Here's how the stock market will change

Here’s how the stock market will change

In Italy the market has less desire for the stock market given the growth of delisting between major companies? This would seem to emerge from the market trends of recent months that have seen various groups abandon the Piazza Affari, leaving behind prospects and capital.

47 billion euros of capitalization have, since the beginning of the year, evaporated from Piazza Affari precisely because of the delistings. The stock market has lost a total of 20% of its capitalization since the beginning of the year, starting from a share of resources stored in its markets which at the end of 2021 had reached 757 billion euros. The delistings drive the choices of the protagonists of the stock exchange.

There are those who adhere to it to consolidate control over their company, as the Friedkin family did for AS Roma Calcio, which officially left Piazza Affari on 25 July.

But also those who proceed with the delisting for more strategic purposes: Alessandro Benetton with Atlantia leads the most important delisting in the history of Italy to put the family holding company, relieved of the load of Autostrade per l’Italia, in a position to operate away from emotionality and market jolts. Similar speech Diego Della Valle with Tod’s, with the former owner of Fiorentina who launched a takeover bid on 25.5% of the company’s share capital opens the way to a future as a private company by focusing on shares not currently controlled by neither the founder nor by Bernard Arnauld, patron of Lvmh.

There are also those who instead opt for delisting for tax purposes, looking at the advantageous shores of Amsterdam: they have started Ferrerohe continued Campari and now it has consolidated the trend Exorholding company of the Agnelli family.

In short, for many big names, delisting is an important option and the exit from the Italian stock exchange considered a bearable evil. But this is not necessarily a damage to the national economy. As he wrote Milan Finance, “It is important to have efficient financial markets. Promoting market finance is a structural objective that has been felt for some time, not only in Italy but throughout Europe: remedying the chronic under-sizing of European stock markets compared, for example, to the United States is fundamental to increase the resilience of the markets, achieving a better sharing of risks and a diversification of sources of financing for companies “. All very true, but as far as the Italian country-system is concerned, the feeling now seems to be that of a finance to which i large groups look, on the institutional front of the stock exchange, with non-totalizing attention. The resilience and resilience of banks are returning to make them, in a system that has always been based on their work, the pivot for transmitting liquidity and funds to businesses.

Mature companies then leave the stock exchange because in Italy the lower levels of capitalization mean that for companies in the country, listing is a more important moment than keeping the stock on the price lists. The success of the private equity as a tool for opening up to the markets it is an all-Italian story that has the goal and not a step in the stock market entry of companies in increase in size. From 2012 to today, the Italian capital in private equity has risen from 3 to 17 billion, the amount invested has in fact gone from 1.3 billion in 2012 to 11.1 billion in 2021, while the number of transactions has grown passing from 20 to 165 allowing the growth of companies in every sector (from Moncler to Bending Spoons). The arrival on the stock exchange “crystallizes” this gaseous state made of expectations and capital injections, giving the growth of a company a formal appearance and it is the other side of the delisting, which instead allows the group leaving the stock exchange to have a snapshot of the actual value of the shares. The Milan Stock Exchange-catwalk, where publicly-owned actors dominate, ultimately serves this purpose and we must not tear our clothes off for the delisting of the big names. The future lies in the relaunch of the entry channels for SMEs’ capital to make Borsa Italiana the collector of the growth dynamism of small and medium-sized enterprises, which can open up to the capital market to face the competitive challenges of the global era. However, no “roaring” race is to be expected in the wake of the rallies that often involve the US and UK stock exchanges. And this is not necessarily bad either. The activity of Borsa Italiana, a platform for Italian companies, at least guarantees against bubbles And destabilizations. And it is tailored to the economy of a country with an artisanal rather than a financial vocation, in need of promoting its excellence.


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