Banca Sistema (BST)

Business description

Banca Sistema is a speciality finance provider with a primary focus on factoring receivables from the Italian public sector (public administrations). The bank is also opportunistic, looking to diversify and has developed salary- and pension-based lending.

Stock data

Market cap.€162.1m
Last close€2.02
High / Low (52 weeks)€2.6 / €2.0
Stock market listingMI
Forecast net debt (€m)N/A
Forecast gearing ratio (%)N/A

Price performance

Relative *(9.1)(13.8)(17.7)

* % Relative to local index

Other companies in sector Show

3i Group Abbey Protection
Aberdeen Asset Management Admiral Group
AFH Financial Group Ai Claims Solutions
Alpha Strategic Amlin
APQ Global Arbuthnot Banking Group
Arden Partners Ashford
Ashford Hospitality Prime Ashford Hospitality Trust
Ashmore Group Atlantis Japan Growth Fund
Attica Bank Aviva
Banca IFIS BB Healthcare Trust
Beazley BlackRock Emerging Europe
Brewin Dolphin Brightside Group
Catlin Group Cenkos Securities
ChimpChange Circle Holdings
City of London Group Collins Stewart
Corestate Capital Holding Covercy
Curtis Banks DeA Capital
Deutsche Börse Deutsche Grundstücksauktionen
DF Deutsche Forfait Empiric Student Property
Ernst Russ Experian
Fairpoint Group FBD Holdings
Ferratum Oyj FinLab
Gable Holdings Gartmore Group
GCP Student Living German Startups Group
GLI Finance Grand City Properties
Hardy Underwriting Hargreaves Lansdown
Heartland New Zealand Helphire
Henderson Group Hiscox
HSBC Holdings ICAP
IE Financial IFG Group
IG Group Impax Asset Management
International Personal Finance Is Yatirim Menkul Degerler
JDC Group John Laing Group
Jupiter Fund Management Lancashire Holdings
Lighthouse Group Liontrust Asset Management
Lloyd Fonds London Stock Exchange Group
MAN Group Market Tech Holdings
Mattioli Woods MCB Finance Group
MPC Capital MyBucks
NEOVIA Financial Noratis
Novae Group Numis Corporation
Nurnberger Beteiligungs Oakley Capital Investments
Ocean Capital Oekoworld
Omega Insurance Holdings OTC Markets Group
Panmure Gordon Park Group
Picton Property Income Powerhouse Ventures
Prudential publity
Quayle Munro Holdings Randall & Quilter Investment Holdings
RCM Beteiligungs Record
Rensburg Sheppards RSM Tenon
S&U Sanlam Securities UK
Scherzer & Co Schroders
Secure Trust Bank Share
Shore Capital Group St. James's Place
Supermarket Income REIT Syndicate Asset Management
Tawa The Dolphin Square Charitable Foundation
Town Centre Securities Tungsten Corporation
Umweltbank Warsaw Stock Exchange
WH Ireland WorldSpreads Group

Company news

Banca Sistema: Growth On Track

Wed, 16 May 2018 09:00:00 GMT

BRIEF-Banca Sistema Board Appoints Gianluca Garbi CEO

Tue, 24 Apr 2018 13:30:00 GMT

BRIEF-Banca Sistema: Bank Of Italy Sets Minimum CET1 Requirement At 7.125 ...

Fri, 05 Jan 2018 17:15:00 GMT

BRIEF-Banca Sistema Signs Cooperation Agreement With Deutsche Bank

Mon, 01 Apr 2013 15:11:15 GMT

BRIEF-Banca Sistema: successful placement of first senior bond issue

Mon, 09 Oct 2017 17:04:20 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 81.5 N/A 35.7 32.85 6.1 N/A
2017A 82.5 N/A 38.9 33.33 6.0 N/A
2018E 90.0 N/A 39.2 33.65 6.0 N/A
2019E 116.5 N/A 52.1 44.69 4.5 N/A

Last updated on 08/05/2018

Investment summary

There was a small one-off provision in the first quarter but, that aside, trading was in line with management expectations and Banca Sistema (BST) continues to focus on delivery of its recently published three-year plan which, on our estimates, points to substantial growth in receivables and earnings between 2018 and 2020. The shares in this specialist lender remain modestly valued, both in relative and absolute terms.

Last updated on 16/05/2018

Industry outlook

Targets for 2020 in the plan include: factoring outstanding CAGR 28% to €3bn, consumer finance 25% CAGR to €1bn, CET1 >11%. Over the period the plan looks for an ROAE of 18-24%, interest income margin 400-450bp, interest cost average 1%, cost of risk <30bp on average and cost income ratio average of 47%. The two core areas remain attractive with good growth potential in factoring, for example, from changes in legislation on split VAT payments that took effect in 2017.

Last updated on 27/04/2018

Key management

Gianluca Garbi, CEO
Carlo Di Pierro, Head of IR

Company address

Corso Monforte, 20, 20122,
+39 02 802801
View website