITED STATES, SOUTH AFRICA, AUSTRALIA OR JAPAN. NEITHER THIS ANNOUNCEMENT NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH, ANY OFFER OR COMMITMENT TO INVEST IN SUCH SECURITIES WHATSOEVER IN ANY JURISDICTION (SEE "IMPORTANT NOTICE" BELOW). THE BONDS MAY NOT BE OFFERED OR SOLD TO RETAIL INVESTORS IN THE EUROPEAN ECONOMIC AREA, THE UNITED KINGDOM OR ELSEWHERE. THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. Nexi S.p.A. successfully prices the offer of €500 million senior unsecured equity-linked Bonds due 2027 Milan, 17 April 2020 – Nexi S.p.A., a società per azioni incorporated under the laws of Italy ("Nexi" or the "Issuer"), has successfully priced its offering of €500 million ("Offering") of senior unsecured equity-linked bonds due 2027 (the "Bonds"). This bond issue, the largest equity-linked placement on the Italian market since 2017, allows Nexi to extend the average life of its debt, lower its average cost and further strengthens its liquidity position, also considering the planned acquisition of the merchant acquiring activities of the Intesa Sanpaolo Group, announced in December 2019. The Bonds will pay a coupon of 1.75% per annum, payable semi-annually in arrear. The conversion price will be €19.47, a premium of 50% above the Reference Share Price of €12.98, which is equal to the placement price of the Ordinary Shares in the Concurrent Equity Offering (as defined and further described below).
  • AR UBS (Lux) Strategy Sicav EN.Indd

    AR UBS (Lux) Strategy Sicav EN.Indd

    Asset management ab UBS Funds Annual Report 2019/2020 Investment Company under Luxembourg Law (SICAV) R.C.S. Luxembourg N° B 43 925 Annual report and audited financial statements as of 31 May 2020 UBS (Lux) Strategy SICAV UBS (Lux) Strategy SICAV UBS (Lux) Strategy SICAV – Dynamic Income (USD) – Systematic Allocation Portfolio Defensive Classic (USD) UBS (Lux) Strategy SICAV – Fixed Income (CHF) UBS (Lux) Strategy SICAV UBS (Lux) Strategy SICAV – Fixed Income (EUR) – Systematic Allocation Portfolio Dynamic (USD) UBS (Lux) Strategy SICAV – Fixed Income (USD) UBS (Lux) Strategy SICAV UBS (Lux) Strategy SICAV – Income (CHF) – Systematic Allocation Portfolio Medium (USD) UBS (Lux) Strategy SICAV – Income (EUR) UBS (Lux) Strategy SICAV UBS (Lux) Strategy SICAV – Income (USD) – Systematic Allocation Portfolio Medium Classic (USD) UBS (Lux) Strategy SICAV UBS (Lux) Strategy SICAV – Xtra Balanced (EUR) – Systematic Allocation Portfolio Defensive (USD) UBS (Lux) Strategy SICAV – Xtra Yield (EUR) Annual report and audited financial statements as of 31 May 2020 Table of contents Page ISIN Management and Administration 3 Features of the Company 5 Audit report 10 UBS (Lux) Strategy SICAV 13 UBS (Lux) Strategy SICAV – Dynamic Income (USD) 15 K-1-acc LU1917361336 K-1-mdist LU1917361419 (HKD) K-1-mdist LU1917362060 P-acc LU1917362490 P-mdist LU1917361179 (HKD) P-mdist LU1917361765 (SGD hedged) P-mdist LU1919997111 Q-acc LU1917360957 (HKD) Q-acc LU1917361682 Q-mdist LU1917361252 (HKD) Q-mdist LU1917361849 (SGD hedged) Q-mdist LU1919997202 UBS (Lux) Strategy
  • April 12Th 2021 Cleansing Statement

    April 12Th 2021 Cleansing Statement

    NEXI S.P.A. Corso Sempione 55 20149, Milan Italy PRESS RELEASE Milan (Italy)—April 12, 2021 Nexi S.p.A., a società per azioni incorporated under the laws of Italy (“Nexi” or the “Issuer”), announced today that it it intends to offer approximately €2,100 million in aggregate principal amount of unsecured Senior Notes consisting of Senior Notes due 2026 and Senior Notes due 2029 (collectively, the “Notes”). In connection with the offering of the Notes, the Issuer disclosed certain information, including certain pro forma financial information and non-GAAP financial information of the Issuer, Nets Topco 2 S.à r.l. and its subsidiaries and SIA S.p.A. and its subsidiaries as of and for the years ended December 31, 2020 and 2019, to prospective holders of the Notes. A copy of such information is hereby disclosed to the Issuer’s shareholders and to the holders of the Issuer’s existing indebtedness and is attached hereto as Exhibit A (the “Information Release”). The Notes will be offered only to non-U.S. persons outside the United States in connection with offshore transactions complying with Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws. **************** This announcement contains information that prior to its disclosure may have constituted inside information under European Union Regulation 596/2014 on market abuse.
  • 1Q20 Results

