Del Vecchio secures up to €22 billion from Citi for Delfin buyout plan, source says

Impact · against what's priced in

The news of a €22 billion financing deal provides evidence of the activity in Citi's Markets and Banking segments, but it is not a sufficient catalyst to trigger a re-rating. While it supports the trend of top-line growth the market currently ignores, a single deal does not prove the structural cash flow improvement required to move the price.

C+0.10

Challenges what's priced in

The price assumes

A sustained expansion in the Markets and Banking segments that pushes group revenue growth back above 5%

Securing a €22 billion financing deal demonstrates the type of high-volume activity in the Markets segment that the market currently declines to price in as a sustained growth driver.

What C's price assumes · Sep 11

• m and a
• banking
• C
• buyout
• citi
• financing
• leverage finance

Search tags