Stock Exchange: Exor collapses in Piazza Affari after the agreement with the Italian tax authorities
The renewed fear of an armed conflict on the Ukrainian border, with the diplomatic efforts that for now do not seem to be able to calm the climate, sends European lists into fibrillation again, closing the first session of the week with losses close to 2% (saving London only).
After a good start in the wake of the announcement of the possible US-Russia summit, in fact, the indices quickly switched to ‘red’ due to the Kremlin’s stance, which defined the indications on the possible meeting as ‘premature’. With Wall Street closed for Presidents’ Day, the situation on the markets worsened when the Russian president, Vladimir Putin, explained that he would have decided today whether to recognize (or not) the two self-proclaimed republics of the Donbass.
Tensions that have relegated to the background, at least for a day, the doubts of operators on the timing of the monetary squeeze by central banks and the decline in the manufacturing PMI indices in the eurozone, with the Moscow Stock Exchange which collapsed by 13% due to the winds of war (and the consequent risk of international sanctions). In this climate, Piazza Affari lost 1.7% at the end of the session with almost all the securities of the Ftse Mib in negative territory (among the rare exceptions Nexi + 1%).
At the bottom of the list ends Exor (-4.5%) which is affected by the announcement of the 746 million settlement agreement with the Italian tax authorities. Sales also on Cnh Industrial (-3.8%) on the eve of Capital Markets Day and on the main banks, with Banco Bpm down by 2%. On the foreign exchange market, the euro remained stable at 1.1338 dollars from 1.1335 on Friday and at 130.17 yen (from 130.49), while the dollar / yen ratio was at 114.82 (from 115.12) .
Finally, oil prices rose: the April WTI future rose by 1.3% to 91.4 dollars a barrel, while the similar delivery on Brent traded at 95.2 dollars (+1.7 percent ). The session was also negative for Saipem (-3.2%), Tenaris (-3.1%) and Campari (-3%). The 746 million agreement with the Italian tax authorities, as mentioned, instead penalized Exor. On Friday with the market closed, the company is known to have found a settlement agreement with the Revenue Agency to resolve a dispute by paying 746 million, of which 104 in interest.
The dispute concerns the Italian company Exor Spa, which in December 2016 merged with its Dutch subsidiary Exor Holding NV giving rise to today’s Exor. The news was’ unexpected, also because ‘it is an issue that arose during 2021 and has a negative impact of about 3% on the Nav’, underline the analysts of Equita, while recalling that ‘the discount on the Nav remains high in any case’ and equal to about 40%. Experts have reduced the 4% target to 96 euros (“buy” judgment confirmed), ‘continuing to apply a 20% discount’ on the Nav.
The news is “negative” also according to Intesa Sanpaolo, considering “the amount of the one-off payment”. However, analysts confirm the “buy” recommendation on Exor, citing the discount on the Nav well above the historical average of 25%. Among the news of the day there is also the imminent landing in Piazza Affari of the De Nora group. The board of directors of the multinational, controlled by the family of the same name with 64% of the shares and owned by Snam with 34% (which at the end of the session limited the losses to 0.4%) decided to start the process for the listing on Euronext Milan and the request to Consob for authorization to publish the prospectus.
Also bad on the main list the holding CNH after the indications provided by the US competitor Deere. ‘We consider Deere’s first quarter 2022 numbers to be positive for Cnh’s 2022 outlook’, commented by Intesa Sanpaolo. ‘For a more long-term perspective – they add – we believe that the market’s attention will be on the industrial plan that will be presented tomorrow and on the comparison between Cnh’s long-term strategic targets and those just introduced by Deere’. ‘The outlook for the sector remains solid’, confirm the experts of Banca Akros, who maintain the “buy” recommendation for Cnh. Instead, DiaSorin (+ 0.13%) and the holding company Atlantia (-0.06%) are saved. Sales on Leonardo (-2.8%) and Tim (-2.8%).
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