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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 (public administrations). The bank is also opportunistic, looking to diversify and has developed salary- and pension-based lending.

Stock data

Market cap.€165.3m
Last close€2.06
High / Low (52 weeks)€2.6 / €1.9
Stock market listingMI
Forecast net debt (€m)N/A
Forecast gearing ratio (%)N/A

Price performance

Relative *0.9(3.1)(12.1)

* % Relative to local index

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Company news

Investment summary

BST published its Q118 results in May. Factoring receivables and pension and salary backed loans continued to show good y-o-y growth at 35% and 68%, respectively. As expected, the shift in loan mix towards lower-risk/lower-yield assets, including VAT receivables and pension and salary backed (CQ) loans, results in a reduction in the interest income margin, but this is coupled with low impairment levels (22bp) and longer duration. In June BST announced completion of its purchase of a stake in ADV Finance: a small deal but cementing a relationship that should help develop the CQ business. The proposal, which could lead to a reduction in risk weighting for CQ loans from 75% to 35%, has passed an important EU committee stage. If implemented this would lead to a c 150bp increase in CET1.

Last updated on 29/06/2018

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 6.3 N/A
2017A 82.5 N/A 38.9 33.33 6.2 N/A
2018E 90.2 N/A 39.2 33.68 6.1 N/A
2019E 116.5 N/A 52.1 44.74 4.6 N/A

Last updated on 25/06/2018

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 29/06/2018

Key management

Gianluca Garbi, CEO
Carlo Di Pierro, Head of IR

Company address

Corso Monforte, 20, 20122,
+39 02 802801
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