Mediobanca Reports Strong First Half of 2018
No-moat Mediobanca reported net profit of EUR 476 million for the first half of fiscal 2018 (fiscal year ending in June). This represents a 14% increase compared with first-half 2017, and we maintain our EUR 11 fair value estimate.However, we believe that a better reflection of the bank's operating performance excludes its principal investing activities--mainly its 13% interest in Generali. We calculate a net profit on this basis of EUR 271 million for the first half of 2018, a 54% increase com...
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