Edison Investment Research - Banca IFIS (IF) Outlook: Core business replacing bond

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Edison Investment Research

Outlook: Core business replacing bond

In 2014 management delivered what it promised. The strong profits historically earned on the Italian government bond portfolio have been fully replaced by core trade receivable and distressed loan growth. Credit quality has continued to improve. Looking forward the franchise growth delivered in 2014 bodes well for future growth. These trends were expected but we have modestly increased our 2015 pre-tax profit and EPS forecasts.

22/01/2015 12 EN

Underlying

Banca IFIS

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Italy

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Other Reports on these Companies

Edison Investment Research

Update: Transformation delivered

IFIS is generating balance sheet growth across many businesses including core trade receivable financing (with initiatives in pharmaceuticals and multi-utilities) and distressed retail loans. Despite this growth, capital ratios remain exemplary. In 2016 and beyond, this loan growth should deliver underlying, sustainable profit growth. Credit remains excellent. Our forecast 2016 PBT and EPS are largely unchanged.

January 29, 2016 January 29, 2016 7 EN

Edison Investment Research

Update: Core businesses continue strong growth

The groupâ€™s strategy to replace bond profits with flows from sustainable business operations continues to be delivered, broadly speaking. Strong growth in the core trade receivables business and in the distressed loans operation meant the group net profit from financial activities fell just â‚¬2m to â‚¬57m (Q315 vs Q314) despite a â‚¬13m reduction in bond portfolio contribution. The bond portfolio contributed less than 10% of groupâ€™s net profit from financial activities (Q314 33%). Costs were well controlled.

November 3, 2015 November 3, 2015 8 EN

Edison Investment Research

Update: Positioned for strong growth

The key development in Q215 was the already announced crystallisation of the bond portfolio profits, generating a pre-tax gain of â‚¬124m. This realised gain is now in regulatory capital. The core business continued to show good growth, especially in the distressed loans and tax receivables units (revenue growth was 9%), and credit quality remained excellent. Further investment has been made to grow existing and new business lines.

August 6, 2015 August 6, 2015 8 EN

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Outlook: Core business replacing bond

Update: Transformation delivered

Update: Core businesses continue strong growth

Update: Positioned for strong growth

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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