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

Alexandre Iatrides ...
  • Jean Sassus
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/22/2019

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Alexandre Iatrides ...
  • Jean Sassus
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/05/2019

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Jean Sassus ...
  • Steven Gould

ODDO : Assogestioni data (AM in Italy) in Q1 2019: what conclusions can we draw?

>An upturn in AuM yes, but it needs to be put into perspective - The Italian association of asset managers (Assogestioni) has just published its Q1 2019 report, with an upturn in assets under management (AuM) over the period (+7% vs Q4 2018 at € 2.161tn).Analysis of these trends highlights a number of interesting points: A sizeable upturn in AuM in January, but not much after that! We note quite a robust recovery in net inflows (€ 55.5bn, i.e. ~11% of AuM a...

Jean Sassus ...
  • Steven Gould

ODDO : Données Assogestioni (AM Italie) au T1 2019 : quels enseignements?

>Reprise des AuM certes, mais à nuancer… - L’association des gérants d’actifs italiens (Assogestioni) vient de publier son rapport sur le 1er trimestre 2019, avec une reprise des encours d’actifs gérés sur la période (+7% vs T4 2018 à 2 161 Md€). L’analyse de cette évolution révèle plusieurs points intéressants : Un rebond marqué des AuM en janvier puis plus grand-chose ! On observe une reprise notable de la collecte nette (55.5 Md€, soit ~11% des AuM à fin ...

Johann Scholtz

Morningstar | ISP Updated Star Rating from 20 May 2019

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...

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.

Jean Sassus ...
  • Steven Gould

ODDO : Assogestioni data (AM in Italy) in Q1 2019: what conclusions can we draw?

>An upturn in AuM yes, but it needs to be put into perspective - The Italian association of asset managers (Assogestioni) has just published its Q1 2019 report, with an upturn in assets under management (AuM) over the period (+7% vs Q4 2018 at € 2.161tn).Analysis of these trends highlights a number of interesting points: A sizeable upturn in AuM in January, but not much after that! We note quite a robust recovery in net inflows (€ 55.5bn, i.e. ~11% of AuM a...

Jean Sassus ...
  • Steven Gould

ODDO : Données Assogestioni (AM Italie) au T1 2019 : quels enseignements?

>Reprise des AuM certes, mais à nuancer… - L’association des gérants d’actifs italiens (Assogestioni) vient de publier son rapport sur le 1er trimestre 2019, avec une reprise des encours d’actifs gérés sur la période (+7% vs T4 2018 à 2 161 Md€). L’analyse de cette évolution révèle plusieurs points intéressants : Un rebond marqué des AuM en janvier puis plus grand-chose ! On observe une reprise notable de la collecte nette (55.5 Md€, soit ~11% des AuM à fin ...

Johann Scholtz

Morningstar | ISP Updated Star Rating from 20 May 2019

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...

Jean-Christophe Dourret

Intesa Sanpaolo : IntesaSP - 20 Mar 2019

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Jean-Christophe Dourret

Intesa Sanpaolo : IntesaSP - 20 mai 2019

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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...

Alexandre Iatrides ...
  • Jean Sassus
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/22/2019

...

Alexandre Iatrides ...
  • Jean Sassus
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/05/2019

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Benoit Valleaux ...
  • Bruno Cavalier
  • Jean Sassus
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2019

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Benoit Valleaux ...
  • Bruno Cavalier
  • Jean Sassus
  • Jerôme Bodin
  • Khaled Ben Amor
  • Louis Boujard
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Samantha Jeary
  • Steven Gould
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2019

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Florent Laroche-Joubert ...
  • Jean Sassus
  • Steven Gould
  • Sylvain Goyon

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/10/2019

Since the start of February, quality and growth have been favoured at the cost of a record valuation gap vs value. The market is therefore desperately seeking ideas combining FCF, balance sheet strength and reasonable valuation. Bingo! This market context combined with the current rising visibility on oil prices allows us to upgrade our recommendations on integrated oil companies to Outperformance (+ vs =) and Neutral on Services (vs -) which should benefit, mainly in the offshore s...

An increasingly favourable environment allows INTESA SANPAOLO to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of INTESA SANPAOLO (IT), a company active in the Money Center Banks industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date April 12, 2019, the closing price was EUR 2.28 and its expected value was estimated at EUR 2.15.

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

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

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

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...

Expert Corporate Governance Service (ECGS)

Intesa Sanpaolo - 30 April 2019

In item 7, the AGM is called to appoint the members of the Board of Directors and the Audit Committee, on slates of nominees submitted by shareholders holding, even jointly, at least 0.5% of Intesa Sanpaolo's shares. The first candidate in the second most voted slate shall be appointed as Chairperson of the Audit Committee. Both the slate submitted by a group of banking foundations (sub-item 7.1) and a group of institutional investors (sub-item 7.2) include a large majority of independent nominee Directors. We would support the appointment of the institutional investors' nominee Chair of the ...

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

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

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 €.

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