Intesa Sanpaolo : Q1 2023 results confirm ISP’s very good positioning in the current context
>Outperform rating confirmed – target price lifted to € 3.4 (vs € 3.0) - Outperform rating confirmed following the Q1 2023 results, which were reassuring on the key operating aspects (top-line momentum, cost control and reassuring trend in underlying asset quality/moderate level of the CoR), capital/returns to shareholders, liquidity and the exposure to Russia. We increase our net income estimates for 2023-2025e by an average of 12% so as to factor in the favourable t...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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