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.
Frequency of research reports
Research reports on
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.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.