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.€175.3m
Last close€2.18
High / Low (52 weeks)€2.8 / €1.8
Stock market listingMI
Forecast net debt (€m)N/A
Forecast gearing ratio (%)N/A

Price performance

Relative *(10.9)(4)(16.3)

* % Relative to local index

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Company news

Banca Sistema SpA (BST) Move Up 1.47% on Nov 17

Fri, 17 Nov 2017 11:48:45 GMT

Banca Sistema SpA (BST) Increases 1.11% on Nov 16

Thu, 16 Nov 2017 11:48:45 GMT

Banca Sistema SpA (BST) Is Yet to See Trading Action on Nov 13

Mon, 13 Nov 2017 11:48:45 GMT

Banca Sistema SpA (BST) Is Yet to See Trading Action on Nov 10

Fri, 10 Nov 2017 11:26:15 GMT

Banca Sistema SpA (BST) Increases 2.8% on Oct 22

Sat, 21 Oct 2017 13:41:15 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2015A 71.8 N/A 25.5 29.50 7.4 N/A
2016A 81.5 N/A 35.7 32.85 6.6 N/A
2017E 85.4 N/A 39.6 34.39 6.3 N/A
2018E 93.0 N/A 42.8 36.72 5.9 N/A

Last updated on 13/11/2017

Investment summary

Banca Sistema’s (BST) Q3 results showed continued growth in its main trade receivables financing and salary and pension-backed loan activities. Reported profits were augmented by a higher accrual rate for late payment interest but, excluding the element relating to prior years, BST still targets an ROAE of 20% for FY17. Given this and the potential for continued growth, the valuation in terms of price to book and multiples of our reduced earnings estimates appears very cautious.

Last updated on 13/11/2017

Industry outlook

BST is successfully generating more factoring turnover through its banking partners and hopes to extend this network further. Structurally, there remains good potential to increase factoring penetration in Italy and for BST to gain share. Scope for increased acquisition of salary- and pension-backed loans also appears favourable, while BST remains open to new opportunities as illustrated by its pilot pawnbroking (mount of piety) operation.

Last updated on 02/11/2017

Key management

Gianluca Garbi, CEO
Margherita Mapelli, CFO
Steve Skerrett, Head of Retail & Commercial Banking
Egisto Franceschi , Head of Collection Services
Carlo Di Pierro, Head of IR

Company address

Corso Monforte, 20, 20122,
+39 02 802801
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