Rankings Financial data & insurance broking Nexi
Nexi
67
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Capital allocation−5
- Quality of growth−4
- ROIC−3
Strengths
- Buybacks+1
- Strong cash flow+1
How the score is built
From 100 to 67, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 4.48 EUR
- Median analyst target
- 4.00 EUR
- Upside to median
- −10.7%
- Analysts
- 16
- Target range
- 2.60 – 6.00 EUR
- 52-week change
- −1%
- P/E (trailing)
- n/a
- Forward P/E
- 7.0
- PEG
- 1.40
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−12 of −30
- −5Capital allocationGoodwill impairment of about €3.7bn in 2025 (net result −€3.4bn) – the mergers with Nets and SIA in 2020–2021 were overpaid for; the write-down equals about 75% of the current market value, and the share price has fallen from €12.25 (2021) to €4.17.
- −4Quality of growthRevenue rose only 1.0% in H1 2026 (underlying 5%), Merchant Solutions fell 0.8%, and EBITDA was unchanged at €870m with a declining margin (50.1% vs 50.6%); guidance for 2026 is stable EBITDA.
- −3ROICROIC 7.6% (TTM) is only slightly above the WACC of 6.4% and was only achieved after the write-down of the capital base; in 2021–2024 ROIC was −3.0% to 2.1%.
Price
Today's multiples against the company's own history and its peers. · 1 finding−2 of −35
- −2Debt in the valuationForward P/E 6.4 and EV/EBITDA 7.1 are at the bottom of its own history (5.9–26 and 6.5–27 in 2021–2025), but net debt of €4.0bn makes up 45% of EV (€8.9bn), so the low P/E reflects leveraged equity.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−11 of −35
- −3Competition and price pressureManagement acknowledges price pressure in acquiring, where competitors offer payment terminals for free; Merchant Solutions (largest segment) has been in decline in both Q1 and Q2.
- −2Lost bank contractsThe migration of Banca Popolare di Sondrio and Nordea's card issuing continues to weigh on revenue in H2 2026 and is only expected to be completed by year-end.
- −2GermanySecond weak quarter in a row in Germany with weak consumption in hotels and restaurants and one of the highest levels of corporate bankruptcies in 20 years.
- −2Ownership structureState-owned CDP is raising its stake from 19.1% to 29.9% to block a possible CVC bid, while Hellman & Friedman owns 22%; the state in practice decides whether minority shareholders ever get a takeover premium, and H&F's stake is a potential selling pressure.
- −2DebtNet debt of €4.0bn and interest cover of 3.4 times; gross debt €5.9bn despite repayment of €1bn in H1 2026.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1BuybacksDividend (€307m) and buybacks (€300m) in 2025 were below FCF of €806m; TTM the distribution is €464m vs. FCF of €778m.
- +1Strong cash flowExcess liquidity of 400 m € in H1 and the target of about 750 m € for 2026 were confirmed; FCF yield 15.9%.
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis shows gross revenue (€6.3bn TTM) and a reported EBITDA of €1.2bn, while Nexi itself reports net revenue (about €3.6bn in 2026E) and EBITDA (€870m in H1, margin 50%); analysts' EPS (€0.61 in 2025) is adjusted, while the reported result was −€3.4bn due to a goodwill impairment of about €3.7bn. Forward P/E 6.4 is therefore on adjusted figures. Stockanalysis' 11% fall in share count does not match the buybacks in the cash flow (€300m in 2025) and is not given points. CVC considered a bid of about €9bn (EV) in the spring, but CDP has raised its stake towards 29.9% and does not want to sell – a bid is unlikely without government support. Some price targets were raised in August/September; the average is below the price. Insider trading not investigated.
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