Nexi SpA

NEXI: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€21.10	Tdwtvk	Fqljgzn

Nexi Earnings: Decent Profits; Germany Less of a Dramatic Shift After Worldline Surprise

Niklas Kammer

Nov 9, 2023

Narrow-moat Nexi reported a decent third quarter. After a surprising third-quarter update by Worldline, which flagged a sudden shift in shopper behavior in Germany, Nexi’s results look less affected by what its peer had lamented just two weeks ago. Additionally, Nexi highlighted that it underwent an audit by German financial regulator BaFin in 2021, which highlighted minor remediation actions. Nexi stated that it closed the business in question and any impact had already been absorbed in 2022. We maintain our EUR 15.80 per-share fair value estimate.

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