Mediobanca effect for Del Vecchio. How much you earn Mr EssilorLuxottica

<! – -> The surprise announcement with which Delfin, Leonardo Del Vecchio's holding company, last night, conceded that Mediobanca's plan presented by CEO Alberto Nagel "presents challenging goals going in the desired direction" by the owner of EssilorLuxottica (who also had until to the day before a discontinuity is desired with the recent past e a refocusing of Piazzetta Cuccia on investment banking activity) resembles telephone calls in the United States a candidate gives victory to his opponent at the end of the counting of the votes, even if in this case the count has not even had to arrive.

But that of Del Vecchio certainly cannot be called a defeat, given that the investment in Mediobanca is proving immediately profitable. Del Vecchio, who is also a shareholder with a 4.86% stake in Generali (an insurance giant in which Piazzetta Cuccia is the leading shareholder with 13%), entered the capital of Mediobanca at the beginning of September revealing to have purchased a 6.94% through Natixis with an investment of around 586 million euros.

Then on 23 October, in view of the annual financial statements, he deposited securities for the equivalent of 7.5% of the assets rounded up on the market by the French broker on his behalf. Since the titles in the forty days which separated the first from the second announcement (during which 0.56% was purchased) saw quotations rise from 9.51 to 10.56 euros, the investment should have taken place at an average price of around 9.83 euros, for a total of around 49-50 million euros, bringing the investment to around 635 million euros.

Finally Delfin took part in the accelerated bookbuilding with which Unicredit liquidated its stake in Mediobanca, taking over a last 2.5% at around € 10.53 per share (with a small discount of 2.3% compared to the stock market prices of that moment). This last "blow" cost about 230-233 million: in all, 9,889% of Piazzetta Cuccia cost the 84-year-old entrepreneur less than 870 million, but at the moment it is worth more than 926, with a latent capital gain of sixty million or 6.7%.

Not bad for a position built in just over two months and in front of which Del Vecchio will cash this year 41.2 million euros, a figure that as per the indications of Mediobanca's new plan is set to rise by 10% next year and 5% in the next three years of the plan, which means putting in another 195 million dividends for the next four-year period (equal to a further 22.4% compared to the investment made so far).

Not only that, given that it has been said and written that Del Vecchio joined Mediobanca to try not only to make a change in the management of Alberto Nagel, but also to favor the possible aggregation of Generali with other foreign subjects such as Axa, the prices of the insurer in Trieste have also risen in value from 17.5 euros on 18 September, before the entry of Delfin into the capital of the Milanese investment bank, to 19.25 euros this morning, was announced. Del Vecchio's participation has risen from around 1340 million to the current 1475 million.

There are another 135 million virtual earnings for the richest man in Italy, who so far sees his decision to join Mediobanca virtually every year with almost 200 million euros. Little thing, certainly, compared to its total assets (estimated at over 22.6 billion euros): just a 0.86% indeed. But given that at the moment to obtain an equivalent return it is necessary to bet at least on a 6-year BTP, it is difficult for Del Vecchio to find a better investment in such a short time.