Nexi SpA

NEXI: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€65.50	Rdbctv	Dhmjybydf

Nexi Posts Good Second Quarter; Fair Value Maintained

Niklas Kammer

Aug 2, 2022

Narrow-moat Nexi reported second-quarter EBITDA of EUR 395 million, slightly ahead of the EUR 383 million anticipated by the consensus of analysts polled by the payments group. Displaying Nexi’s operating leverage, EBITDA grew 20.5%, widening the EBTIDA margin to 49% from 45% a year ago. We maintain our fair value estimate of EUR 15.80 per share and believe Nexi’s shares are attractive at current levels.

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