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

Esther Castro

INTESA SANPAOLO: TRAS LA REUNIÓN DEL CONSEJO CONFIRMA LA PROPUESTA A LA JGA DE LA CANCELACIÓN DE DIVIDENDO’19 (ANÁLISIS BANCO SABADELL)

En la celebración del Consejo de Administración celebrado hoy, la Compañía ha decidido proponer a la JGA (27/04) la cancelación del dividendo’19 siguiendo las indicaciones de BCE. El dividendo inicialmente propuesto ascendía a 3.400 M euros (0,192 euros/acc.; +0% vs 2018 con pay-out del 85%; yield >10%). De esta forma, el Consejo propone la capitalización del mismo a reservas. Así el CET1 FL’19 pasaría de un 13% (reportado) a un pro-forma de 14,1%, lo que supone unos +460 p.b.> SREP o unos 13.500 M euros (30% de su capitalización actual. ISP concentrará sus esfuerzos en la concesión del cré...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2020

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remains ou...

Jean Sassus ...
  • Steven Gould

ODDO : Payment of dividends postponed

>ECB postpones but does not officially cancel dividend payment for 2019 - The ECB has asked banks to suspend dividend payments until at least 1 October 2020. This move concerns dividends for 2019 and 2020. It has also asked banks to refrain from proceeding with share buybacks. We think that the ECB is also aiming at the quarterly provisioning of the 2020 dividends.These recommendations do not apply to dividends already paid. Instead, the ECB is calling for an ame...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/03/2020

Si l’impact direct du COVID-19 devrait rester relativement limité, les conséquences de la crise financière seront plus importantes (baisse des actions, pertes sur les produits de taux). Les marges de solvabilité restent toutefois solides. La forte baisse du secteur (-29% YTD) apparaît exagérée et nous relevons à l’Achat notre opinion sur Allianz et Scor. Nous réduisons à Alléger vs Neutre celle sur Hannover Re pour des raisons de valorisation (prime importante vs reste du secteur. AXA...

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 €.

Intesa Sanpaolo SPA: 1 director bought

A director at Intesa Sanpaolo SPA bought 30,000 shares at 1.532EUR and the significance rating of the trade was 55/100. 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...

Esther Castro

INTESA SANPAOLO: TRAS LA REUNIÓN DEL CONSEJO CONFIRMA LA PROPUESTA A LA JGA DE LA CANCELACIÓN DE DIVIDENDO’19 (ANÁLISIS BANCO SABADELL)

En la celebración del Consejo de Administración celebrado hoy, la Compañía ha decidido proponer a la JGA (27/04) la cancelación del dividendo’19 siguiendo las indicaciones de BCE. El dividendo inicialmente propuesto ascendía a 3.400 M euros (0,192 euros/acc.; +0% vs 2018 con pay-out del 85%; yield >10%). De esta forma, el Consejo propone la capitalización del mismo a reservas. Así el CET1 FL’19 pasaría de un 13% (reportado) a un pro-forma de 14,1%, lo que supone unos +460 p.b.> SREP o unos 13.500 M euros (30% de su capitalización actual. ISP concentrará sus esfuerzos en la concesión del cré...

Jean Sassus ...
  • Steven Gould

ODDO : Payment of dividends postponed

>ECB postpones but does not officially cancel dividend payment for 2019 - The ECB has asked banks to suspend dividend payments until at least 1 October 2020. This move concerns dividends for 2019 and 2020. It has also asked banks to refrain from proceeding with share buybacks. We think that the ECB is also aiming at the quarterly provisioning of the 2020 dividends.These recommendations do not apply to dividends already paid. Instead, the ECB is calling for an ame...

Jean Sassus ...
  • Steven Gould

ODDO : Report du paiement des dividendes

>La BCE reporte mais n’annule pas formellement le paiement des dividendes 2019 - La BCE demande aux banques de suspendre le paiement des dividendes au moins jusqu’au 1er octobre 2020. Cela concerne les dividendes 2019 et 2020. Elle demande également aux banques de s’abstenir de mettre en œuvre des rachats d’actions. Nous estimons que la BCE vise aussi le provisionnement trimestriel des dividendes 2020.Ces recommandations ne s’appliquent pas aux dividendes déjà ve...

Research Department

INFORME DIARIO 30 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: AEDAS, BANKIA, CIE AUTOMOTIVE, GRIFOLS, IBERPAPEL, INSUR, SECTOR BANCOS ESPAÑA, SECTOR CONSTRUCCIÓN, MASMÓVIL. EUROPA: ESSILOR LUXOTTICA, ING, INTESA SANPAOLO, LVMH, SECTOR BANCOS EUROPA, UNICREDIT, VOLKSWAGEN. Toma de beneficios en las bolsas, llegamos al pico de la curva en Europa, pero ¿donde está EE.UU? La rápida transmisión en los casos del coronavirus en EE.UU. y Canadá han vuelto a llevar a pérdidas a las bolsas mundiales y a un endurecimiento de las medidas de confinamientos en varios países (en España sólo podrán trabajar presencialmente ...

