Intesa Sanpaolo

Intesa Sanpaolo is a commercial bank. Co. is engaged in lending and deposit collection operations in Italy and associated financial services, serving Households, Personal, Small Business, Private and Small and Medium Enterprise customers. Co. provides medium-term credit, leasing, factoring and agribusiness (Mediocredito Italiano), consumer credit (Intesa Sanpaolo Personal Finance), management of electronic payments (Setefi), and trust services (Sirefid). Co. has approximately 4,300 branches, including Retail and Business branches, distributed broadly throughout Italy. At Dec 31 2014, Co. had total assets of Euro646.43 billion.
  • TickerISP
  • ISINIT0000072618
  • SectorBanks
  • CountryItaly

Analysts

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Johann Scholtz

Morningstar | Intesa Sanpaolo Reports Fiscal 2018 Results, Maintains Aggressive Growth Targets

Intesa Sanpaolo reported pretax profits of EUR 4.4 billion for fiscal 2018, an 8% increase compared with the corresponding period in 2017. After updating our model and adjusting for the time value of money, we are increasing our fair value estimate slightly to EUR 2.70 from EUR 2.60 and maintaining our no-moat rating. Intesas's management has previously provided very detailed earnings guidance out toward 2021, with a net income target of EUR 6 billion for fiscal 2021. Our estimate of EUR 5.4 billion lags Intesa's target, mainly due to the flat current yield curve. However, we are far more bul...

Johann Scholtz

Morningstar | ISP Updated Report

Intesa is the best-run bank in Italy, but the weakness of the Italian banking system erodes whatever competitive advantage Intesa may have. The strong share price performance from Italian banks since the beginning of 2017 would suggest that the market is currently less concerned about the risks they face, but we are not convinced. Yes, the banks are reducing nonperforming loans, and yes, we have seen some steps towards regulatory reform, but the key problem remains that some of Intesa’s competitors exhibit irrational loan pricing that do not allow for adequate risk-adjusted returns. This expla...

Johann Scholtz

Intesa Sanpaolo Reports Fiscal 2018 Results, Maintains Aggressive Growth Targets

Intesa Sanpaolo reported pretax profits of EUR 4.4 billion for fiscal 2018, an 8% increase compared with the corresponding period in 2017. After updating our model and adjusting for the time value of money, we are increasing our fair value estimate slightly to EUR 2.70 from EUR 2.60 and maintaining our no-moat rating. Intesas's management has previously provided very detailed earnings guidance out toward 2021, with a net income target of EUR 6 billion for fiscal 2021. Our estimate of EUR 5.4 bil...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/12/2019

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Moody's downgrades to A2 from A1 Intesa Sanpaolo's public sector covered bonds

Rating Action: Moody's downgrades to A2 from A1 Intesa Sanpaolo's public sector covered bonds. Global Credit Research- 25 Jan 2019. Paris, January 25, 2019-- Moody's Investors Service has today downgraded to A2 from A1, the rating assigned to Intesa Sanpaolo S.p.A.- Public-Sector Covered Bonds, issued by Intesa Sanpaolo S.p.A and governed by the Italian covered bond legislation.

Intesa Sanpaolo S.p.A.: Q3 2018 Results: Loan loss charges continue to decline

Intesa Sanpaolo reported a €3 billion net profit for the first nine months of 2018, a 26% improvement from the same period in 2017, excluding the €3.9 billion government contribution.

Intesa Sanpaolo S.p.A.: Update following downgrade of long-term deposit rating

Our credit view of Intesa Sanpaolo, reflecting its standalone creditworthiness, very low loss-given-failure on senior debt, and constraints from Italy's sovereign debt rating.

Lloyds Banking Group; Intesa Sanpaolo: Similar business model, different challenges and operating environments

Despite having very similar business models, UK-based Lloyds and Italian Intesa Sanpaolo have different credit profiles, largely reflecting Italy's weaker operating environment.

