RENZI EFFECT: STOCK EXCHANGE IN PARITY, SPREAD DOWNWARDS. LUXOPTICAL ROOMS. THE AL JAZEERA HYPOTHESIS PUSHES MEDIASET
Piazza Affari travels just above parity (Ftse/Mib index +0,1% to 20.456) at the time of the announcement of Matteo Renzi's appointment after an hour and a half meeting with the President of the Republic Giorgio Napolitano. Meanwhile, the BTP is improving, with the 3,62-year yield falling to 3,69%, from 5% on Friday, and the spread with the Bund contracting by 193 basis points to 2006, thanks to the impact of Moody's opinion. The yield is at its lowest since 0,9. In the rest of Europe, London +0,07%, Paris +0,11%, Frankfurt +0,17%, Madrid +XNUMX% rose.
Two titles in the limelight in Milan:
- Salt Luxottica +1,93%, after the resignation of the managing director Andrea Guerra from taking on a ministerial position in the new government communicated by him with this note: “I am serene and happy and I am continuing to do my job in this fine company. I wish all the best possible to the new government that will be born. I personally, together with Luxottica, will always do everything to contribute to the positive evolution of our country". Contrasted with the rest of the luxury. Tod's -0,49%, Ferragamo +1,32%, Cucinelli +0,6%.
– In great evidence Mediaset +2,88%, while the rumors about Al Jazeera's interest in joining the Biscione pay TV company gain momentum. This would be the key to interpreting the purchase of exclusive Champions League matches at special prices. Fermentation on editorial titles: l'Espresso salt by 7%.
For Mediobanca Securities the publishing group will reach 80 million euros of free cash flow generation in 2015, will be able to reduce the maxi debt and pave the way for a return of the dividend. For these reasons, the reasons why L'Espresso is the most interesting share among the Italian media: the target price rises by 37% to 2,07 euros.
Rcs loses 2,1%. The company confirms that on the evening of 14 February it received the resignation, with immediate effect, of the director Carlo Pesenti, non-executive director and member of the Remuneration and Appointments Committee. Pesenti's decision, according to the note, is due "to the numerous and growing commitments in the Italmobiliare Group, which prevent him from following the company with due continuity" 'The Director - continues the statement - also reports that the decision was influenced by also the lack of cohesion in the Board and among shareholders, as well as some industrial and strategic choices that he did not fully agree with". Cairo -2,2%.
Contrast the banks instead: Unicredit drops by 0,17%, Understanding + 0,74% MontePaschi + 0,22% Mediobanca +1,87%. Among the popular ones, it goes down Pop.Emilia -0,94%, salt Pop.Milano +1,4%. Deutsche Bank gives full marks to managed. Buy to Mediolanum +0,6% (target price at 8 euros) and hold a Azimuth + 0,55 % (target price at 23,2 euros). Goldman Sachs, on the other hand, attributes a neutral rating to Mediolanum with a target price of 7,3 euros, and a buy to Azimut with a target price of 28 euros. Slight variations for Fiat + 0,13%.
At the request of Consob, the company specified certain aspects of the Chrysler operation, after the Moody's downgrading: 1) Chrysler will not be able to distribute dividends to the Turin-based company in excess of 50% of the net profits accumulated since 1 January 2012 in addition to a distribution a one-off payment of 500 million dollars and the use of the US group's liquidity will only be possible if it exceeds 3 billion dollars; 2) intercompany loans will not be subject to any limitation except for the provisions of the related party regulations. 3) the recent downgrade of the rating agency does not entail any obligation to repay existing debt nor has it increased the cost of borrowing. 4) revenues are expected to rise by 7% in 2014 to approximately 93 billion euros with net debt between 9,18 and 10,3 billion euros.
Among other industrialists: Finmeccanica salt of 0,76%. Pirelli -1,11% StM +0,76%. positive Telecom Italy + 1,12%. Enel, after the initial rise, slipped to -0,54%. Eni +0,17%. After the 2013 accounts and the new industrial plan, Morgan Stanley reduced the target price to 17,4 euros (equalweight), UBS confirmed the buy and the target price at 19 euros, the same as Deutsche Bank which reiterated hold.
Beni Stabili advances +4%, after 2013 results. Some smaller capitalization stocks rally: Great Travels + 27,94% Beghelli +16,76% and Bialetti + 13,89%.
