{"id":19134,"date":"2023-11-02T09:40:02","date_gmt":"2023-11-02T09:40:02","guid":{"rendered":"https:\/\/www.algebris.com\/?p=19134"},"modified":"2025-01-03T15:15:43","modified_gmt":"2025-01-03T15:15:43","slug":"perche-investire-nelle-pmi-italiane","status":"publish","type":"post","link":"https:\/\/www.algebris.com\/it\/market-views-it\/perche-investire-nelle-pmi-italiane\/","title":{"rendered":"Perch\u00e9 investire nelle PMI italiane"},"content":{"rendered":"\n<div class=\"wp-block-file\"><a href=\"https:\/\/www.algebris.com\/wp-content\/uploads\/Perche-investire-in-PMI-italiane.pdf\" target=\"_blank\" class=\"wp-block-file__button\" download=\"\" rel=\"noopener\">Download<\/a><\/div>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Da inizio anno l&#8217;Italia \u00e8 il migliore mercato azionario in Europa, trainato da societ\u00e0 a grande capitalizzazione, soprattutto del settore finanziario e industriale. Tuttavia, spostando il focus sulle societ\u00e0 a piccola e media capitalizzazione (le PMI, rappresentate dal <strong>segmento STAR di Borsa Italiana<\/strong>), la performance da inizio anno risulta negativa, nonostante storicamente questo segmento abbia avuto solo quattro anni con ritorni negativi e quasi sempre in coincidenza di eventi straordinari quali la crisi finanziaria globale. Fa eccezione la correzione del 2018, scarsamente giustificata dai fondamentali e rivelatasi poi un\u2019ottima opportunit\u00e0 di investimento. La correzione che stiamo vivendo quest\u2019anno sembra assomigliare molto a quella del 2018.<\/p>\n\n\n\n<p>In ogni caso, ognuno dei periodi caratterizzati da ritorni negativi \u00e8 stato seguito da almeno due anni di ritorni positivi. Il recupero medio di performance dopo ogni periodo negativo \u00e8 stato del 146% ed \u00e8 proprio nel segmento delle PMI che identifichiamo <strong>una grande opportunit\u00e0 di investimento adesso<\/strong>.<\/p>\n\n\n\n<p>Riteniamo che dopo questo reset di mercato, ci sar\u00e0 un forte recupero di performance e che non ci siano motivi strutturali per smettere di credere nell\u2019azionario italiano di qualit\u00e0, in quanto <strong>i fattori che<\/strong> <strong>hanno determinato l\u2019andamento di mercato non sono di natura fondamentale, ma di natura tecnica<\/strong>.<\/p>\n\n\n\n<p>Infatti, i <strong>fondamentali di mercato rimangono solid<\/strong>i sia sul 2023 che sul 2024. I ricavi aggregati delle societ\u00e0 dello STAR sono cresciuti del 7,9% nel primo semestre 2023. A fronte di una diminuzione dei volumi, le societ\u00e0 hanno pi\u00f9 che compensato con aumenti di prezzo, attuati per far fronte alla tempesta perfetta del 2022. In base alle attuali stime di consenso del 2023, i ricavi aggregati della seconda met\u00e0 del 2023 dovrebbero crescere a singola cifra, mentre il margine EBITDA dovrebbe rimanere stabile. Infine, la crescita dei ricavi anno su anno \u00e8 attesa circa del 5,1% e il miglioramento del margine EBITDA di 20 punti base.<\/p>\n\n\n\n<p>Analizzando i driver di natura tecnica che hanno influenzato negativamente il mercato, sottolineiamo i tassi in risalita e i deflussi dai fondi, in un contesto di scarsa liquidit\u00e0. I tassi nell\u2019area euro hanno subito costanti incrementi durante tutto l&#8217;anno, con il rendimento del BTP a 2 anni che ha recentemente raggiunto il 4%. I maggiori rendimenti sull\u2019obbligazionario, anche con bassa duration, hanno determinato un reset delle valutazioni e drenato liquidit\u00e0 dal mercato. I deflussi causati dai rimborsi dei piani PIR hanno influenzato le prestazioni dell\u2019indice STAR: infatti nel 2022\/23 i primi fondi PIR lanciati nel 2017 hanno raggiunto la soglia di longevit\u00e0 quinquennale per ottenere i benefici fiscali, penalizzando le medie imprese. Infatti, l&#8217;indice STAR ha sottoperformato il FTSE Italia All Shares circa del 14% nel 2022 e circa del 27% da inizio 2023). Riteniamo che questi deflussi dovrebbero gradualmente attenuarsi nei prossimi trimestri, al diminuire del numero dei fondi PIR che devono ancora raggiungere la soglia di longevit\u00e0 quinquennale per i benefici fiscali.<\/p>\n\n\n\n<p><strong>A livello valutativo<\/strong> le azioni di societ\u00e0 di media e piccola capitalizzazione sono in forte contrazione, non solo in Italia ma in tutta Europa. La media storica vede un premio rispetto alle societ\u00e0 a grande capitalizzazione di circa il 10%, mentre attualmente lo sconto \u00e8 di oltre il 15%, un valore record storico e distante pi\u00f9 di due standard deviation dalla media. Inoltre, il rapporto P\/E del FTSE STAR 2023 \u00e8 inferiore alla media P\/E 2004-21 circa del 30%, mentre il 2024 P\/E \u00e8 inferiore circa del 37% sotto la media.<\/p>\n\n\n\n<p>Concludendo possiamo affermare con convinzione che siamo in presenza di una significativa opportunit\u00e0 di mercato. Abbiamo infatti la possibilit\u00e0 di investire adesso in una classe di attivo di qualit\u00e0. Investire nel segmento delle PMI significa infatti avere un\u2019<strong>esposizione diversificata a societ\u00e0 solide e poco indebitate, che crescono e che generano ottimi ritorni sul capitale investito<\/strong>. Oggi possiamo accedere a questo mercato con le valutazioni ai minimi storici. <\/p>\n\n\n\n<p><strong>La qualit\u00e0 a sconto \u00e8 un\u2019occasione rara.<\/strong><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><em>This document is issued by Algebris Investments. It is for private circulation only. The information contained in this document is strictly confidential and is only for the use of the person to whom it is sent. The information contained herein may not be reproduced, distributed or published by any recipient for any purpose without the prior written consent of Algebris Investments.