Intesa Sanpaolo S.p.A.: H1 2018 Results: Improved profitability is driven by declining loan loss charges and trading gains

Intesa Sanpaolo reported a H1 2018 net profit of €2,179 million, a 25% improvement from a year prior once we exclude the government contribution to acquire the former Venetian banks in 2017.

Johann Scholtz

Morningstar | Intesa Sanpaolo Reports Fiscal 2018 Results, Maintains Aggressive Growth Targets

Intesa Sanpaolo reported pretax profits of EUR 4.4 billion for fiscal 2018, an 8% increase compared with the corresponding period in 2017. After updating our model and adjusting for the time value of money, we are increasing our fair value estimate slightly to EUR 2.70 from EUR 2.60 and maintaining our no-moat rating. Intesas's management has previously provided very detailed earnings guidance out toward 2021, with a net income target of EUR 6 billion for fiscal 2021. Our estimate of EUR 5.4 billion lags Intesa's target, mainly due to the flat current yield curve. However, we are far more bul...

Johann Scholtz

Morningstar | ISP Updated Report

Intesa is the best-run bank in Italy, but the weakness of the Italian banking system erodes whatever competitive advantage Intesa may have. The strong share price performance from Italian banks since the beginning of 2017 would suggest that the market is currently less concerned about the risks they face, but we are not convinced. Yes, the banks are reducing nonperforming loans, and yes, we have seen some steps towards regulatory reform, but the key problem remains that some of Intesa’s competitors exhibit irrational loan pricing that do not allow for adequate risk-adjusted returns. This expla...

Johann Scholtz

Intesa Sanpaolo Reports Fiscal 2018 Results, Maintains Aggressive Growth Targets

Intesa Sanpaolo reported pretax profits of EUR 4.4 billion for fiscal 2018, an 8% increase compared with the corresponding period in 2017. After updating our model and adjusting for the time value of money, we are increasing our fair value estimate slightly to EUR 2.70 from EUR 2.60 and maintaining our no-moat rating. Intesas's management has previously provided very detailed earnings guidance out toward 2021, with a net income target of EUR 6 billion for fiscal 2021. Our estimate of EUR 5.4 bil...

Jean Sassus ...
  • Steven Gould

ODDO : Bank of Italy statistics – January 2019: occhio!

>Banking activity: first clear slowdown… - According to the data for the end of January 2019 reported by the Bank of Italy, lending to the private sector (adjusted for securitisation) rose 1.0% y-o-y. This represents the first real break in the trend vs previous months (+1.9% y-o-y at end1eDecember 2018 and +2.9% y-o-y at end-April 2018 before the formation of the coalition government), with a sharp slowdown, which makes sense given the recession in Italy in the s...

Jean Sassus ...
  • Steven Gould

ODDO : Statistiques BdI – janvier 2019: occhio !

>Activité bancaire: 1er net fléchissement… - Selon les données à fin janvier 2019 publiées par la Banque d’Italie, les crédits (ajustés de la titrisation) au secteur privé ont augmenté de 1.0% yoy. Cela vient marquer la 1e véritable rupture avec la tendance des mois précédents (+1.9% yoy à fin décembre 2018 & +2.9% yoy à fin avril 2018 avant le gouvernement de coalition), avec un net ralentissement observé, in fine logique compte tenu de la récession en Italie au...

1 director sold

A director at Intesa Sanpaolo SPA sold 25,015 shares at 2.051EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of b...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/12/2019

...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/03/2019

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Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2019

An objective examination of the growth drivers of indices (macroeconomic growth expectations, EPS momentum, monetary conditions and the cost of capital) leads us to believe that the momentum observed since the start of the year cannot be maintained in the short term. In short, the market (Stoxx 600) is ahead of its transition times and should enter a fluctuation band that we estimate at between 355 and 384 points. Consequently, the most rational attitude consists in a total or partial...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/03/2019

Un examen objectif des moteurs de progression des indices (anticipations de croissance macroéconomique, dynamique des BPA, évolution des conditions monétaires et coût du capital) nous amène à penser que la dynamique observée depuis le début de l’année ne peut se maintenir à court terme. Bref, le marché (Stoxx 600) est en avance sur ses temps de passage et devrait entrer dans une bande de fluctuation que nous estimons comprise entre 355 et 384 points. En conséquence, l’attitude la plus...

