Italian Banks: Risk Never Went Away
We update our fair value estimates for Intesa Sanpaulo (increased to EUR 2.60 from EUR 2.30) and UniCredit (decreased to EUR 17 from EUR 19) and maintain our no-moat rating on both banks. Intesa and UniCredit are trading 14% and 11% off their respective one-year highs. The sell-off is in response to the populist coalition between the Five Star Movement and the Northern League set to govern Italy. Our valuation update is not in response to the perceived increase in political risk--we merely enhan...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.