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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 7.9x - 8.7x | 8.3x |
| Selected Fwd P/E Multiple | 7.5x - 8.3x | 7.9x |
| Fair Value | €12.53 - €13.85 | €13.19 |
| Upside | -20.4% - -12.0% | -16.2% |
| Benchmarks | - | Full Ticker |
| BPER Banca SpA | - | BIT:BPE |
| Banco BPM S.p.A. | - | BIT:BAMI |
| Credito Emiliano S.p.A. | - | BIT:CE |
| Banco de Sabadell, S.A. | - | BIT:1SAB |
| Raiffeisen Bank International AG | - | BIT:1RBI |
| Mediobanca Banca di Credito Finanziario S.p.A. | - | BIT:MB |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| BPE | BAMI | CE | 1SAB | 1RBI | MB | |||
| BIT:BPE | BIT:BAMI | BIT:CE | BIT:1SAB | BIT:1RBI | BIT:MB | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 29.9% | 19.2% | 25.2% | 20.0% | 8.1% | 9.1% | ||
| 3Y CAGR | 38.7% | 49.9% | 20.7% | 59.0% | 12.9% | 16.4% | ||
| Latest Twelve Months | -7.7% | 52.0% | 10.3% | 42.1% | -20.1% | 22.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 27.8% | 19.0% | 25.6% | 16.9% | 30.0% | 35.1% | ||
| Prior Fiscal Year | 30.9% | 27.5% | 30.8% | 24.4% | 25.4% | 35.3% | ||
| Latest Fiscal Year | 27.2% | 35.1% | 32.0% | 30.3% | 20.2% | 39.0% | ||
| Latest Twelve Months | 27.2% | 35.1% | 32.0% | 30.3% | 20.2% | 39.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 1.8x | 2.5x | 1.9x | 2.3x | 0.8x | 3.8x | ||
| LTM P/E Ratio | 6.6x | 7.1x | 6.1x | 7.7x | 4.2x | 9.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 4.2x | 6.6x | 7.7x | |||||
| Historical LTM P/E Ratio | 7.3x | 9.4x | 13.0x | |||||
| Selected P/E Multiple | 7.9x | 8.3x | 8.7x | |||||
| (x) LTM Net Income | 1,322 | 1,322 | 1,322 | |||||
| (=) Equity Value | 10,391 | 10,938 | 11,485 | |||||
| (/) Shares Outstanding | 826.6 | 826.6 | 826.6 | |||||
| Implied Value Range | 12.57 | 13.23 | 13.89 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 12.57 | 13.23 | 13.89 | 15.75 | ||||
| Upside / (Downside) | -20.2% | -16.0% | -11.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BPE | BAMI | CE | 1SAB | 1RBI | MB | |
| Value of Common Equity | 9,379 | 14,016 | 3,815 | 13,394 | 7,153 | 13,016 | |
| (/) Shares Outstanding | 1,415.5 | 1,503.9 | 334.6 | 5,387.7 | 328.4 | 826.6 | |
| Implied Stock Price | 6.63 | 9.32 | 11.40 | 2.49 | 21.78 | 15.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.63 | 9.32 | 11.40 | 2.49 | 21.78 | 15.75 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |