Intesa Sanpaolo Reports Fiscal 2018 Results, Maintains Aggressive Growth Targets
Intesa Sanpaolo reported pretax profits of EUR 4.4 billion for fiscal 2018, an 8% increase compared with the corresponding period in 2017. After updating our model and adjusting for the time value of money, we are increasing our fair value estimate slightly to EUR 2.70 from EUR 2.60 and maintaining our no-moat rating.Intesas's management has previously provided very detailed earnings guidance out toward 2021, with a net income target of EUR 6 billion for fiscal 2021. Our estimate of EUR 5.4 bil...
Intesa Sanpaolo is a commercial bank. Co. is engaged in lending and deposit collection operations in Italy and associated financial services, serving Households, Personal, Small Business, Private and Small and Medium Enterprise customers. Co. provides medium-term credit, leasing, factoring and agribusiness (Mediocredito Italiano), consumer credit (Intesa Sanpaolo Personal Finance), management of electronic payments (Setefi), and trust services (Sirefid). Co. has approximately 4,300 branches, including Retail and Business branches, distributed broadly throughout Italy. At Dec 31 2014, Co. had total assets of Euro646.43 billion.
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