Alexandre Iatrides ...
  • Alfred Glaser
  • Aurelien Sivignon
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Jeremy Garnier
  • Nicolas Thorez
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould
  • Valentin Pernet

ODDO BHF Small & MIDCAP MORNING NEWS - 02/13/2019

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Increased risk weighs on INTESA SANPAOLO, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of INTESA SANPAOLO (IT), active in the Money Center Banks industry. As regards its fundamental valuation, the title still shows 3 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date January 11, 2019, the closing price was EUR 2.01 and its target price was estimated at EUR 1.67.

Ibrahim Firdaus

Intesa Sanpaolo

Ibrahim Firdaus

Intesa Sanpaolo

Ibrahim Firdaus

Intesa Sanpaolo

Ibrahim Firdaus

Intesa Sanpaolo

ING
Suvi Platerink Kosonen

European banks/How deep is your NPS need

We take a look at the European banks bail-in senior issuance plans for 2019 after the lively start to the year. We continue to see value in bail-in senior paper over preferred senior debt and note that several banks are already very well positioned in terms of their full year issuance plans.

ING
Suvi Platerink Kosonen

Italian banks/We prefer Intesa over UniCredit

The two largest Italian banks - UniCredit and Intesa Sanpaolo - continue to be burdened by their large non-performing loans exposure (c.9%) despite measures taken to shore up the positions. That said, new NPL generation has slowed down. UniCredit and Intesa Sanpaolo have solid capital levels, and they generated 120-140bp return on RWA in 1H18. In Italy we favour preferred paper over riskier alternatives, and Intesa over UniCredit.

MarketLine Department

Unione di Banche Italiane SCpA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Unione di Banche Italiane SCpA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Unione di Banche Italiane SCpA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its c...

MarketLine Department

UniCredit S.p.A - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's UniCredit S.p.A Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by UniCredit S.p.A since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Hig...

MarketLine Department

Banca Monte dei Paschi di Siena SpA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Banca Monte dei Paschi di Siena SpA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Banca Monte dei Paschi di Siena SpA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sus...

MarketLine Department

Mediobanca Banca di Credito Finanziario S.p.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Mediobanca Banca di Credito Finanziario S.p.A. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Mediobanca Banca di Credito Finanziario S.p.A. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by ...

MarketLine Department

BPER Banca Spa - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

BPER Banca Spa - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Marketline's BPER Banca Spa Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by BPER Banca Spa since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activi...

Intesa – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 27/04/2018

In item 4, shareholders are called to a binding vote on the remuneration policy adopted by the Bank for executive Directors and other executives with strategic responsibilities. We strongly regret that short-term performance conditions are only disclosed ex-post, and the Bank has not disclosed the metrics used to calcul ate the CEO's individual bonus in 2018. Therefore, we recommend opposition. In item 8, the Board proposes to approve a new long-term incentive plan consisting of a one-time grant of call options vesting after a performance period of 4 years. The call options will be automatica...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Matthieu DRIOL

Short term view - INTESA SAN PAOLO : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €1.9399. The background trend would be questioned should prices rise above €2.6560.

Matthieu DRIOL

Analyse court terme - INTESA SAN PAOLO : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 1,9399 €. La tendance de fond serait remise en cause en cas de franchissement de 2,6560 €.

Matthieu DRIOL

Short term view - INTESA SAN PAOLO : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €1.9399. The background trend would be questioned should prices rise above €2.6560.

Matthieu DRIOL

Analyse court terme - INTESA SAN PAOLO : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 1,9399 €. La tendance de fond serait remise en cause en cas de franchissement de 2,6560 €.

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