Mediobanca Updated for 1H19 Results
Mediobanca reported preprovision profits of EUR 308 million for first-quarter 2019 (fiscal year-end June), which is 6% higher than the comparable period. The results were broadly in line with our expectations, but after some minor changes, we cut our estimates for fiscal 2019 by 4%. We maintain our fair value estimate at EUR 10, along with our no-moat rating.Mediobanca believes it is less exposed to the Italian macroeconomic picture than the market perceives. We are sympathetic to this view to ...
Mediobanca Banca Di Credito Finanzario's core businesses are lending and investment banking. Co. helps its clients by providing them with advisory services in addition to medium-term bank credit. Co. is the parent company of the Mediobanca Banking Group, which has operations in consumer credit, retail banking, leasing, and private banking. Co.'s business divisions are comprised of: Corporate and Investment Banking, which comprises Wholesale Banking and Private Banking; Principal Investing, which brings together all equity investments in associates (IAS28) and available for sale assets; and Retail and Consumer Banking, which comprises consumer credit and retail banking activities.
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