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Banca Sistema

BST:B2S
Snowflake Description

Undervalued with solid track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
B2S
BST
€150M
Market Cap
  1. Home
  2. DE
  3. Banks
Company description

Banca Sistema S.p.A. provides various banking products and services to companies and private customers in Italy. The last earnings update was 47 days ago. More info.


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B2S Share Price and Events
Price Volatility
B2S
Industry
5yr Volatility vs Market

Value

 Is Banca Sistema undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Banca Sistema to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Banca Sistema.

BST:B2S Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 5 analysts.
= Stable Book Value * Return on Equity
= €2.24 * 18.3%
€0.41
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. €2.24
Discount Rate (Cost of Equity) See below 9.8%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BST:B2S
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 9.5%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.39
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.392 (1 + (1- 24%) (785.81%))
0.982
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.98
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.54% + (0.982 * 9.46%)
9.83%

Discounted Cash Flow Calculation for BST:B2S using Excess Returns Model Model

The calculations below outline how an intrinsic value for Banca Sistema is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

BST:B2S Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (18.3% – 9.83%) * €2.24)
€0.19
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €0.19 / (9.83% - 0.54%)
€2.05
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €2.24 + €2.05
€4.29
BST:B2S Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BST:B2S represents 1.08587x of BIT:BST
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.08587x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 4.29 x 1.08587
€4.65
Value per share (EUR) From above. €4.65
Current discount Discount to share price of €2.00
= -1 x (€2.00 - €4.65) / €4.65
57.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Banca Sistema is available for.
Intrinsic value
>50%
Share price is €2 vs Future cash flow value of €4.65
Current Discount Checks
For Banca Sistema to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Banca Sistema's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Banca Sistema's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Banca Sistema's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Banca Sistema's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BST:B2S PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in EUR €0.35
BIT:BST Share Price ** BIT (2018-07-19) in EUR €1.84
Germany Banks Industry PE Ratio Median Figure of 6 Publicly-Listed Banks Companies 13.34x
Germany Market PE Ratio Median Figure of 407 Publicly-Listed Companies 18.17x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Banca Sistema.

BST:B2S PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:BST Share Price ÷ EPS (both in EUR)

= 1.84 ÷ 0.35

5.27x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Banca Sistema is good value based on earnings compared to the DE Banks industry average.
  • Banca Sistema is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Banca Sistema's expected growth come at a high price?
Raw Data
BST:B2S PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.27x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
15%per year
Europe Banks Industry PEG Ratio Median Figure of 107 Publicly-Listed Banks Companies 0.95x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.37x

*Line of best fit is calculated by linear regression .

BST:B2S PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.27x ÷ 15%

0.35x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Banca Sistema is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Banca Sistema's assets?
Raw Data
BST:B2S PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in EUR €1.70
BIT:BST Share Price * BIT (2018-07-19) in EUR €1.84
Germany Banks Industry PB Ratio Median Figure of 6 Publicly-Listed Banks Companies 0.9x
Germany Market PB Ratio Median Figure of 547 Publicly-Listed Companies 1.86x
BST:B2S PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:BST Share Price ÷ Book Value per Share (both in EUR)

= 1.84 ÷ 1.70

1.08x

* Primary Listing of Banca Sistema.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Banca Sistema is overvalued based on assets compared to the DE Banks industry average.
X
Value checks
We assess Banca Sistema's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Banca Sistema has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Banca Sistema expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
15%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Banca Sistema expected to grow at an attractive rate?
  • Banca Sistema's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Banca Sistema's earnings growth is expected to exceed the Germany market average.
  • Banca Sistema's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
BST:B2S Future Growth Rates Data Sources
Data Point Source Value (per year)
BST:B2S Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 15%
BST:B2S Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 16.6%
Germany Banks Industry Earnings Growth Rate Market Cap Weighted Average 11.4%
Germany Banks Industry Revenue Growth Rate Market Cap Weighted Average 2.7%
Germany Market Earnings Growth Rate Market Cap Weighted Average 10.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BST:B2S Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BST:B2S Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 122 38 3
2019-12-31 103 32 4
2018-12-31 89 27 3
BST:B2S Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-06-30 81 73 28
2018-03-31 79 70 27
2017-12-31 77 70 27
2017-09-30 77 -260 26
2017-06-30 68 -163 20
2017-03-31 70 487 24
2016-12-31 72 640 25
2016-09-30 71 785 26
2016-06-30 69 924 25
2016-03-31 66 -13 17
2015-12-31 67 -759 18
2015-09-30 64 -796 18

