The shares of D’Amico International Shipping (Dis) recorded a collapse on Piazza Affari on Thursday 16 May (-12.21% to 6.76 euros) after the majority shareholder, D’Amico International, sold 6 on Wednesday 15th .2 million shares of the company, representing the 5% of the capital, in an accelerated bookbuilding procedure reserved for institutional investors. The actions were placed at 6.50 euroswith one 15.6% discount approximately compared to Wednesday’s closing at 7.70 euros.
D’Amico informs the market that the placement, worth 40.3 million, will be settled on May 20th and that the share of themajority shareholder drops to 60.65% after the placement. Furthermore, a lockup period than 180 days after the settlement of the placement. «D’Amico International remains committed to being the Company’s major long-term shareholder and firmly believes in the tanker market. The purpose of the Placement is to increase the liquidity of trading in the company’s shares.”
Earnings growth in the first quarter
Dis’ first quarter 2024 closed with net revenues of 105.3 million dollars compared to 107.5 million in the same period of 2023 and net profit increasing by 3.7% (from 54.1 million dollars to 56.3 million). In response, on Monday 13th Intesa Sanpaolo raised the target price from 7 to 7.9 euros, confirming the buy recommendation. “We further increase our 2024 estimates (+22.5% at net profit level),” the analysts wrote, citing the “high visibility” that the group has on the second quarter and the outlook, which “continues to be positive”. (All rights reserved)
Posting time: 05/16/2024 1.29pm
Last update: 05/16/2024 2.22pm
