Is Nexi (BIT:NEXI) Fairly Valued After Its FTSE All World Index Exit?

Nexi (BIT:NEXI) was removed from the FTSE All-World Index (USD) on 19 September 2026, a change that can influence how index-tracking funds and benchmark-aware investors treat the stock.

Nexi's share price has been volatile, with a 17.78% 90 day share price return followed by a 6.80% decline over the past month. The 1 year total shareholder return is down 4.61%, and the 5 year total shareholder return has fallen 70.74%.

Scan beyond Nexi and see how other payment and fintech players are priced today with our curated list of 620 high quality undiscovered gems .

Nexi now trades slightly above both its analyst targets and estimated intrinsic value after a long slide and an index exit. Is that a cautious market mispricing, or a fair reflection of the risks?

Most Popular Narrative: 4.6% Overvalued

The current Nexi share price of €4.17 sits slightly above the popular narrative fair value of €3.98, which leans on a relatively low 11.72% discount rate and a steep earnings recovery story.

Ongoing integration of recent mergers and realization of associated cost synergies, including the reduction of transformation and integration expenses, are expanding EBITDA margins and generating stronger free cash flow, positioning Nexi for enhanced future earnings. Investments in partnerships with ISVs (integrated software vendors), innovation in digital payment solutions, and support for emerging payment methods (such as instant payments and open banking alternatives) are creating new monetization opportunities, broadening the addressable market and supporting long-term revenue and earnings growth.

See why 24 investors see Nexi as 5% overvalued .

Result: Fair Value of €3.98 (OVERVALUED)

Still, the recent loss of Italian bank contracts and ongoing Southern Europe concentration risk could quickly put pressure on Nexi's revenue resilience and margins.

Find out about the key risks to this Nexi narrative .

Another View: Nexi Through Simple Sales Multiples

The narrative fair value for Nexi at €3.98 leans on long range earnings estimates and discount rates. A simpler lens looks at what investors pay for today's turnover. On a P/S of 0.8x against 2.3x for the European Diversified Financial industry and 4.5x for peers, the gap suggests the market is applying a heavy discount to Nexi's revenue, which some readers may see as caution and others may interpret as room for re rating if execution improves.

To see how that pricing gap ties back to cash flows, earnings potential, and the fair ratio that the market could eventually move toward, See what the numbers say about this price — find out in our valuation breakdown. .