Because Tip sinks Prysmian on the stock market
What happened on the Stock Exchange for Prysmian. Facts, numbers and comments after Tip's move
Sales Tuesday for Prysmian. The company sells over 4% to Piazza Affari after Clubtre, a company owned by Tip, sold part of its stake in the cables group.
All the details.
THE COLLAPSE OF PRYSMIAN
Let's start with the stock market crash. In Piazza Affari the cable company recorded a decline of over 4% to 29.23 euros (at 3.30 pm), just below the price of the sale of a large part of the stake held by Tip.
“Expect an extension of the bearish phase for the rest of the session with support area seen at 29.09 and later at 28.91. Resistance at 29.62 ”, can be read in the technical analysis by Teleborsa.
THE SALE OF THE SHARE OF CLUBTRE IN PRYSMIAN
Prysmian suffers from the sale of part of the investment in Clubtre, a 66.226% subsidiary of Tamburi Investment Partners , an Italian investment and merchant bank, founded in 1999 by the business banker Giovanni Tamburi.
THE SHAREHOLDINGS OF PRYSMIAN AND THE ROLE OF TIP
In the past few hours, Cubtre has completed the sale of 10 million Prysmian shares, corresponding to 3.729% of its share capital, for a total value of 292.5 million. Clubtre was joined by Equita and Morgan Stanley as joint bookrunner: the accelerated book building was completed at a price of 29.25 euros. The gross capital gain from the transaction for Clubtre amounts to 86.3 million euros.
The sale will be settled by delivery of the securities and payment of the consideration on January 14, 2021.
THE MAINTAIN ALTITUDE
The sale of the equity investment represents a partial realization of the significant investment made in 2010 as part of a club deal which involved important family offices.
Clubtre will maintain a stake of approximately 3.577 million shares, or 1.334% of the share capital, in Prysmian, with a 90-day lock up period.
A CONSOLIDATED CAPITAL GAIN FOR TIP
Equita analysts promote Tip's operation. "Clubtre therefore monetizes a very significant part of the position in Prysmian, with gross income of 292.5 million (and we estimate net income of around 290 million. With this operation, Tip realizes a consolidated capital gain which we estimate at approximately 100 million, with a benefit at the level of net profit attributable to the group of over 65 million ”, write the analysts of Equita.
With the sale of its shares in Prysmian, Tip reduces the holding's debt by approximately 150 million compared to the 236 million estimated by Equita pre-deal, ensuring “liquidity to finance new investments and ongoing initiatives. The operation also guarantees a strong visibility on the 2021 income results ”, add Equita analysts who raise the target price on the Tip share to 8.1 euros from 7.6 euros.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-tip-affonda-prysmian-in-borsa/ on Tue, 12 Jan 2021 13:59:11 +0000.