Report

Growing speciality finance provider

Banca Sistema’s (BST) main activity is financing trade receivables from the Italian public sector. It also purchases commercial receivables and has a growing salary and pension backed loan business. It aspires to be the leading independent speciality finance provider in Italy. A modest valuation, capital headroom, potential for increased penetration of public sector factoring in Italy, market share gains for BST and the development of diversifying businesses combine to make an appealing investment proposition.
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.

Provider
Edison Investment Research
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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