<\/em><br><em><br>The information and opinions contained in this document are for background purposes only, do not purport to be full or complete and do not constitute investment advice. Algebris Investments is not hereby arranging or agreeing to arrange any transaction in any investment whatsoever or otherwise undertaking any activity requiring authorisation under the Financial Services and Markets Act 2000. This document does not constitute or form part of any offer to issue or sell, or any solicitation of an offer to subscribe or purchase, any investment nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore.<\/em><br><em><br>No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this document by any of Algebris Investments, its members, employees or affiliates and no liability is accepted by such persons for the accuracy or completeness of any such  information or opinions.<\/em><br><em><br>This document is being communicated by Algebris Investments only to persons to whom it may lawfully be issued under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 including persons who are authorised under the Financial Services and Markets Act 2000 of the United Kingdom (the \u201cAct\u201d), certain persons having professional experience in matters relating to investments, high net worth companies, high net worth unincorporated associations and partnerships, trustees of high value trusts and persons who qualify as certified sophisticated investors. This document is exempt from the prohibition in Section 21 of the Act on the communication by persons not authorised under the Act of invitations or inducements to engage in investment activity on the ground that it is being issued only to such types of person. This is a marketing document.<\/em><br><em><br>The distribution of this document may be restricted in certain jurisdictions. The above information is for general guidance only, and it is the responsibility of any person or persons in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. This document is suitable for professional investors only. Algebris Group comprises Algebris (UK) Limited, Algebris Investments (Ireland) Limited, Algebris Investments (US) Inc. Algebris Investments (Asia) Limited, Algebris Investments K.K. and other non-regulated companies such as special purposes vehicles, general partner entities and holding companies.<\/em><br><em><br>\u00a9 2023 Algebris Investments. Algebris Investments is the trading name for the Algebris Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Download Da inizio anno l&#8217;Italia \u00e8 il migliore mercato azionario in Europa, trainato da societ\u00e0 a grande capitalizzazione, soprattutto del settore finanziario e industriale. Tuttavia, spostando il focus sulle societ\u00e0 a piccola e media capitalizzazione (le PMI, rappresentate dal segmento STAR di Borsa Italiana), la performance da inizio anno risulta negativa, nonostante storicamente questo segmento [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":19140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130],"tags":[],"asset-class":[223],"algebris-themes":[236],"class_list":["post-19134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-views-it","asset-class-equity-it","algebris-themes-global-equity-it"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Perch\u00e9 investire nelle PMI italiane - Algebris Investments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.algebris.com\/it\/market-views-it\/perche-investire-nelle-pmi-italiane\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Perch\u00e9 investire nelle PMI italiane - Algebris Investments\" \/>\n<meta property=\"og:description\" content=\"Download Da inizio anno l&#8217;Italia \u00e8 il migliore mercato azionario in Europa, trainato da societ\u00e0 a grande capitalizzazione, soprattutto del settore finanziario e industriale. Tuttavia, spostando il focus sulle societ\u00e0 a piccola e media capitalizzazione (le PMI, rappresentate dal segmento STAR di Borsa Italiana), la performance da inizio anno risulta negativa, nonostante storicamente questo segmento [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.algebris.com\/it\/market-views-it\/perche-investire-nelle-pmi-italiane\/\" \/>\n<meta property=\"og:site_name\" content=\"Algebris Investments\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-02T09:40:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-03T15:15:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/media.algebris.com\/content\/AdobeStock_275429538-web.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1400\" \/>\n\t<meta property=\"og:image:height\" content=\"933\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Andrea Molteni\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Andrea Molteni\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.algebris.com\/it\/market-views-it\/perche-investire-nelle-pmi-italiane\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.algebris.com\/it\/market-views-it\/perche-investire-nelle-pmi-italiane\/\"},\"author\":{\"name\":\"Andrea Molteni\",\"@id\":\"https:\/\/www.algebris.com\/it\/#\/schema\/person\/4b3d11dd0f7d6e3130de26cc9436a0bc\"},\"headline\":\"Perch\u00e9 investire nelle PMI italiane\",\"datePublished\":\"2023-11-02T09:40:02+00:00\",\"dateModified\":\"2025-01-03T15:15:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.algebris.com\/it\/market-views-it\/perche-investire-nelle-pmi-italiane\/\"},\"wordCount\":1103,\"publisher\":{\"@id\":\"https:\/\/www.algebris.com\/it\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.algebris.com\/it\/market-views-it\/perche-investire-nelle-pmi-italiane\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/media.algebris.com\/content\/AdobeStock_275429538-web.jpg\",\"articleSection\":[\"Market Views\"],\"inLanguage\":\"it-IT\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.algebris.com\/it\/market-views-it\/perche-investire-nelle-pmi-italiane\/\",\"url\":\"https:\/\/www.algebris.com\/it\/market-views-it\/perche-investire-nelle-pmi-italiane\/\",\"name\":\"Perch\u00e9 investire nelle PMI italiane - 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