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Banca Sistema's earnings are expected to grow by 15% yearly, however this is not considered high growth (20% yearly).
  • Banca Sistema's revenue is expected to grow by 16.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BST:B2S Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Banca Sistema Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:B2S Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.43 0.52 0.36 3.00
2019-12-31 0.39 0.45 0.35 4.00
2018-12-31 0.35 0.36 0.34 3.00
BST:B2S Past Financials Data
Date (Data in EUR Millions) EPS *
2018-06-30 0.35
2018-03-31
2017-12-31 0.33
2017-09-30
2017-06-30 0.24
2017-03-31
2016-12-31 0.31
2016-09-30 0.32
2016-06-30 0.31
2016-03-31 0.21
2015-12-31 0.22
2015-09-30 0.22

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Banca Sistema is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Banca Sistema's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Banca Sistema has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Banca Sistema performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Banca Sistema's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Banca Sistema's year on year earnings growth rate has been positive over the past 5 years.
  • Banca Sistema's 1-year earnings growth exceeds its 5-year average (42.9% vs 16.4%)
  • Banca Sistema's earnings growth has exceeded the DE Banks industry average in the past year (42.9% vs 5.8%).
Earnings and Revenue History
Banca Sistema's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Banca Sistema Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:B2S Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 81.31 28.03 36.66
2018-03-31 78.70 27.11 36.14
2017-12-31 77.12 26.79 35.50
2017-09-30 77.26 25.76 35.69
2017-06-30 68.49 19.61 35.98
2017-03-31 69.50 23.75 34.91
2016-12-31 71.72 25.31 34.45
2016-09-30 71.08 25.51 33.51
2016-06-30 69.10 24.68 26.17
2016-03-31 66.05 16.88 32.32
2015-12-31 66.91 17.61 31.58
2015-09-30 64.43 18.03 31.37
2015-06-30 64.74 18.31 36.93
2015-03-31 63.87 21.31 29.74
2014-12-31 61.03 19.54 29.04
2013-12-31 34.80 7.00 21.07
2012-12-31 22.41 2.09 17.42
2011-12-31 3.42 0.68 7.89

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Banca Sistema has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Banca Sistema used its assets more efficiently than the DE Banks industry average last year based on Return on Assets.
  • Banca Sistema's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Banca Sistema's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Banca Sistema has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Banca Sistema's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Banca Sistema's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Banca Sistema Company Filings, last reported 3 months ago.

BST:B2S Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 136.74 1,175.68 100.32
2018-03-31 139.09 839.76 1.04
2017-12-31 134.77 800.52 1.36
2017-09-30 129.85 618.64 0.64
2017-06-30 117.85 610.98 1.02
2017-03-31 118.58 771.70 1.04
2016-12-31 114.32 645.34 13.12
2016-09-30 110.38 500.51 0.10
2016-06-30 104.36 486.34 0.09
2016-03-31 98.97 925.13 106.06
2015-12-31 93.36 1,039.69 177.97
2015-09-30 88.99 1,084.46 292.89
2015-06-30 83.29 1,148.47 334.64
2015-03-31 46.02 973.98 306.52
2014-12-31 41.05 988.94 290.45
2013-12-31 21.98 1,125.51 298.12
2012-12-31 16.19 405.61 103.53
2011-12-31 8.66 122.34 19.34
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Banca Sistema has an acceptable proportion of non-loan assets held.
  • Banca Sistema's liabilities are made up of primarily low risk sources of funding.
  • Banca Sistema has advanced significantly more loans than the customer deposits it holds (i.e. bank has borrowed additional funds to lend).
  • Banca Sistema's level of assets compared to its equity is very high (i.e. bank has borrowed heavily to fund lending).
  • Banca Sistema has a low allowance for bad loans.
  • Banca Sistema has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Banca Sistema's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Banca Sistema has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Banca Sistema's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.67%
Current annual income from Banca Sistema dividends. Estimated to be 5.12% next year.
If you bought €2,000 of Banca Sistema shares you are expected to receive €93 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Banca Sistema's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.51%).
  • Banca Sistema's dividend is above the markets top 25% of dividend payers in Germany (3.82%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BST:B2S Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Germany Banks Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 322 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BST:B2S Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.10 4.00
2019-12-31 0.09 5.00
2018-12-31 0.09 5.00
BST:B2S Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-04-03 0.086 4.138
2018-02-08 0.086 3.836
2017-03-30 0.076 3.289
2017-02-08 0.076 3.331
2016-11-11 0.053 2.479
2016-03-24 0.053 2.298
2016-02-05 0.050 1.709
2015-07-02 0.028 0.685

