Edison Investment Research - Banca Sistema (BST) Banca Sistema - FY17 result and a closer look at factoring income

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Edison Investment Research

Andrew Mitchell

Banca Sistema - FY17 result and a closer look at factoring income

Banca Sistema (BST) reported moderate earnings growth for FY17 with factoring income tempered by mix and price effects while SME loan interest contracted as the book is run off. Positives included strong growth in factoring turnover and pension and salary backed lending with benefits to flow through in FY18 and beyond. Capital ratios indicate good headroom for further growth. The shares are cautiously rated relative to peers and publication of the business plan expected in April is a potential positive catalyst.

16/03/2018 14 EN

Underlying

Banca Sistema

Banca Sistema SpA is an Italy-based commercial bank. The Bank primarily operates within the corporate segment. It specializes in providing factoring services to companies, including factoring with and without recourse, reverse factoring, credit management, value-added tax (VAT) receivables, maturity factoring, as well as receivables certification. Furthermore, its product portfolio comprises: current accounts, time deposits, medium-term loans and a range of guarantees for public bodies, urbanization costs, real estate exchanges, as well as for alternative energy businesses, among others. The Bank offers an online platform to facilitate customers the products management. It also provides a number of services within the retail area, such as savings and current accounts. The Bank operates branches in Italy and the United Kingdom. It operates through Beta Stepstone.

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IT0003173629 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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Analysts

Andrew Mitchell

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Banca Sistema - FY17 result and a closer look at factoring income

Banca Sistema S.p.A.: 1 director

Banca Sistema - A specialist lender growing in niche segments

Banca Sistema - A specialist lender growing in niche segments

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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