Fincantieri shares and rights run, +30% on pre-increase

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(The Sun 24 Hours Radiocor) – Fincantieri still on the run in the second week of the capital increase. Both the ordinary shares and the rights to subscribe to the operation are increasing on the stock exchange and the value of the combined securities is approaching +30% compared to the prices prior to the start of the recapitalization. The capital increase in option, which will close on July 11, is for 400 million euros and is accompanied by the issue of warrants for another 100 million euros. The new shares will be issued at 4.44 euros per share and offered in the ratio of 9 new shares for every 10 already owned. The injection of fresh capital, supported primarily by the controlling shareholder Cdp Equity, is functional to the purchase of the torpedoes, sonar and countermeasures business from Leonardo. Meanwhile, on Friday 28 June the shipbuilding group announced the order by the Italian Navy for a fourth submarine of the U212NFS program: the the order is worth more than 500 million.

According to Intermonte, which has restarted coverage on the stock with the “outperform” recommendation and a price target of 6 euros, the current share price represents “an interesting opportunity”. For the broker, in recent years the poor evolution of earnings and the high financial leverage have led the stock to trade at a discount of 30% compared to the average multiples of Enterprise Value/Ebitda, while the improvement of the operational trends and the greater visibility in realizing the plan should lead to a rerating of the stock.

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