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Nexi Spa (Ba1/BB+[P]/BB+) Q1 Results Strong; Buybacks Launched

TECHNOLOGY
  • Q1 revenue +6% YoY against company-provided consensus of +5.3% while EBITDA was +8.6% against +6.5% consensus with a margin of 46% against the 45.7% consensus. All thress segments beat on revenue (Merchant +6.8% vs. 5.3%, Issuing +5.2% vs. +4.1%, Digital Banking +4.3% vs. 1.2%).
  • EBITDA leverage fell to 2.8x from 3x at FY23.
  • Buybacks of EUR 500mn announced.
  • FY guidance confirmed.
  • EUR bonds muted; 29s +0.11c to EUR 90.79.
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  • Q1 revenue +6% YoY against company-provided consensus of +5.3% while EBITDA was +8.6% against +6.5% consensus with a margin of 46% against the 45.7% consensus. All thress segments beat on revenue (Merchant +6.8% vs. 5.3%, Issuing +5.2% vs. +4.1%, Digital Banking +4.3% vs. 1.2%).
  • EBITDA leverage fell to 2.8x from 3x at FY23.
  • Buybacks of EUR 500mn announced.
  • FY guidance confirmed.
  • EUR bonds muted; 29s +0.11c to EUR 90.79.