Intesa Sanpaolo : Q2 2022 results broadly reassuring and guidance confirmed
>Outperform recommendation reiterated - Target price lowered to € 2.70 (vs € 2.80) - Our Outperform recommendation is underpinned by the Q2 2022 publication, reassuring on the key operational aspects (top line, costs, cost of risk/quality of assets) and on the prospects for shareholder returns despite the currently uncertain context. We have edged-down our forecasts for 2022-2024 net profit (-4% on average) in order to factor in a more cautious bias notably on the tr...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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