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 06 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: IAG, BANKIA, CAF, OHL, TELEFÓNICA. EUROPA: INTESA SAN PAOLO Una de cal… pero el rebote viene hoy con fuerza Caídas superiores al 1% en los principales índices europeos después del fuerte rebote del día anterior. Así en el Euro STOXX todos los sectores cerraron en negativo con Bienes de Consumo y Autos liderando las caídas frente a Tecnología e Inmobiliario que presentaron el mejor comportamiento relativo. Por el lado macro, en la Eurozona el PMI final de servicios se revisó al alza hasta el 48,3 desde el 57,3 preliminar. En Europa Bruselas ha da...

Esther Castro ...
  • Maria Paz Ojeda

SECTOR BANCARIO EUROPA: GUÍA DEL BCE SOBRE SUPERVISIÓN EN M&A (ANÁLISIS BANCO SABADELL)

GUIA DEL BCE SOBRE SUPERVISIÓN EN M&A. AVANZANDO EN EL “GAME CHANGER”. Ayer, el BCE publicó el borrador de la guía sobre supervisión y requerimientos de capital en los procesos de M&A. Los aspectos claves son: (i) la sostenibilidad del modelo de negocio y el cumplimiento de los requerimientos macroprudenciales de capital. Así el Pilar 2 (P2G+P2R) final será la media ponderada de las entidades integradas, (ii) escasa concreción en el aspecto clave de la consolidación: el badwill (por ahora no se consideraba en las integraciones). La guía sí lo reconoce ahora siempre que se asegure que su cálcul...

Research Department

INFORME DIARIO 26 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ARCELOR, CAF, IAG, OHL, TALGO. EUROPA: ADIDAS, INTESA, NOKIA, SECTOR BANCOS, SECTOR TELECOMS Por fin rebote Ganancias inferiores al 1% en la mayoría de las bolsas europeas después de las caídas de la jornada anterior. En el Euro STOXX tan sólo Recursos Básicos, Viajes&Ocio e Inmobiliario presentaron pérdidas, con Servicios Financieros y Bancos liderando las subidas. Por el lado macro, en la Eurozona las actas del BCE mostraron que se acordó por mayoría y no por unanimidad la ampliación en 600.000 millones del programa anticoronavirus y reconocier...

Anthony Dick ...
  • Jean Sassus
  • Michael Foundoukidis
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/18/2020

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Anthony Dick ...
  • Jean Sassus
  • Michael Foundoukidis
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/18/2020

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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 20,000 shares at 1.456EUR 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...

Research Department

INFORME DIARIO 06 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: IAG, BANKIA, CAF, OHL, TELEFÓNICA. EUROPA: INTESA SAN PAOLO Una de cal… pero el rebote viene hoy con fuerza Caídas superiores al 1% en los principales índices europeos después del fuerte rebote del día anterior. Así en el Euro STOXX todos los sectores cerraron en negativo con Bienes de Consumo y Autos liderando las caídas frente a Tecnología e Inmobiliario que presentaron el mejor comportamiento relativo. Por el lado macro, en la Eurozona el PMI final de servicios se revisó al alza hasta el 48,3 desde el 57,3 preliminar. En Europa Bruselas ha da...

Esther Castro ...
  • Maria Paz Ojeda

SECTOR BANCARIO EUROPA: GUÍA DEL BCE SOBRE SUPERVISIÓN EN M&A (ANÁLISIS BANCO SABADELL)

GUIA DEL BCE SOBRE SUPERVISIÓN EN M&A. AVANZANDO EN EL “GAME CHANGER”. Ayer, el BCE publicó el borrador de la guía sobre supervisión y requerimientos de capital en los procesos de M&A. Los aspectos claves son: (i) la sostenibilidad del modelo de negocio y el cumplimiento de los requerimientos macroprudenciales de capital. Así el Pilar 2 (P2G+P2R) final será la media ponderada de las entidades integradas, (ii) escasa concreción en el aspecto clave de la consolidación: el badwill (por ahora no se consideraba en las integraciones). La guía sí lo reconoce ahora siempre que se asegure que su cálcul...

Research Department

INFORME DIARIO 26 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ARCELOR, CAF, IAG, OHL, TALGO. EUROPA: ADIDAS, INTESA, NOKIA, SECTOR BANCOS, SECTOR TELECOMS Por fin rebote Ganancias inferiores al 1% en la mayoría de las bolsas europeas después de las caídas de la jornada anterior. En el Euro STOXX tan sólo Recursos Básicos, Viajes&Ocio e Inmobiliario presentaron pérdidas, con Servicios Financieros y Bancos liderando las subidas. Por el lado macro, en la Eurozona las actas del BCE mostraron que se acordó por mayoría y no por unanimidad la ampliación en 600.000 millones del programa anticoronavirus y reconocier...

Jean Sassus ...
  • Steven Gould

ODDO : Bank of Italy statistics – April 2020: COVID-19 impact (lending/NPL) still not that visible … for now!

>Lending activity – don’t look too closely at the short-term trend - According to the data to end-April published by the Bank of Italy, lending (adjusted for securitisation) in the private sector saw growth of 1.4% y-o-y, in line with the pace of the previous month and a significant uptick on the rate at end-February (+0.3% y-o-y). This marks a break from the slower trend seen prior to the health crisis (-2pp of growth y-o-y) with the deterioration in the macroeconomi...

Jean Sassus ...
  • Steven Gould

ODDO : Statistiques BdI - avril 2020 : l’impact COVID (crédit/NPL) reste encore peu visible … pour l’instant !

>Activité de crédit – évolution CT en trompe-l’œil - Selon les données à fin avril publiées par la Banque d’Italie, les crédits (ajustés de la titrisation) au secteur privé ont augmenté de 1.4% yoy soit un rythme identique à celui du mois précédent et une accélération notable par rapport à février (+0.3% yoy). Cela vient infirmer le ralentissement observé avant la crise sanitaire (-2 pp de croissance yoy) en phase avec la détérioration du contexte macroéconomique en I...

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 ...

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.

Anthony Dick ...
  • Jean Sassus
  • Michael Foundoukidis
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/18/2020

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Anthony Dick ...
  • Jean Sassus
  • Michael Foundoukidis
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/18/2020

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Fatma Agnès Hamdani ...
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/29/2020

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Fatma Agnès Hamdani ...
  • Jean Sassus
  • Martial Descoutures
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/05/2020

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Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/06/2020

Faced with uncertainty as to what shape the next recovery cycle may take, we have attempted to build a sector allocation approach based on three pillars: 1/ buy sectors offering an EY - Bund spread higher than the long-term average) 2/ minimise the risk on earnings expectations by favouring sectors for which the speed of revision is higher than that achieved at the same time stage of the crisis in 2008-2009 3/ favour sectors whose price performance is more severe than the decline in e...

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 1 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 April 17, 2020, the closing price was EUR 1.38 and its target price was estimated at EUR 1.31.

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 week...

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...

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