Intesa Sanpaolo (AO) | Buy | Interested in Singular Bank?

研报英文原文证据摘录

Intesa Sanpaolo (AO) | Buy | Interested in Singular Bank?

Intesa Sanpaolo Buy | Target Price: EUR6.30

Company description Management

Intesa Sanpaolo is the Italian market leader in commercial banking and wealth Carlo Messina, CEO

management, with a market share of around 20% in all market segments. The Luca Bocca, CFO

main group divisions are the retail Banca dei Territori (43% of revenues), the Luca Bocca, CFO

Private & Wealth management (22%) and the Corporate & Investment banking Key shareholders

(15%). It also operates abroad (mainly in CEE and Egypt for c. 12% of group Free float 88.10%

revenues). It has a multi-channel distribution strategy and a generous dividend Compagnia di Sanpaolo 6.48%

policy. Cariplo 5.40%

Investment case Valuation methodology

Intesa Sanpaolo has a strong franchise and a highly positioned Our TP is based both on a DDM and a SOTP valuation, assuming

brand in Italy both in commercial banking and in wealth a COE of 11.4% and implying a fair P/BV of 1.4x.

management with a longstanding track record in high A 100bp change in COE impacts our TP by 10%.

shareholder remuneration. Intesa Sanpaolo trades above European peers on P/BV on higher

The company's 2026 net profit guidance is for about EUR10bn ROE and more wealth management exposure.

and we stand at EUR9.8bn. Risks to our rating

Intesa Sanpaolo has a 75% dividend payout ratio policy, while A worsening of the Italian economy, which would weaken

deciding each year about extraordinary share buybacks. lending volumes, as well as credit quality. A worsening of

Catalysts financial market conditions, which would weaken net inflows in

Share buyback of EUR2.3bn to be launched in July 2026 wealth management and trading activity.