Nexi: stock up as analyst raises target price

(CercleFinance.com) - The share of Italian payment system group Nexi is up over 1% on the Milan Stock Exchange after the group announced its results.

Following this publication, Oddo confirms its Outperform rating on the stock, nudging up its corresponding target price a euro to 23 euros (vs. 22 euros).

Oddo believes that Nexi has published Q1 results that exceeded expectations. Net sales were up 4% year-on-year (+5.3% vs. Q1 2019) at 258.6 million euros, vs. a consensus of 249 million euros.

EBITDA came in at 139 million euros (vs. consensus of 136 million euros), up 2% (+9.2% vs Q1 2019), representing a margin of 54%.

Oddo points out that for 2021, the group is raising its aims from 'mid-high single digit' sales growth (+5% to +9%) to 'high single to double digit' growth, albeit still with a flat EBITDA margin relative to 2020 (57.6%).


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