MARKET BEAT: Nexi remains jittery following leadership shake-up as investors await catalyst

(Alliance News) - Nexi has failed to stage a meaningful recovery following a leadership change that was met with a lukewarm reception in Piazza Affari. The high-tech challenge posed by foreign competitors across the electronic payments landscape increasingly demands dynamism and fresh strategic vision, moving beyond mere cost-cutting and product rationalization.

In afternoon trading, following a morning dominated by selling pressure, Nexi shares edged up 0.4% to EUR3. Over the past four weeks - specifically since the unveiling of the new industrial plan - the stock has retreated 16%. On a one-year basis, Nexi has shed 40% of its market value.

Yesterday, the company announced the departure of CEO Paolo Bertoluzzo after a decade at the helm. According to sources close to the company, his exit is being attributed to the market's poor reception of the strategic plan.

To succeed Bertoluzzo, a former mobile telephony executive from Vodafone's heyday, the board has tapped his deputy, former CFO Bernardo Mingrone. The market may have been anticipating a more radical shift. "Nexi operates in a highly technological sector," noted one manager, "and a finance specialist is now following a telephony expert."

Analysts remain cautious on the stock today, maintaining "neutral" ratings with a price target of EUR3.1, representing only a slight premium over current levels.

Yesterday, Nexi's board also accepted the resignations of three directors, who were immediately replaced to better reflect the shifting balance within the shareholder base. H&F remains the largest shareholder with a 22.2% stake, followed by Cassa Depositi e Prestiti (CDP) with 19.14%. CDP has yet to decide whether to write down the value of its holding in Nexi.

By Francesco Bonazzi, Alliance News columnist

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