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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.€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

Price performance

Relative *(9.5)(7.7)(10.2)

* % 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

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,
+39 02 802801
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