(Finance) – At the beginning of the new year, the value of the 13 state-owned companies listed on the stock exchange it is brought to 221.2 billion eurosrepresenting the 27.3% of the entire price list. Their capitalization fell compared to 1 January 2024 by 8.2 billion (-3.58%) and the weight was reduced to below 30%.
This is what emerges from the usual analysis of CoMarwithin its scope Financial Observatorywhich takes a snapshot of the performance of the companies controlled by the MEF: MPS Bank, Enav, Enel, Eni, Fincantieri, Italgas, Leonardo, Italian Post Office, Raiway, Saipem, Snam, STMicroelectronics, Terna.
Worst performance than the market
The MEF subsidiaries have therefore done so worse than the Milan Stock Exchangewhich closed 2024 with growth of 6.4%, going from an initial capitalization of 761.9 billion euros to one of 810.6 billion euros as of 31 December 2024 (+48.7 billion). An under-performance due to the negative drag of only three companies – Stmicrolectronics, Eni, Snam – not compensated by the growth in capitalization of all the other ten investees.
The state’s share is worth 74 billion
CoMar also calculated the total value of the share that it State holds in its paryecipatre, which stands at 74.2 billion euros as of 1 January 2025.
The value of the public share in the individual subsidiaries is equal to: 16.5 billion euros for Enel, 13 billion for Eni, 11.4 for Poste, 10 billion for Stmicrolectronics, 4.5 billion for Leonardo, Snam and Terna; it reaches one billion in Banca MPS and 970 million euros in Raiway.
The heavyweights
In absolute value, the larger capitalisations they are those of Enel with 70 billion of euros (alone it accounts for 8.6% of the total price list), Eni with 42.9 billion (5.3% of the list price), Stmicroelectronics with 21.8 billion (2.7%), Poste Italiane with 17.7 billion (2.2%), Terna with 15.3 billion (1.9%), Leonardo with 14.9 billion (1.8%), Snam with 14 .3 billion (1.7%), Banca MPS with 8.5 billion (1.05%). the others are worth less than 1% of the total list price, starting with Saipem with 5 billion in capitalisation, followed by Italgas, Fincantieri, Enav and Raiway.
In 2024, the most brilliant performances were achieved by Fincantieri (which in July 2024 carried out a capital increase for a total value of 399.3 million euros), followed by MPS Bank (+123.4% in the twelve months), Leonardo (+73.6%), Saipem (+70.6%), Poste (+32.5%), Enav (+18.6%). Raiway, Italgas, Enel and Terna close the positive streak. In negative territoryInstead, Stmicroelectronics (-46.8%, equivalent to a drop of 19.3 billion euros), by Eni (-17%, or 8.8 billion) e Snam (-8.1%, down by 1.2 billion).
The scenario is still uncertain
According to Massimo Rossi, President of CoMar, “in the first part of the year, the performance of the share prices of the investees will, as a whole, be conditioned by the renewed tensions on commodity prices energy and the consequent effects on the securities of those companies operating on these markets”.