Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MEDIOBANCA SPA. We currently have 4 research reports from 1 professional analysts.
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New three-year business plan
17 Nov 16
The group disclosed its new three-year plan ending in 2019. The period will see the completion of the business model which refocuses on specialised high margin banking businesses with a priority development in Wealth Management at the expense of a reduced equity portfolio (€1.3bn reduction half stemming from the 3ppt reduction in the stake in Generali to 10%). The combination of an increased contribution from low-capital intensive fee income and reduced capital intensity stemming from the adoption of AIRB models is expected to enable the group to raise its ROTE to 10% with all divisions meeting or exceeding their COE. An expected €1bn excess capital generation will be used to boost growth potential through acquisitions and in addition to improve shareholders’ remuneration while the payout ratio objective is maintained at 40%.
Consumer Banking momentum and cost of risk reduction
03 Nov 16
The quarter enjoyed ongoing positive momentum in Consumer Banking and further cost of risk reduction that more than offset a reduced contribution from treasury assets. As regards the rest of the year, in an uncertain macro and political environment, management expects a resilient net interest income driven by Consumer and Retail Banking and a reduced cost of risk, while operating expenses are expected to rise driven by investments.
Consumer finance and M&A cycle to support future top-line expansion
13 Jun 16
The group’s profits have not been immune to the markets turmoil and low rates. However, the consumer finance organic growth potential and the recovery of the M&A cycle will support future top-line growth. The bottom-line impact will be boosted by cost of risk overshooting. Profitability recovery coupled with RWA optimisation is likely to pave the way for a dividend increase.
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 - Morning Song 19-01-2017
19 Jan 17
ACTUAL EXPERIENCE PLC (ACT LN) | BAGIR GRP LTD (BAGR LN) | BIOQUELL (BQE LN) | BROWN(N.)GROUP (BWNG LN) | CARADOR INCOME FUND PLC (CIFU LN) | HALFORDS GROUP (HFD LN) | NCC GROUP (NCC LN) | ST IVES PLC (SIV LN) | SUMMIT THERAPEUTICS PLC (SUMM LN) | WILMINGTON PLC (WIL LN)
Small Cap Breakfast
19 Jan 17
SuperAwesome — The London based specialist in e-compliance is considering an IPO in its home town according to City A.M. 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 - 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.
N+1 Singer - Harwood Wealth - FY16 EBITDA 11% ahead, positive strategic progress
24 Jan 17
Harwood Wealth (“HW”) has delivered final results which showed EBITDA 11% ahead of our forecasts and successful execution of the consolidation strategy with 17 acquisitions in FY16 using IPO proceeds. The board has declared a maiden final dividend of 2p (payable in May) from cash generation. £10.5m net cash leaves the business well positioned to continue to pursue acquisition opportunities. Based on previous multiples paid, we estimate HW has cash resources to materially increase EBITDA complemented by organic growth. HW reports a positive start to FY17e.
N+1 Singer - Northern lights - Shining prospects for 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.