Italian Banks: No Moats, UniCredit Mispriced Relative to Intesa
We complete the relaunch of our Italian banking sector coverage with fair value estimates of EUR 19 for UniCredit and EUR 11 for Mediobanca. This implies price/fair value ratios of 0.95 for UniCredit and 0.9 for Mediobanca compared with 1.4 for Intesa.ÂWe do not believe that UniCredit, Mediobanca, or Intesa have the benefit of any moats.
We view the Italian banking system as weak, with irrational pricing due to intense competition from mutually owned banks, an economy that is struggling to comp...
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