(NEXI) Nexi S.p.A - Overview
Sector: Technology | Industry: Software - Infrastructure | Exchange: MI (Italy) | Market Cap: 4.123m EUR | Total Return: -30.6% in 12m
Avg Turnover: 55.2M
Warnings
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Altman Z'' 0.27 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
Nexi S.p.A. is a Milan-based financial technology firm specializing in digital payment infrastructure across Europe, including Italy, the Nordics, and Central Europe. The company operates as a merchant acquirer and card issuer, managing the technical end-to-end processing of electronic transactions for small businesses, large corporations, and public administrations.
The business model relies on integrated payment ecosystems, providing hardware like Point of Sale (POS) terminals alongside software solutions for fraud prevention, clearing services, and digital banking. In the European payments sector, scale is a critical competitive advantage as providers consolidate to offset the high fixed costs of maintaining secure, cross-border transaction networks.
Beyond basic processing, Nexi manages Automated Teller Machine (ATM) networks and provides digital tools for invoice management and bill payments. Investors may find it useful to examine ValueRay for deeper insights into the company’s valuation metrics.
- Transaction volume growth in Italy and DACH regions dictates merchant services revenue
- Consolidation synergies and cost-cutting initiatives impact EBITDA margins and free cash flow
- European Central Bank interest rate normalization influences consumer discretionary spending and debt costs
- Regulatory shifts in digital payment mandates drive terminal adoption across SME segments
- Strategic divestments and M&A activity shape long-term capital allocation and leverage ratios
| Net Income: -3.38b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 1.07 > 1.0 |
| NWC/Revenue: 7.84% < 20% (prev 115.9%; Δ -108.0% < -1%) |
| CFO/TA 0.06 > 3% & CFO 1.23b > Net Income -3.38b |
| Net Debt (-2.84b) to EBITDA (1.22b): -2.33 < 3 |
| Current Ratio: 1.08 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.17b) vs 12m ago -10.29% < -2% |
| Gross Margin: 48.09% > 18% (prev 45.97%; Δ 2.11% > 0.5%) |
| Asset Turnover: 26.93% > 50% (prev 23.17%; Δ 3.76% > 0%) |
| Interest Coverage Ratio: 1.24 > 6 (EBIT TTM 312.0m / Interest Expense TTM 252.0m) |
| A: 0.02 (Total Current Assets 6.85b - Total Current Liabilities 6.36b) / Total Assets 20.2b |
| B: -0.17 (Retained Earnings -3.38b / Total Assets 20.2b) |
| C: 0.01 (EBIT TTM 312.0m / Avg Total Assets 23.3b) |
| D: 0.54 (Book Value of Equity 7.06b / Total Liabilities 13.2b) |
| Altman-Z'' = 0.27 = B |
| DSRI: 53.73 (Receivables 874.0m/15.8m, Revenue 6.27b/6.11b) |
| GMI: 0.96 (GM 45.97% / 48.09%) |
| AQI: 0.97 (AQ_t 0.64 / AQ_t-1 0.65) |
| SGI: 1.03 (Revenue 6.27b / 6.11b) |
| TATA: -0.23 (NI -3.38b - CFO 1.23b) / TA 20.2b) |
| Beneish M = 40.31 (Cap -4..+1) = D |
As of June 07, 2026, the stock is trading at EUR 3.37 with a total of 18,255,504 shares traded.
Over the past week, the price has changed by -4.13%,
over one month by -10.46%,
over three months by +29.77% and
over the past year by -30.64%.
Nexi S.p.A has no consensus analysts rating.
P/E Forward = 5.6402
P/S = 0.6573
P/B = 0.5715
P/EG = 0.0746
Revenue TTM = 6.27b EUR
EBIT TTM = 312.0m EUR
EBITDA TTM = 1.22b EUR
Long Term Debt = 5.56b EUR (from longTermDebt, last quarter)
Short Term Debt = 1.04b EUR (from shortLongTermDebt, last quarter)
Debt = 127.0m EUR (Leases only: 127.0m)
Net Debt = -2.84b EUR (calculated: Debt 127.0m - CCE 2.97b)
Enterprise Value = 1.28b EUR (4.12b + Debt 127.0m - CCE 2.97b)
Interest Coverage Ratio = 1.24 (Ebit TTM 312.0m / Interest Expense TTM 252.0m)
EV/FCF = 1.59x (Enterprise Value 1.28b / FCF TTM 806.0m)
FCF Yield = 62.81% (FCF TTM 806.0m / Enterprise Value 1.28b)
FCF Margin = 12.85% (FCF TTM 806.0m / Revenue TTM 6.27b)
Net Margin = -53.83% (Net Income TTM -3.38b / Revenue TTM 6.27b)
Gross Margin = 48.09% ((Revenue TTM 6.27b - Cost of Revenue TTM 3.26b) / Revenue TTM)
Gross Margin QoQ = 7.94% (prev 40.90%)
Tobins Q-Ratio = 0.06 (Enterprise Value 1.28b / Total Assets 20.2b)
Interest Expense / Debt = 198.4% (Interest Expense 252.0m / Debt 127.0m)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = 234.0m (EBIT 312.0m * (1 - 25.00%))
Current Ratio = 1.08 (Total Current Assets 6.85b / Total Current Liabilities 6.36b)
Debt / Equity = 0.02 (Debt 127.0m / totalStockholderEquity, last quarter 7.06b)
Debt / EBITDA = -2.33 (Net Debt -2.84b / EBITDA 1.22b)
Debt / FCF = -3.52 (Net Debt -2.84b / FCF TTM 806.0m)
Total Stockholder Equity = 9.93b (last 4 quarters mean from totalStockholderEquity)
RoA = -14.50% (Net Income -3.38b / Total Assets 20.2b)
RoE = -34.01% (Net Income TTM -3.38b / Total Stockholder Equity 9.93b)
RoCE = 2.02% (EBIT 312.0m / Capital Employed (Equity 9.93b + L.T.Debt 5.56b))
RoIC = 1.73% (NOPAT 234.0m / Invested Capital 13.6b)
WACC = 7.78% (E(4.12b)/V(4.25b) * Re(8.02%) + (debt cost/tax rate unavailable))
Discount Rate = 8.02% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 64.41 | Cagr: 36.63%
[DCF] Terminal Value 76.06% ; FCFF base≈791.2m ; Y1≈826.2m ; Y5≈946.5m
[DCF] Fair Price = 14.85 (EV 14.6b - Net Debt -2.84b = Equity 17.4b / Shares 1.17b; r=8.35% [WACC [floored]]; 5y FCF grow 4.81% → 2.50% )
Revenue Correlation: 99.62 | Revenue CAGR: 3.21% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=0.64 | Chg30d=-0.56% | Revisions=+20% | GrowthEPS=+0.0% | GrowthRev=+1.8%
EPS next Year (2027-12-31): EPS=0.66 | Chg30d=-1.42% | Revisions=+20% | GrowthEPS=+3.3% | GrowthRev=+2.3%
[Analyst] Revisions Ratio: +20%