Banca Mediolanum: Highlights from the National Convention

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Banca Mediolanum: Highlights from the National Convention

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Banca Mediolanum

Highlights from the National Convention

Reiterate Rating: BUY | PO: 23.00 EUR | Price: 19.36 EUR

Reiterate Buy, a top pick among Italian asset gatherers 14 May 2026

We attended BMED’s National Convention on May 11-12th where there were ~6,000 Equity

attendees, mainly from its family banker network across Italy and Spain. The

Hubert Lam >>

presentations focused on motivation, strategic vision and operations, including new Research Analyst

products, initiatives and business updates. Speakers included CEO Massimo Doris, head MLI (UK) +44 20 7996 7112

of sales and guest motivational speakers. We think BMED is well-positioned to benefit hubert.lam@bofa.com

from growing demand for financial advisory in Italy where asset gatherers’ share of Christiane Holstein >>

household assets has risen to 21% at the expense of traditional banks. BMED had 18% Research Analyst MLI (UK)

share of Italian network inflows in Q126 and a higher % of bancassurance assets christiane.holstein@bofa.com

(mortgages, loans, etc.). We also expect rising penetration of equity investments which is Conor Callaghan >>

currently 18% of Italian wealth coming from low yielding liquid assets at 34%. We have ResearchMLI (UK) Analyst

a Buy rating on BMED on 13x 2027 PE as we expect resilient flows and net interest conor.callaghan@bofa.com

income (NII) upside (see our report, Italian asset gatherers: benefitting from NII

upgrades).

New initiatives in mutual funds, promotions, banking Stock Data

BMED announced several new initiatives to drive inflows, customer growth and wallet Price 19.36 EUR

share of existing clients. These included 1) expanding banking services to legal entities Price Objective 23.00 EUR