Report
Sabadell
Esther Castro
EUR 400.00 For Business Accounts Only

INTESA SANPAOLO: PLAN ESTRATÉGICO’21-25 CON MUCHO POTENCIAL (ANÁLISIS BANCO SABADELL)

Plan’21-25, con mucho potencial. Subimos P.O. a 3,25 euros (+6% vs antes). COMPRAR
Un Plan muy conservador que repartirá ~22.000 M euros, un 42,5% de su capitalización (yield promedio’22-25 de ~8% en efectivo) + buyback’22 (6,6% yield). Además, ISP valorará en 2023 una remuneración adicional (9% BS(e)). Cotiza a un P/TE’23 de 0,9x (vs 0,8x sector) con RoTE sostenida>9% (vs 8% actual) con un escaso apetito por M&A y con NPLs en mínimos. El Plan, no contempla subida de tipos de interés y ante +50 p.b. el BDI’23 BS(e) se incrementaría un +8%, con impacto similar en P.O.
10/02/2022 1 ES
Underlying
Intesa Sanpaolo S.p.A.
Intesa Sanpaolo S.p.A.

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.

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IT0000072618 Italy
Provider
Sabadell
Sabadell

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Analysts
Esther Castro

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