Intesa Sanpaolo : Q3 2022 reflects the group’s quality/improvement of guidance
>Outperformance underpinned – target price lifted to € 2.75 (vs € 2.65) - Our Outperform recommendation is underpinned by the Q3 2022 publication, reassuring on the key operational aspects (top line, costs, cost of risk/quality of assets) capital/ shareholder returns and on exposure to Russia. We are revising up our net profit estimates for 2022-2025 by an average of 5% to factor in the favourable trend on the top line (interest rates) but also a reassuring bias on th...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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