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Research Tree provides access to ongoing research coverage, media content and regulatory news on BANCA MONTE DEI PASCHI SIENA. We currently have 7 research reports from 1 professional analysts.
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BANCA MONTE DEI PASCHI SIENA
BANCA MONTE DEI PASCHI SIENA
Has visibility really improved ?
25 Oct 16
The group released its Q3 results, reiterated its capital action plan and presented a standalone three-year business plan. We see the business plan exercise as interesting from a valuation angle while we do not expect it to remain standalone. However, we note the major uncertainty, which concerns the residual losses on past dues and unlikely to pay loans and untransferred bad loans, remains in its entirety, especially since the group does not provide forecasts for 2017. In our view, this continues to reduce the visibility on the group’s valuation significantly.
Sleeping beauty makeover, waiting for the handsome prince
01 Aug 16
Q2 results were on track but progress remains too slow to attract the long-awaited handsome prince, while the standalone strategy is not a viable/allowed path. ECB’s letter and the stress test failure are forcing management to accelerate the NPL reduction, an operation enabled by the new State guarantee and the creation of the Atlas fund. However, the operation requires a €5bn rights issue to maintain the solvency position while Atlas will be offered warrants as extra protection.
Hour of truth
08 Jul 16
The hour of truth has come for BMPS which had not been allowed to follow a standalone path by the ECB. With the group’s asset quality issue apparently making the handsome prince hard to get, the ECB has had no choice but to request an accelerated NPL reduction that is likely to require at least a temporary capital injection. The bailout seems to be the only workable approach.
Net interest margin headwinds
23 Feb 16
The quarterly results were characterised by strong net interest margin pressure and ongoing asset quality deterioration. The group finally decided to outsource the management of its oversized NPLs portfolio in order to accelerate the balance sheet clean-up. The details including the financial terms will not be known for a few months. Management believes the group is in a position to post a profit this year but preferred not to give more precise guidance given the uncertainty created by the market correction and the global slowdown. The handsome prince continues to play hard to get.
Quarterly results in line
29 Jan 16
As announced, the group released its preliminary, non-audited results ahead of schedule in an attempt to relieve market pressure. The presentation of final results will be held on 5 February. The quarterly results were distorted by the restatement of the Alexandria derivative transaction. On an underlying basis, the group will report a loss of around €200m in line with expectations. Asset quality further deteriorated but the group managed to decrease its NPL stock through disposals. The solvency position has remained stable. Management acknowledges funding pressure but the liquidity position remains strong.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.