    1Q20 Results

    1Q20 Results Alessandro Foti, CEO and General Manager Milan, June 2020 Disclaimer This Presentation may contain written and oral “forward-looking statements”, which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of FinecoBank S.p.A. (the “Company”). There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision. The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.
  • 9 Ottobre, 2019 Nexi Spa, Una Società Per Azioni Di Diritto Italiano

    9 Ottobre, 2019 Nexi Spa, Una Società Per Azioni Di Diritto Italiano

    NEXI S.P.A. Corso Sempione 55 20149, Milano CLEANSING STATEMENT Milano — 9 ottobre, 2019 Nexi S.p.A., una società per azioni di diritto italiano (“Nexi” o la “Società”), ha annunciato oggi l’emissione di prestiti obbligazionari “Senior Notes”, in una o piú tranche, di importo pari a €825.000.000 con scadenza 2024 e/o 2027 (le “Notes”). Nel corso dell’emissione, la Società ha divulgato informazioni a potenziali acquirenti, inclusi dati finanziari pro forma e informazioni finanziarie non-GAAP per l’esercizio finanziario della Società al 31 dicembre 2018 e per i sei mesi al 30 giugno 2018 e 2019. Si divulgano con la presente dette informationi agli azionisti e ai detentori dei prestiti obbligazionari “Senior Secured Fixed Rate Notes” di importo pari a Euro 825.000.000, con cedola semestrale a tasso fisso del 4,125% p.a. e scadenza 1 novembre 2023 e se ne allega copia come Allegato A (l’“Information Release”). Le Notes sono destinate solamente a collocamento riservato ad investitori istituzionali che non siano “U.S. Persons” (come definite secondo la Regulation S dello Securities Act del 1933, come di volta in volta modificato, il “Securities Act”) e che si trovino al di fuori degli Stati Uniti ai sensi della Regulation S dello Securities Act. Le Notes non sono state soggetto a registrazione ai sensi del Securities Act o di altre leggi applicabili, e non possono essere offerte o acquistate negli Stati Uniti senza registrazione o senza una esenzione dai requisiti di registrazione conformemente al Securities Act e ad altre leggi applicabili.
  • Why UBI Banca?

    Why UBI Banca?

    Voluntary Public Exchange Offer for all UBI Banca Ordinary Shares A European Leader to Enhance Value Creation through a Stronger Italian Footprint A Strong Bank for Data a Digital World 18 February 2020 Disclaimer (1/2) This presentation includes certain forward looking statements, projections, objectives and estimates reflecting the current views of the management of the Company with respect to future events. Forward looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words “may,” “will,” “should,” “plan,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “goal” or “target” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Company’s future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Company participates or is seeking to participate. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Group’s ability to achieve its projected objectives or results is dependent on many factors which are outside management’s control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. All forward-looking statements included herein are based on information available to the Company as of the date hereof.
  • Cedacri Acquires OASI from Nexi

    Cedacri Acquires OASI from Nexi

    Cedacri acquires OASI from Nexi Milan, 22 January 2019 - Cedacri, a company in which FSI recently became a shareholder and joined the traditional bank partners, and Nexi announce the signing of an agreement for the acquisition of 100% of OASI S.p.A. (Outsourcing Applicativo e Servizi Innovativi) by Cedacri. OASI is the leader in Italy in software and integrated IT solutions for anti-money laundering and supervisory reporting used by banks, insurance companies and other financial institutions. The deal will allow Cedacri, through the integration of OASI's solutions, to further strengthen its leadership in the software and IT services market for financial institutions, as well as to continue its growth path. In particular, OASI will offer Cedacri the opportunity to: - Consolidate strategic assets and competencies in the areas of supervisory reporting and anti- money laundering; - Offer its IT solutions and services with high added value to OASI's extensive portfolio of customers; - Create industrial synergies. The agreement establishes that, at the effective date of the transaction, Cedacri will recognize Nexi a fee based on an Enterprise Value of € 151 million which must also take into account any adjustments deriving from the company's net financial position. The transaction closing is expected in February, following the completion of some formalities provided for in the agreement. The deal will be funded by Cedacri through a pool loan organized by a consortium of 14 financial institutions, shareholders and non-shareholders. Corrado Sciolla, CEO of Cedacri, commented on the deal: "I am sure that the acquisition of OASI will allow Cedacri to consolidate, through OASI, the leadership in the Reg-Tech market and to pursue further ambitious growth opportunities".