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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.€119.7m
Last close€1.49
High / Low (52 weeks)€2.5 / €1.4
Stock market listingMI
Forecast net debt (€m)N/A
Forecast gearing ratio (%)N/A

Price performance

Relative *(2)(19.3)(23.9)

* % Relative to local index

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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

BST reported lending growth of more than 40% year-on-year in its 9M18 results but mix changes and some lumpiness associated with late payment interest (LPI) constrained earnings growth in the period; after an 11% increase in expenses and higher tax rate, earnings were 12% lower than for the prior year period. 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 29/11/2018

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 4.5 N/A
2017A 82.5 N/A 38.9 33.33 4.5 N/A
2018E 87.0 N/A 39.0 32.44 4.6 N/A
2019E 118.4 N/A 53.6 44.68 3.3 N/A

Last updated on 21/11/2018

Latest video

Executive interview - Banca Sistema

Industry outlook

The bank indicates that there has been no significant change in the market background for factoring. If anything, pricing on a like-for-like basis has been on an upward trend and a significant contract has been signed with a pharmaceutical company that is set to generate turnover of €700m pa, starting next year. The niche CQ market has good potential for growth and BST’s position should be strengthened by its acquisition of Atlantide, expected to complete in Q219. Our estimate for FY18 was reduced modestly (EPS -3.7%), while the estimate for FY19/20 is only marginally lower and remains aligned with BST’s three-year plan targets.

Last updated on 29/11/2018

Key management

Gianluca Garbi, CEO
Carlo Di Pierro, Head of IR

Company address

Largo Augusto 1/A, angolo via Verziere 13, 20122
+39 02 802801
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