Breaking news October 16th at 8pm
Piazza Affari closes on the rise with the Ftse Mib advancing by 0.24% at the end of the day.
On the macro front, it should be noted that in Italy inflation fell to +0.7% in September, the lowest level recorded since the beginning of the year. In detail, in September 2024, the national consumer price index for the entire community (NIC), including tobacco, recorded a decrease of 0.2% on a monthly basis and a growth of 0.7% on a monthly basis. annual basis from +1.1% in the previous month.
On the main Milanese basket, the banks are in no particular order despite the expected contribution of 3.5 billion in the budget planning document, immediately sent to Brussels. Banco Bpm +0.57%, Bper -0.17%, B.Mps +0.11%, BPSondrio -0.28%, Mediobanca +0.29%, Intesa Sanpaolo -0.27%, Unicredit +0, 16%. In detail, the contribution of the banking sector will generate an estimated revenue of approximately 3.5 billion euros over the two years 2025-2026, with an annual impact of approximately 1.75 billion. The majority of the contribution, agreed between the MEF and the ABI, would be structured as a liquidity advance to the government, through the temporary stop of deductions on DTA (Active Deferred Taxes), which will be worth between 3 billion and 3.35 billion and will be recovered between 2027 and 2029. The remaining part to reach 3.5 billion would be filled by the stop on stock option deductions. According to the Intermonte experts, the contribution expected for the banks from the Budget as it has been structured is positive because it does not impact the income statement as expected last year. There is therefore no risk of reducing or affecting remuneration, given that the issue is simply cash and not at profit level.
Money on Leonardo Spa (+2.72%%) on which Equita Sim confirmed the buy rating following the formalization of the jv with Rheinmetall.
Tim (+2.56%) and Saipem (+1.9%) also did well.
Focus also on Stellantis (+0.07%). The company estimates that consolidated deliveries in the quarter ended September 30, 2024 amounted to 1,148 million units, 20% less than the same period in 2023. After the update, which is a prelude to the publication of third quarter results, the 31 October, the stock showed little change on Piazza Affari (-0.93% to 11.9 euros).
Ferragamo made little move (+0.23%) at the center of a flurry of cuts in estimates and target prices after quarterly revenues below expectations and cautious indications on Ebit 2024. If the consensus saw a quarterly revenue figure of 228 million euro, Ferragamo instead recorded a decline of 9.6% y/y (-7.2% at constant exchange rates) to 221 million, due to the weakness of the Asian market, the secondary channel and the wholesale business.
Finally, it managed to open Digital Value (-76.46%) involved in the Sogei case. Bad, despite the reassurances of Sesa (-5.37%), which reiterated in a statement its non-involvement in the legal matter. In a phase of the stock market which is “indiscriminately affecting companies operating in sectors linked to the investigation involving Digital Value”, Sesa makes it known that it is not in any way involved in these investigations, that it has a strategic focus as a group in different areas from those carried out by Digital Value and to hold, through Dv Holding, a stake of “just 3.6%” in the company. A share acquired for 4 million euros during 2018, Sesa specifies in a note. From an industrial point of view, the business under investigation does not fall within the group’s strategic activities.
