Nexi's Third-Quarter Performance Is Decent as Cost Controls Bear Fruit

Nexi reported third-quarter operating profit of EUR 167 million versus EUR 156 million in the same period last year on good cost measures. We increase our fair value estimate slightly to EUR 13.6 from EUR 13.2 previously, primarily adjusted for the time value of money. Our long-term thesis that Nexi will disproportionately benefit from a shift from cash to card payments and a transition from national debit to international card schemes is unchanged. We maintain our narrow moat and stable trend ratings.