Edison Investment Research - Banca IFIS (IF) Update: Core business more than replacing bond profits

Report

Edison Investment Research

Update: Core business more than replacing bond profits

Banca IFIS targeted to more than offset reducing profits on its government bond portfolio with better-quality core business earnings; it delivered this goal in Q214. Trade Receivable customer numbers and trading activity are growing strongly (up over 10% and 50% respectively) with improving credit trends. The distressed loan business has been expanded through portfolio acquisition and restructured to deliver significant improvements in profitability in future. The bond portfolio has reduced as low interest rates make re-investment on maturity unattractive.

05/08/2014 7 EN

Underlying

Banca IFIS

See profile

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.

See profile

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

Manx Financial Group - Termination of coverage

Edison Investment Research is terminating coverage on Manx Financial Group (MFX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 10, 2025 March 10, 2025 1 EN

Kate Heseltine

Kate Heseltine

musicMagpie - Termination of coverage

Edison Investment Research is terminating coverage on musicMagpie (MMAG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 5, 2025 March 5, 2025 1 EN

Kate Heseltine

Kate Heseltine

Topps Tiles - Accelerating growth through Q125

Topps Tiles (TPT) is enjoying a return to revenue growth following a very challenging FY24 due to wider macroeconomic weakness. The company’s recovery is clearly being boosted by new revenue streams from its self-help initiatives, notably from trade and online customers across all of its brands. While the macroeconomic environment remains uncertain, it is pleasing that the strategy is supporting growth. The valuation continues to look compelling, even with limited macroeconomic recovery included in management’s long-term financial goals. With the Q125 trading update, the CEO has announced his ...

January 10, 2025 January 10, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Update: Core business more than replacing bond profits

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe