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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.€168.1m
Last close€2.09
High / Low (52 weeks)€2.6 / €1.9
Stock market listingMI
Forecast net debt (€m)N/A
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual1.50.5(2.2)
Relative *(2.6)(0.9)0.9

* % Relative to local index

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Company news

Investment summary

Banca Sistema’s first half figures showed strong growth in customer loans against a stable market background for public authority receivables financing in Italy. The proposed reduction in risk weighting for salary and pension-backed lending bodes well for the bank’s other core activity. On maintained forecasts, the shares remain conservatively valued both on absolute and relative measures.

Last updated on 02/08/2018

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 6.4 N/A
2017A 82.5 N/A 38.9 33.33 6.3 N/A
2018E 89.9 N/A 39.2 33.68 6.2 N/A
2019E 116.6 N/A 52.1 44.74 4.7 N/A

Last updated on 02/08/2018

Latest video

Executive interview - Banca Sistema

Industry outlook

The bank’s three-year plan outlined its focus on the two core areas of factoring and CQ lending; the plan targets 28% and 25% CAGR in lending to 2020 respectively. The political background in Italy is uncertain, but neither business area appears particularly sensitive to this.

Last updated on 27/07/2018

Key management

Gianluca Garbi, CEO
Carlo Di Pierro, Head of IR

Company address

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