After the proposal of the cryptocurrency giant, declined by Elkann, the reaction on Piazza Affari
Tether’s offer to buy Juventus, although immediately and resolutely rejected by Exor, had the effect of mobilizing the attention of fans and the media. In recent days, nothing else has been talked about on social media and in the media. And the effect spread today at the opening of Piazza Affari, where the Juventus club is listed, the only football title together with Lazio. The share price flew to a peak of 2.46 euros (+12%). It should be remembered that on Friday the cryptocurrency giant sent its controlling shareholder an offer with a price of 2.66 euros per share, which reflected a premium of over 20% compared to last week’s prices. It was equivalent to a cash consideration of 725 million for 65.4% of Exor, for a 100% equity value of 1.1 billion and an enterprise value of 1.4 billion, including 300 million in financial debt.
beyond the bag
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It must also be said that Juventus’ stock market capitalization (a few days ago around 915 million, today up to 1 billion) does not represent the real parameter for establishing the club’s business value. The dynamics of the football industry, in fact, go beyond stock market fluctuations. Industry analysts believe that the basis of a hypothetical negotiation – taking into account Exor’s flat refusal to consider any offer – could start from a valuation of over 2 billion for the Bianconeri, also considering the recent transactions of football clubs. Adding John Elkann’s reluctance, the conception of Juventus as a “trophy asset” for the Agnelli family and the club’s relaunch prospects, an offer even higher than that theoretical basis would be needed to undermine the certainties of ownership.