Search Follow us

Banca Sistema (BST)

Business description

Banca Sistema is a speciality finance provider with a primary focus on factoring receivables from the Italian public sector with salary and pension-based lending forming a second core activity. It is opportunistic and looking to diversify into new areas.

Stock data

Market cap.€135.4m
Last close€1.68
High / Low (52 weeks)€2.5 / €1.6
Stock market listingMI
Forecast net debt (€m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(13.1)(18.1)(23.7)
Relative *(9.5)(7.7)(10.2)

* % Relative to local index

Other companies in sector Show

3i Group Abbey Protection
Aberdeen Asset Management Admiral Group
AFH Financial Group Ai Claims Solutions
Allied Minds Alpha Strategic
Amlin APQ Global
Arbuthnot Banking Group Arden Partners
Ashford Ashford Hospitality Trust
Ashmore Group Attica Bank
Aviva Banca IFIS
BB Healthcare Trust Beazley
Braemar Hotels & Resorts Brewin Dolphin
Brightside Group Catlin Group
Cenkos Securities ChimpChange
Circle Holdings City of London Group
Collins Stewart Consus Real Estate
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
FCR Immobilien 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 ICG-Longbow Senior Secured UK Property Debt Investments Ltd
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
mic Moneysupermarket.com
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 Volta Finance
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

Investment summary

Lending has grown by more than 40% year-on-year but mix changes and some lumpiness associated with late payment interest (LPI) have constrained earnings growth in 9M18. This effect should unwind as the business continues to grow. It would not require full delivery of the bank’s three-year plan targets, including ROE of over 18%, to warrant a higher valuation. The capital position remains strong with a CET1 ratio of 11.1%.

Last updated on 07/11/2018

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 5.1 N/A
2017A 82.5 N/A 38.9 33.33 5.1 N/A
2018E 87.0 N/A 39.0 32.44 5.2 N/A
2019E 118.4 N/A 53.6 44.68 3.8 N/A

Last updated on 07/11/2018

Latest video

Executive interview - Banca Sistema

Industry outlook

BST reported a stable market environment with no resumption of the pressure on pricing for factoring receivables seen in 2016. This is encouraging and supportive of the targets set out in BST's three-year plan announced in April this year which included compound annual growth objectives of 28% and 25% in factoring and salary and pension-backed lending in the period to 2020.

Last updated on 26/10/2018

Key management

Gianluca Garbi, CEO
Carlo Di Pierro, Head of IR

Company address

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