Research Department

INFORME DIARIO 26 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, AMADEUS, FERROVIAL, GRIFOLS, INDRA, MELIA, NATURGY, PRISA, REPSOL, SECTOR FINANCIERO. EUROPA: AIRBUS, ENI, INTESA SAN PAOLO, LVMH, UNICREDIT Continúa el rebote de mercado Ganancias en las bolsas europeas del orden del +3%/+4% que recibieron con entusiasmo el acuerdo del programa de estímulo fiscal estadounidense por 2 billones de dólares, aprobado ayer en el Senado y que debería ser ratificado por el Congreso mañana. Las miradas estarán centradas hoy en el Eurogrupo ya la aprobación de un paquete fiscal paneuropeo. En el Euro STOXX con todos...

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 ...

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 ...

Intesa Sanpaolo S.p.A: Update to Green Bond Assessment

This report updates the GB1 Green Bond Assessment assigned to Intesa Sanpaolo's €500 million green bond issued in June 2017.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 05/02/2020 - Intesa SanPaolo

Intesa SanPaolo (Achat) : Résultat net de €4,2 mds (+3,3%) en 2019 BNP (Conserver) : Table sur un ROTE de 10% en 2020 (vs. > 10,5% attendu auparavant) Vinci (Conserver) : Anticipe un CA et un résultat net en croissance pour 2020 OHL (Vente) : Envisage une fusion avec Caabsa Infraestructuras Carlsberg (Conserver) : EBITDA de DKK15,0mds (+11,8%) en 2019, le groupe devrait profiter des évènements sportifs de l'été 2020 Atlantia (Achat) : Des négociations qui devraient prochainement aboutir avec le gouvernement italien Lecta (Vente) : Le juge a...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2020

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remains ou...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/03/2020

Si l’impact direct du COVID-19 devrait rester relativement limité, les conséquences de la crise financière seront plus importantes (baisse des actions, pertes sur les produits de taux). Les marges de solvabilité restent toutefois solides. La forte baisse du secteur (-29% YTD) apparaît exagérée et nous relevons à l’Achat notre opinion sur Allianz et Scor. Nous réduisons à Alléger vs Neutre celle sur Hannover Re pour des raisons de valorisation (prime importante vs reste du secteur. AXA...

Benoit Valleaux ...
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/12/2020

Investors are desperately trying to determine a floor for the valuation of indices. Until this is achieved the risk/opportunity ratio cannot be calculated and volatility will persist. We therefore understand that the winning “Buy the Dip” mantra since March 2009 is no longer a magic utterance. We propose four scenarios (weak shock, moderate shock, strong shock, and crisis) and five methods to calculate the Stoxx 600 target. In short, if you believe the epidemic will be rapidly brought...

Benoit Valleaux ...
  • Geoffroy Michalet
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/03/2020

Les investisseurs cherchent désespérément à déterminer un plancher à la valorisation des indices. Tant que ceci n’est pas réalisé le ratio risque opportunité n’est pas calculable et la volatilité perdurera. On comprend alors que le “Buy the Dip” gagnant depuis mars 2009 ne soit plus un mantra magique. Nous proposons 4 scénarios (choc faible, modéré, fort, crise) et 5 méthodes de calcul de cible de Stoxx 600. En un mot si vous croyez à un contrôle rapide de l’épidémie le marché offre u...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Delphine Brault
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/18/2020

CaixaBank has seen a gradual but steady re-rating since last September, which will likely continue, amid reassuring signs of better operating momentum (upturn in Q3 2019) and the prospect of a less tough than expected outcome on the IRPH issue (decision beginning of March). The group should therefore reach its solvency target (FL CET1 ratio of 13% in 2021e) and favour shareholder returns (dividend CAGR of +25% over 2019-2021e, yield ~8% vs sector ~6%). Buy rating maintained, target pr...

With a more favourable environment, INTESA SANPAOLO improves to Slightly Positive

INTESA SANPAOLO (IT), a company active in the Money Center Banks industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date December 17, 2019, the closing price was EUR 2.36 and its potential was estimated at EUR 2.55.

Ibrahim Firdaus

Intesa Sanpaolo S.p.A.

Ibrahim Firdaus

Intesa Sanpaolo

Ibrahim Firdaus

Intesa Sanpaolo

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...

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