Intesa Sanpaolo : Q3 2021: still just as solid and new strategic plan around the corner
>Outperform opinion maintained – Target price raised to € 2.95 (vs € 2.90) - Our Outperform opinion has been boosted by reassuring Q3 2021 results on the key operating points (top line, costs, CoR/asset quality) and the outlook for shareholder returns. Following this good operating performance and guidance upgrade (UBI synergies), we are raising our net profit estimates by 2% on average over 2021-2023. Shortly before the release of its new strategic plan pro forma UBI...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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