Edison Investment Research - Banca Sistema (BST) Banca Sistema - Loan growth and ROE are positive features

Report

Edison Investment Research

Andrew Mitchell

Banca Sistema - Loan growth and ROE are positive features

Banca Sistema’s (BST) Q3 results showed continued growth in its main trade receivables financing and salary and pension-backed loan activities. Reported profits were augmented by a higher accrual rate for late payment interest but, excluding the element relating to prior years, BST still targets an ROAE of 20% for FY17. Given this and the potential for continued growth, the valuation in terms of price to book and multiples of our reduced earnings estimates appears very cautious.

13/11/2017 8 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.

See profile

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.

See profile

Analysts

Andrew Mitchell

Other Reports on these Companies

SmartInsider

Banca Sistema S.p.A.: 1 director

A director at Banca Sistema S.p.A. bought 35,000 shares at 1.381EUR and the significance rating of the trade was 55/100. 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 o...

Free Trial

March 22, 2023 March 22, 2023 1 EN

Edison Investment Research

Banca Sistema - A specialist lender growing in niche segments

Banca Systema (BST) is an Italian speciality finance provider with factoring as its main activity. The long payment times that characterise public administrations (PAs) in Italy, together with EU-mandated late payment interest, create an attractive opportunity with low credit risk for a specialist lender such as BST. In consumer finance, BST has established a strong position in salary and pension-backed lending and has a small but growing pawnbroking business, providing alternative sources of growth and diversification.

October 18, 2021 October 18, 2021 2 EN

Edison Investment Research

Banca Sistema - A specialist lender growing in niche segments

October 18, 2021 October 18, 2021 2 EN

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

Basilea Pharmaceutica has announced the triggering of a US$1.25m milestone payment from Pfizer, triggered by sustained strong sales of Cresemba in the Asia-Pacific region and China. This is the second FY24 milestone payment for the region and is incremental to the payment received in March. We note that, according to the latest available data, total in-market sales of Cresemba amounted to US$473m in the 12 months ending December 2023, representing a +26% year-on-year increase. Basilea is preparing to launch its Phase III programme for fosmanogepix, a broad-spectrum antifungal therapy, with the...

May 17, 2024 May 17, 2024 1 EN

Toby Thorrington

Toby Thorrington

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

AAC Clyde Space offers exposure to the fast-growing low Earth orbit space market. A solid start to the year and continued order momentum are encouraging. We also note the internal restructuring to promote delivery of the group’s products and services. We expect this combination to drive an improving performance, albeit within the lumpy nature of the business, in turn improving investor confidence and the stock’s valuation.

May 17, 2024 May 17, 2024 1 EN

Richard Williamson

Richard Williamson

Tinexta - Typical seasonality in Q124

Tinexta’s Q124 results showed good progress in the two divisions that typically demonstrate more consistent (through the year) growth, Cyber Security and Digital Trust, which management expects to deliver higher growth over the next few years. Business Innovation demonstrated its typical seasonality and management therefore remains confident about the outlook for the year.

May 17, 2024 May 17, 2024 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

Banca Sistema - Loan growth and ROE are positive features

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

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