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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.
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.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
What a year it was!
16 Jan 17
2016 got off to a rocky start. Not long into January, after just a few trading days, global equity markets lost more than US$4tn of value due to investor sentiment towards China’s economic slowdown and depreciating currency. This was immediately followed by a slump in the oil price. By the third week of January, Brent Crude hit its year low at $27.10 a barrel causing an immediate sell off in the energy sector. Once the Q1 dust had settled, attention turned to the UK’s vote on whether to remain a member of the EU. The Brexit vote result proved to be a genuine shock for markets, with many investors having believed that the UK would stay within the European Union. Attention soon turned to the equally ill-tempered US Presidential elections and all the political and economic unknowns that Trump’s victory has spawned. As a result, AIM, has seen a roller-coaster of a year in 2016.