Intesa Sanpaolo : Q4 2023 and solid 2024 guidance...premium for exposure to long-term savings
>Outperform recommendation reiterated - target price raised to € 4.0 (vs € 3.8) - Q4 2023 results underpin our Outperform recommendation, with a broadly reassuring trend on the key operating points (NII momentum, control of costs and moderate CoR), and ultimately on capital/shareholder returns. The group appears relatively confident on its outlook for 2024 (net profit >x € 8bn in 2024 and 2025 vs € 7.7bn in 2023) notably thanks to its highly diversified business model...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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