BPER (AO) | Hold | Constructive equity story remains intact

研报英文原文证据摘录

BPER (AO) | Hold | Constructive equity story remains intact

BPER Hold | Target Price: EUR13.30

Company description Management

BPER is among the top five Italian banking groups, with a strong presence in Fabio Cerchiai, Chairman

Central-North Italy and in Sardinia. It has achieved critical mass through several Gianni Franco Papa, CEO

M&A deals, the last one being BP Sondrio in 2025. The main activities are retail Simone Marcucci, CFO

banking (52% of revenues), Corporate (17%) and Large Corporate banking (11%). Key shareholders

The acquisition of BP Sondrio allows BPER to double its market share in Free float 70.00%

Lombardy and strengthen its control on asset manager Arca SGR and leasing Unipol 19.90%

operator Alba Leasing. Fondazione Sardegna 7.40%

Investment case Valuation methodology

BPER has greatly improved its credit quality, capital position, Our TP is based on a dividend discount model.

and profitability over time. We expect the new CEO to improve A 100bp change in COE impacts our TP by 10%.

the situation further, in particular regarding shareholder BPER now trades in line with European peers, its profitability

remuneration. being broadly in line with peers.

BPER is executing well the integration of the acquired Risks to our rating

operations and the internal reorganisation aimed at improving A worsening of the Italian economy and sovereign risk, which

efficiency and enhancing revenue generation. The derisking is would weaken business volumes, credit quality, and

now completed. profitability.

BPER has been playing an active role in domestic M&A, and will Dilutive M&A.

continue to play this role also in the future. Governance issues.

Catalysts

Actions from new CEO Gianni Franco Papa.

Acquisition and integration of BP Sondrio.