Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INTESA SANPAOLO. We currently have 5 research reports from 1 professional analysts.
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Solid underlying performance but potential lack of NPL coverage
04 Nov 16
The quarter showed good top-line resilience and cost control, and strong asset quality trends. On the other hand, it was also marked by an elevated provisioning effort to raise the coverage on unlikely-to-pay and overdue loans confirming a potential coverage issue. The full-year dividend commitment is already more than covered when including the €895m gain on SETEFI and Intesa Sanpaolo Card to be booked in Q4.
Waiting for troubled banks' bailout
08 Jul 16
Following the stock’s sharp underperformance translating into a stressed valuation, we have decided to reassess our forecasts and valuations. There is little doubt that the market turmoil will have immediate consequences in terms of revenue generation. On the other, it is not guaranteed in our view that asset quality trends have to be questioned. We see as very likely that the pending solutions to backstop troubled regional banks and BMPS will not repeat the mistake made with the Atlas fund that involved both ISP and UCG thus creating a dangerous systemic loop. If they also avoid involving them through the resolution fund, that would be good news even if the upcoming October referendum could continue to weigh on the relative valuation.
Superior profitability and growth potential intact
02 Jun 16
Like other wealth management oriented groups, ISP’s first quarter top-line performance was impacted by the market’s turmoil. However, the visibility on revenue growth for the next couple of years remains strong even if the fee income guidance for this year will not be met. The quarter demonstrated the group’s ability to absorb a revenue weakness through cost flexibility. Last but not least, the asset quality normalisation was ahead of plan, translating into a cost of risk already below the objective set in the 2017 business plan. Management considers that the market underestimates the stabilisation power of the Atlante fund which is seen as a game changer. The limited impact of the group’s investment will be more than offset by the boost provided by the disposal of the payment and card businesses.
Management does not share the market's concerns
16 Feb 16
Quarterly results were hit by extraordinary and seasonal factors. The underlying trends and the capital position remained strong which led the group to increase the cash dividend payment promise by 20%. The €3.0bn dividend commitment for this year has been reiterated while management considers that the visibility on the commercial and asset quality momentum is strong and that the Italian economy recovery will likely surprise on the upside. Last but not least, it considers that NPL coverage concerns are totally misplaced.
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.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
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 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.