Piazza Affari weak part like the other European markets waiting for news from the negotiations between Greece and its European partners on the eve of the expiry of an installment of Athens' debt with the International Monetary Fund. In the first few moments, the FTSE Mib index dropped by 0,63%, Allshare 0,58%. Slightly worse London, Frankfurt and Paris.
SAIPEM yields over 4%, but at the start it also lost over 5%, on the rumors of the Sole24Ore of a possible capital increase of 2-2,5 billion which the banks are already working on but which would take place after the summer. “This type of news always has a negative impact on stocks. It is a pretext to sell”, explains a trader. Saipem did not want to comment on the rumors. ENI was also weak (-1,17%) in line with the European Stoxx for the energy sector.
Widespread sales on the main list with few and half-hearted exceptions.
CAD IT jumps 5% after the announcement of a contract for the sale of a software platform with the Swiss private bank Cornèr Banca.
During the morning, Saipem accentuated its losses (-8,35% to 10,87). On the market there is talk of an increase from 1,5 to 2,5 billion euro which could favor the entry of a financial or industrial partner, including Fondo Strategico Italiano.
Equity, which maintains the hold recommendation with a target price of 11,7 euros, believes "a solution that keeps Saipem Italian is more probable" and hypothesizes a capital increase of 2 billion which would lead the stock to deal with an expected 2016-17 P/E of approximately 15,5-13 times from the current 13-10 times, compared to an industry average of approximately 12-11 times.
Of different opinion Akros, which reiterates its "accumulate" with a target price of 13,7 euros and underlines how Eni has already clarified that it does not want to sell at today's prices: making a capital increase would be almost the same and therefore Akros believes that "it is not the best possible option".
