Italian Banking System Makes It Challenging for Intesa Sanpaolo to Achieve Acceptable Returns
We relaunch coverage of Intesa under a new analyst with a EUR 2.30 fair value estimate for the Milan listing.ÂOur fair value is 0.8 times 2016 tangible book value and 11 times our estimate of 2018 earnings. We believe that the market is not currently pricing in enough of a risk premium to adequately compensate investors for the risks inherent to the Italian banking sector.Â
Over the past decade, Intesa has not generated excess returns over its cost of capital, and we do not expect this to chang...
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