Irrational pricing in Italy makes profitability hard to come by.
No-moat Intesa Sanpaolo reported net income of EUR 7.3 billion for 2017, excluding capital items it was EUR 3 billion--slightly ahead of our EUR 2.9 billion estimate. Intesa also released a detailed business plan till 2021, including some ambitious targets, notably a target return on tangible equity of 15%. We caution investors against viewing this as a midcycle level of profitability as we do not believe Intesa's assumption for credit losses is sustainable.It increasingly seems that Intesa did...
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