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 (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
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(0.7)(8.9)(10.8)
Relative *0.9(3.1)(12.1)

* % 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 Atlantis Japan Growth Fund
Attica Bank Aviva
Banca IFIS BB Healthcare Trust
Beazley BlackRock Emerging Europe
Braemar Hotels & Resorts Brewin Dolphin
Brightside Group Catlin Group
Cenkos Securities ChimpChange
Circle Holdings City of London Group
Collins Stewart 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 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

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,
Milano,
Italy
+39 02 802801
View website