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
Research Department

INFORME DIARIO 07 OCTUBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, ACERINOX, CAF, CAMBIOS IBEX 35, TALGO. EUROPA: DAIMLER, DANONE, INFORME ANUAL EURO STOXX 50. Powell pide un acuerdo fiscal La buena apertura de EE.UU. animó más aún a Europa después de que J. Powell advirtiese que la recuperación sería más rápida y fuerte si la política fiscal estuviese más coordinada con la monetaria. El value superó claramente al growth y los cíclicos a los defensivos a ambos lados del Atlántico pero EE.UU finalmente cerró en negativo después de que Trump ordenase la suspensión de las negociaciones del paquete fiscal ha...

Intesa Sanpaolo S.p.A.: Update to credit analysis

Our credit view of Intesa Sanpaolo, reflecting the limited impact on the group's credit profile of UBI Banca's acquistion.

Intesa Sanpaolo SPA: 1 director sold

A director at Intesa Sanpaolo SPA sold 20,000 shares at 1.619EUR and the significance rating of the trade was 53/100. 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...

Anis Zgaya ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Oussema Denguir
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Steven Gould
  • Syrine Kabboura
  • Thomas Renaud

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/09/2020

...

Chaima Ferrandon ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould
  • Thomas Renaud
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 09/18/2020

The group has, without any major hitches, rolled out its 2022 business plan to reach 5 GW in operation, but the main issue revolves around the volume growth (new MW) expected beyond 2022 and its financing (self-financing of equity for 500 MW/year or a capital increase further out). While we are aware that the stock is a “must have” in the renewable energies segment, the fact remains that Neoen’s valuation is too generous, and largely precludes any value-creating move by a predator. We...

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 r...

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/...

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.)...

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 €.

Intesa Sanpaolo SPA: 1 director sold

A director at Intesa Sanpaolo SPA sold 20,000 shares at 1.619EUR and the significance rating of the trade was 53/100. 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...

Research Department

INFORME DIARIO 07 OCTUBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, ACERINOX, CAF, CAMBIOS IBEX 35, TALGO. EUROPA: DAIMLER, DANONE, INFORME ANUAL EURO STOXX 50. Powell pide un acuerdo fiscal La buena apertura de EE.UU. animó más aún a Europa después de que J. Powell advirtiese que la recuperación sería más rápida y fuerte si la política fiscal estuviese más coordinada con la monetaria. El value superó claramente al growth y los cíclicos a los defensivos a ambos lados del Atlántico pero EE.UU finalmente cerró en negativo después de que Trump ordenase la suspensión de las negociaciones del paquete fiscal ha...

Anis Zgaya ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Oussema Denguir
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Steven Gould
  • Syrine Kabboura
  • Thomas Renaud

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/09/2020

...

Chaima Ferrandon ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould
  • Thomas Renaud
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 09/18/2020

The group has, without any major hitches, rolled out its 2022 business plan to reach 5 GW in operation, but the main issue revolves around the volume growth (new MW) expected beyond 2022 and its financing (self-financing of equity for 500 MW/year or a capital increase further out). While we are aware that the stock is a “must have” in the renewable energies segment, the fact remains that Neoen’s valuation is too generous, and largely precludes any value-creating move by a predator. We...

Anis Zgaya ...
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Oussema Denguir
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Steven Gould
  • Syrine Kabboura
  • Thomas Renaud

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/18/2020

...

Chaima Ferrandon ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Oussema Denguir
  • Stephane Houri
  • Steven Gould
  • Thomas Renaud
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 18/09/2020

Alors que Neoen déroule sans accros majeurs son plan d’affaires à l’horizon 2022 pour atteindre 5 GW en opération, la question se pose sur la croissance des volumes (nouveaux MW) à attendre au-delà de 2022 et son financement (autofinancement de l’equity pour 500 MW/an ou augmentation de capital au-delà). Conscients que le titre est un « must have » dans le segment des énergies renouvelables, Neoen bénéficie d’une valorisation boursière trop généreuse, qui rend quasi impossible toute p...

