MPS
ecco una delle note che sono uscite oggi da una delle più note case di brokeraggio .....e poi sono io il pessimista
The Antonveneta acquisition: under current market conditions it has
become even more expensive than expected. The EUR 1 Bn FRESH is going to be
issued with a 400-450 bps spread over 3 months Euribor, in line with the pricing
of similar instruments issued by more risky issuers who offerd no exchangeable
option. Moreover in the next few months MPS will need to launch a EUR 5Bn rights
issue and a EUR 2Bn subordinated loan, whose conditions will likely penalize
MPS.
2 Capital ratios may came under pressure without the asset disposals
(difficult to be finalized in current market conditions). The Tier 1 ratio is
expected to be stretched to 5.2% in 2008, without asset disposals (6.5% with
asset disposals and Basil 2 advanced model)
3 The stock is trading with a 21% premium on the Italian Banks Average
for 2008 multiples (P/E at 12.2x, vs 10x average.
The Antonveneta acquisition: under current market conditions it has
become even more expensive than expected. The EUR 1 Bn FRESH is going to be
issued with a 400-450 bps spread over 3 months Euribor, in line with the pricing
of similar instruments issued by more risky issuers who offerd no exchangeable
option. Moreover in the next few months MPS will need to launch a EUR 5Bn rights
issue and a EUR 2Bn subordinated loan, whose conditions will likely penalize
MPS.
2 Capital ratios may came under pressure without the asset disposals
(difficult to be finalized in current market conditions). The Tier 1 ratio is
expected to be stretched to 5.2% in 2008, without asset disposals (6.5% with
asset disposals and Basil 2 advanced model)
3 The stock is trading with a 21% premium on the Italian Banks Average
for 2008 multiples (P/E at 12.2x, vs 10x average.
MPS
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5 commenti:
Che cos'è l'EUR 1 Bn FRESH?
grazie
ok, ignorate il mio precedente commento: è spiegato nell'articolo più sotto.
Scusate!!
Buongiorno. Una richiesta di informazioni che non c'entra nulla: ho notato una stranissima stabilità del titolo Ducati negli ultimi due mesi e mezzo, attorno al valore 1.66-1.68.
Che succede?
Grazie
G
Ducati è oggetto di un'opa a 1,70. Il titolo non subirà variazioni di prezzo fino a quando l'opa sarà in corso.
Grazie mille. Indagherò sul perchè la mia banca non mi ha ancora detto nulla. Sono un "fortunato" azionista ducati della prima ora.
Giorgio
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