Intesa Sanpaolo Continues to Make Very Slow Progress; Outlook Remains Difficult
Intesa Sanpaolo reported acceptable third-quarter results, and we plan to maintain our EUR 1.75/$12 fair value estimate and no-moat rating. The bank’s progress with resolving its nonperforming loans remains very slow, and we believe it would be wise to raise capital to accelerate the disposal of its bad-loan book. We anticipate that the bank will consider more changes after the upcoming Italian referendum in early December, when we also expect to gain clarity into how the insolvent Monte Dei Pas...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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