THE SHADOW OF TAPERING SCARES ASIAN EXCHANGES
TELECOM, YELLOW IN MILAN. BUT MONCLER CELEBRATES
Asian price lists weak at the start of a fiery week, on many fronts. He misses out Tokyo -1,6% despite the Tankan index, which measures the health of the Japanese manufacturing sector, is at its highest since 2007. Shanghai also down -1,1%, after a lower-than-expected PMI index figure.
Two key events on the international scene: Wednesday evening, on the occasion of the farewell press conference of Ben Bernanke, it will be known whether the Fed has given the go-ahead to reduce purchases on the markets. In the same day, in Brussels, the finance ministers they will try to reach an agreement on the resolution system, the most delicate issue of the banking union. But the spotlights of Piazza Affari are focused this morning on two domestic events.
BLACKROCK: 10% IN TELECOM ONLY WITH CONVERTENDO
Blackrock holds 7,783% of Telecom Italia shares with voting rights plus 0,006% of Adr for a total of 7,789%. The US fund specifies this in a note, signaling that it has not exceeded the relevant threshold of 10% as the remainder is linked to the convertible. This is how he answered Consob's questions, before the opening of trading, the asset management giant. In parallel, Telecom said it had not received any communications from Blackrock regarding the share increase, communicated by the fund to the Sec. From the notification to the Sec (but not to Consob) it was clear that the US fund had doubled, on November 29, its shareholding in Telecom, thus consolidating, with a share exceeding 10% its second shareholder position behind a telco. In reality, explains the note from the US company, this figure also includes the investment in the convertible, which must be taken into account in the US legislation (and, it seems, not in the Italian one). In any case, Telecom Italia's meeting on Friday promises to be the most intriguing and unpredictable proxy fight in the history of Italian finance. An even more exciting live yellow after that the president of Telefonica Cesar Alierta and Julio Linares have resigned from the board of directors of Telecom Italia refraining from proposing new names for the board.
MONCLER, DEBUT WITH A BANG?
But attention will be focused this morning on the debut of the year: Moncler. The company of Remo ruffini landed on the stock market this morning after having set a placement price of 10,2 euros per share, which corresponds to 2,55 billion in capitalization (Yoox and Bruello Cucinelli are worth around 1,7 billion) largely sufficient to guarantee the duvet brand a place in the basket Ftse/Mib. Given the crowd of reservations (29 times the offer) it is reasonable to expect a rocket debut. In the prospectus of the IPO Moncler announces, on the basis of the 2012 results, a ratio between price and net profit equal to 30,9. The ratio between Enterprise value (given by the sum of capitalization and debt as at 30 September) and EBITDA for 2012 would be 17,3. The Ev/Ebit, on the other hand, would be equal to 19,2. times. To make a comparison with other listed luxury companies, it is noted in the same document that, for the price/earnings ratio, it ranges from a minimum of 24,8 for Tod's to a maximum of 68,7 for Brunello Cucinelli. For the Ev/Ebitda the range goes from the minimum of 13,9 for Tod's to 36,6 for Brunello Cucinelli.
MPS, SACCOMANNI IS LOOKING FOR A TEAM
Mps capital increase right away, as the couple wants Perfume-Purple? Or in June, as requested by the Foundation, to have the time necessary to sell one's share without pulverizing the assets? It is the almost insoluble knot that will have to be resolved by December 27th (at the latest on the 29th, if it goes to the third call). At present, given the balance of power between the shareholders, the proposal of the summit should be rejected, with the consequence of the immediate resignations of Profumo and Viola and, consequently, the very likely shipwreck of the plan agreed upon in the EU. But in the event of a stock market crash, the MPS prices could end up in the risk zone, i.e. eight covanants that could trigger enforcement by the creditor banks. To the Minister of the Treasury Fabrizio Saccomanni, who controls the Foundation of Siena but who is also the guarantor of the agreement between Banca MPS and the European Commissioner Joaquìm Almunia, the arduous task of squaring the circle soon.
INDEX EFFECT: ENTRY INTO THE S&P PUSHES FACEBOOK
The unknown of Tapering has affected the markets. In the US, the S&P 500 falls -1,7% on a par with the Dow Jones -1,7% and the Nasdaq -1,4%. It was the worst drop since August. Worth noting is the leap of Facebook +11%, promoted in the S&P 500, but also the plunge of Cisco -4,9% which lowered the estimates for 2013. Mc Donald's also decreased -2,4%, after the disappointing November data. The variations in Europe are less marked. Prigi is down 0,2%, Frankfurt and London -0,1%. The collapse of Peugeot -12,1% after GM's decision to sell 7% of the French company makes a sensation.
INDEX EFFECT: YOOX READY FOR FTSE/MIB
The FtseMib index it closed the eighth with a drop of 1,7%, which extends the fall of the first week of December (-4,7%). Only 10 shares that recorded a gain, 31 those with a negative sign. Starting Monday, December 23, the blue chips will be 40 again for the release of two titles. Diasorin and Parmalat, and for the simultaneous entry of Yoox. Fondiaria Sai shines among the best stocks, consolidating its primacy of best blue chip since the beginning of 2013 (+120%), pending the merger with Unipol. Significant earnings also for A2A, Enel Green Power, Buzzi Unicem. Montepaschi +1,60% recovers after the sharp decline suffered in the previous week: -12%. Positive signs also for Ansaldo STS, awarded in recent days by SocGen/Mediobanca, and Snam Rete Gas, promoted today as a buy by UBS. In negative territory Mediolanum -5,82%, penalized by the placement of 5,6% of the stake in the hands of Fininvest. Industrial stocks such as Prysmian, Eni and Fiat were also penalised. Among the banks, the worst performance is Bper -3,46%.
