The title Fincantieri lost almost 40% of its value in just a few days MY BAG compared to the highs of the current April and over 30% from the IPO price of May 2014. It is said that the precipitous descent of the share derives from the need for a new capital increase to meet the need for business expansion, given the good commercial success of the large ships built in its shipyards. But at the same time there have been official alarms about the difficulties in the foreign subsidiaries and in particular in the Norwegian shipyards where oil platforms and other support vessels are built, and in the Brazilian shipyards hit hard by the economic crisis in that country and above all by the blockade of the activity Of Petrobras.
Fincantieri, which is controlled by Cassa Depositi e Prestiti, through Fintecna, is a company that has enjoyed considerable commercial success in recent years. Its large cruise ships are highly appreciated by shipowners in the sector, and our shipyards have been able to benefit from a significant increase in orders and turnover. But the company has never been able to distribute dividends while it needed two capital increases. The first in 2010 of 250 million subscribed entirely by Fintecna (the financial company responsible for the liquidation of IRI) and the second last year on the occasion of the stock market listing, of a good 350 million, a significant part subscribed by private savers.
At the same time, debts have also increased, so it is not clear where all these financial resources that have flowed into the company's coffers have gone and for what purpose another 500 million would be needed today. The latter hypothesis has been denied by the company, but the market seems to consider it very probable, as demonstrated by the performance of the stock. After all, asking for 500 million out of a total capitalization of just over 800 million is certainly not a trivial matter. For CDP a thorny file. In the first place, having listed a company with no valid profitability prospects and operating in a high-risk sector on the Stock Exchange, entails for the Cassa, which in any case remains the majority shareholder of Fincantieri, a responsibility not so much legal as reputational towards the market to which the whole truth has perhaps not been told, despite the doubts and perplexities expressed by various analysts.
But apart from these considerations, a very delicate problem now arises for the new CDP summit. If you want to make recourse to the market again (avoiding taking on all the recapitalization needs of Fincantieri, which would involve a capital immobilization of which, moreover, the Checkout does not have), it will be necessary to clearly clarify both the use made in past years of the capital flowing into the company, and the economic and financial prospects of the company itself. Fincantieri is one of the flagships of the Italian economy, and has internal management skills and a work culture capable of overcoming the current critical phase. But the market needs clear and convincing signals all the more after the recent decision to list the stock in MY BAG.
The Fincantieri stock has lost almost 40% in just a few days
its stock market value compared to the highs of last April and beyond
30% from the price of the May 2014 IPO. Rumor has it that the precipitous
drop in the stock derives from the need for a new increase of
capital to meet business expansion needs,
given the good commercial success of the large ships built in his
construction sites. But at the same time there were official alarms
on the difficulties in the foreign subsidiaries and in particular in the
Norwegian shipyards where oil platforms are built ed
other support vessels, and in the Brazilian shipyards invested in
filled by the economic crisis of that country and above all by the blockade
of Petrobras activity.
Fincantieri, which is controlled by Cassa Depositi e Prestiti,
through Fintecna, is a company that has gained in recent years a
considerable commercial success. Its large cruise ships are
highly appreciated by shipowners in the sector, and our shipyards
were able to benefit from a significant increase in orders and
sales. But the company never managed to distribute dividends
while it needed two capital increases. The first in 2010
of 250 million fully subscribed by Fintecna (the finance company
charged by the liquidation of IRI) and the second last year
on the occasion of the stock market listing, of a good 350 million in part
subscribed by private savers. At the same time also i
debts have increased so it is not clear where they ended up
all these financial means flowed into the coffers of the company and for
for which purpose another 500 million would be needed today.
The latter hypothesis was denied by the company, but the market
seems to consider it very probable, as demonstrated by the trend of
title. After all, ask for 500 million on a capitalization
a total of just over 800 million is certainly not a trivial matter.
For Cdp a thorny dossier. In the first place, having brought it to the stock exchange
a company without valid income prospects and operating in a
high-risk sector, entails for the Cassa, which remains nonetheless
by far the majority shareholder of Fincantieri, a
not so much legal responsibility as reputational towards
of the market that has perhaps not been told the whole truth, despite
the doubts and perplexities expressed by various analysts.
But apart from these considerations, now for the new Cdp summit yes
poses a very delicate problem. If you want to appeal again
to the market (avoiding loading all the needs of
recapitalization of Fincantieri, which would entail a
capital immobilization of which the Cassa does not have ),
it will be necessary to clarify both the use that has been made over the years
past of the capital flowing into the company, and the prospects
economic and financial aspects of the company itself. Fincantieri is one of
flagships of the Italian economy, and disposes within it
management skills and a work culture capable of
overcome the current critical phase. But the market needs signals
clear and convincing all the more after the recent decision to list the
stock on the stock exchange.