Expert Corporate Governance Service (ECGS)

Intesa Sanpaolo – AGM 27 April 2020

In light of the uncertainties related to the Covid-19 epidemic, and the recommendations issued by the European Central Bank, the Board of Directors resolved not to distribute dividends on 2019 results. The Board will consider proposing a dividend distribution by the end of this year, taking into account the evolution of the economic situation. In item 2, we recommend that shareholders approve the proposed allocation of net income.   In item 5, shareholders are called to a binding vote on the remuneration policy. The quality of disclosure is very good, and the executive variable remuneration ...

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...

Intesa Sanpaolo S.p.A.: Update to credit analysis

Our credit view of Intesa Sanpaolo, reflecting the limited impact on the group's credit profile of UBI Banca's acquistion.

Intesa Sanpaolo S.p.A.: Intesa consolidates its position as largest Italian bank after UBI Banca takeover; 1H 2020 results on track with targets

Analysis of Intesa's acquisition of rival bank UBI Banca and comment on Intesa's 2Q 2020 results

Intesa Sanpaolo S.p.A.: Update following rating affirmation, with a negative outlook on senior debt ratings

Our credit view of Intesa Sanpaolo, reflecting downside risks to its standalone credit profile because of the deteriorating operating environment in Italy.

Intesa Sanpaolo S.p.A.: Update following rating affirmation with a stable outlook

Our credit view of Intesa Sanpaolo after reflecting its modest albeit improving asset risk, sound capital and resilient profitability.

Philippe Lamaud

Intesa Sanpaolo : La Grande Belleza; Buy recommendations on ISPIM and UBIIM

Surprising, but convincing combination; bid likely to go through - >ISPIM surprisingly announced late Monday an all-share bid for UBIIM while UBIIM had the same day presented its 2022 strategic plan. If the bid succeeds, the combined entity would become one of the largest banking group in the Eurozone with domestic market shares of more than 20% in loans, deposits, asset management and life insurance in Italy, strengthening further ISPIM’s scale but also distribution ...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/08/2020

The future European taxonomy should prove advantageous to groups like Schneider Electric, for which “green sales” already represent 70% and help its clients save an average of 40 Mt in CO2 per annum. On our reckoning, this is equivalent to € 8.3bn in “hidden green value” (€ 15 per share) which could result in more robust future growth. Apart from this ESG impact, the group should see a marked rebound in its results in 2021-2022 with FCF reaching a new threshold thus confirming the ong...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/09/2020

La future taxonomie européenne devrait avantager des groupes comme Schneider Electric, dont 70% du chiffre d’affaires est déjà « vert » et qui permet à ses clients d’économiser chaque année 40 Mt CO2 en moyenne. Ceci équivaut, selon nous, à 8.3 Md€ de « valeur verte cachée » (15 €/action) qui pourrait se retrouver dans une croissance future plus soutenue. Outre cet impact ESG, le groupe devrait connaître un net rebond de ses résultats en 2021-22 et le FCF a franchi un nouveau seuil co...

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/05/2020

In this report we analyse the notable differences between the published results of phase I tests for COVID-19 vaccines even though, at this stage, it is difficult to compare one trial with another. Phase I results have been positive overall, in terms of both safety (primary challenge) but also efficacy, with all recording the production of neutralising antibodies. We think that the results published by BioNtech and Moderna lend even greater credibility to the mRNA approach. We are sti...

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/08/2020

Nous analysons ici les différences notables entre les phases 1 publiées sur le vaccin contre la COVID-19, bien qu’il soit, à ce stade, délicat de comparer une étude à une autre. Les résultats de phase 1 sont dans l’ensemble positifs en termes de sécurité (enjeu premier) mais aussi d’efficacité avec la production, pour l’ensemble, d’anticorps neutralisants. Nous croyons que les résultats de BioNtech et Moderna crédibilisent d’autant plus l’approche à ARNm. Nous maintenons notre recomma...

For INTESA SANPAOLO, the environment deterioration entails a downgrade to Neutral

INTESA SANPAOLO (IT), a company active in the Money Center Banks industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date July 31, 2020, the closing price was EUR 1.71 and its expected value was estimated at EUR 1.71.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

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