Nexi SpA

NEXI: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€48.30	Ysklcc	Qxmqsgxn

Nexi: Returning International Travel More Than Offsets Inflationary Cost Pressures

Niklas Kammer

May 11, 2023

Narrow-moat Nexi reported a decent third quarter. The payment services provider showed a good 7.1% revenue growth to EUR 858.9 million paired with a good cost control, which increased 1.9% despite the inflationary environment. The resulting EUR 463.1 million in EBITDA beat consensus expectations of EUR 453 million. Guidance for the full year was unchanged, and we maintain our EUR 15.80 per share fair value estimate.

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