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Archive » June 2022 » Company Delistings from the Italian Stock Exchange: an analysis of the period 2002-2021

Company Delistings from the Italian Stock Exchange: an analysis of the period 2002-2021

Giancarlo Giudici, Eugenio Rocco, Francesco Zanon
June 2022 - n. 6
Keywords: Azioni, Borsa, delisting
Jel codes: G10, G12

The high number of delistings on the Italian Stock Exchange is one of the most discussed topics in recent years. Overall, Piazza Affari has reached a record value of 407 listed companies, thanks to the growth of Euronext Growth Milan, but the companies listed on the main board are in constant decline. This research proposes an analysis of the companies (as many as 336, of which 268 from the main board) that delisted in the last twenty years. The data show that delistings are due to heterogeneous reasons, identifying 4 clusters: 1. the Losers, i.e. the companies obliged to leave the Stock Exchange for lack of requirements and significant difficulties, with disappointing performance before delisting; 2. the Prey, acquired from external subjects, with positive revenues and margins before the acquisition, combined with good market returns; 3. the Restructured, delisted due to an internal corporate reorganisation, which however remain part of a listed group; 4. the Repentants, in which delisting takes place voluntarily and for which a declining trend in revenues and profits is observed.

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