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Banca Sistema has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Banca Sistema only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of Banca Sistema's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.3x coverage).
X
Income/ dividend checks
We assess Banca Sistema's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Banca Sistema afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Banca Sistema has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Banca Sistema's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Gianluca Garbi, image provided by Google.
Gianluca Garbi
COMPENSATION €2,155,000
AGE 48
TENURE AS CEO 4.5 years
CEO Bio

Dr. Gianluca Garbi has been the Chief Executive Officer of Banca Sistema S.p.A. since April 22, 2014 and has been its General Manager since April 22, 2014 and serves as its Managing Director. Dr. Garbi served as Managing Director and Head of Global Public Sector of Dresdner Kleinwort since July 2007. Dr. Garbi was responsible for coordinating the existing activities of the bank in the public sector space and taking it to the next level across all the product areas and regions. He served as Chief Executive Officer of EuroMTS Ltd. for MTS España and MTS Inc. He served as the Chairman and Member of Management Board of EuroMTS Ltd. He served as Chief Executive Officer, Chairman and Member of Management Board of MTS S.p.A and BondVision. Dr. Garbi was responsible for the operations of the MTS Group of companies in Europe, collectively known as the "European Bond Exchange" and of BondVision. Under his direction, the MTS Group has become the leading electronic fixed income market with the most extensive network in Europe and with daily average volumes at €85 billion for MTS and €3 billion for BondVision. He led the MTS Group of companies in its continuous expansion. He served as Head of Tax Planning of JP Morgan from 1994 to 1995. He served positions at Banque Paribas, in charge of Agency services and American Depository Receipt contracts from 1995 to 1997. He serves as a Director of Banca Sistema S.p.A. He served as a Member of the Council of Economic Advisers. He was involved in forging the direction of macro-economic and issuance policies of the Italian Treasury from 1997 to 1998. Dr. Garbi was Lecture at the John Hopkins University, the London Business School, SAID University, Oxford, Università di Tor Vergata and Università Cattolica di Sacro Cuore, Milan. He has a Degree in Economics and Business from Università Cattolica del Sacro Cuore.

CEO Compensation
  • Gianluca's compensation has increased by more than 20% in the past year.
  • Gianluca's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the Banca Sistema management team in years:

1.7
Average Tenure
  • The average tenure for the Banca Sistema management team is less than 2 years, this suggests a new team.
Management Team

Gianluca Garbi

TITLE
CEO, MD
COMPENSATION
€2M
AGE
48
TENURE
4.5 yrs

Ilaria Bennati

TITLE
Head of Finance & CFO
TENURE
0.8 yrs

Nicolò Fiorio

TITLE
Head of Operations & COO

Carlo Di Pierro

TITLE
Head of Investor Relations

Steve Skerrett

TITLE
Head of Commercial Division
TENURE
1 yrs

Andrea Trupia

TITLE
Deputy Head of Commercial Division
TENURE
2.3 yrs

Anna Mascioni

TITLE
Head of Media Relations

Franco Pozzi

TITLE
Head of Internal Audit
TENURE
5.7 yrs

Fabrizio Piscitelli

TITLE
Head of Credit
TENURE
1 yrs
Board of Directors Tenure

Average tenure and age of the Banca Sistema board of directors in years:

0.8
Average Tenure
53
Average Age
  • The average tenure for the Banca Sistema board of directors is less than 3 years, this suggests a new board.
Board of Directors

Luitgard Spögler

TITLE
Chairperson of the Board
COMPENSATION
€12K
AGE
56
TENURE
2.9 yrs

Gianluca Garbi

TITLE
CEO, MD
COMPENSATION
€2M
AGE
48

Giovanni Puglisi

TITLE
Deputy Chairperson
COMPENSATION
€31K

Massimo Conigliaro

TITLE
Chairman of the Board of Auditors
TENURE
1.4 yrs

Laura Ciambellotti

TITLE
Director
TENURE
0.8 yrs

Federico Luzzi

TITLE
Independent Director
AGE
50
TENURE
0.8 yrs

Daniele Pittatore

TITLE
Independent Director
COMPENSATION
€42K

Carlotta Franceschi

TITLE
Independent Director
COMPENSATION
€4K
TENURE
3.8 yrs

Francesco Galietti

TITLE
Director
TENURE
0.8 yrs

Marco Giovannini

TITLE
Non-Executive Director
AGE
62
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Start End Shares Value (USD)
X
Management checks
We assess Banca Sistema's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Banca Sistema has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

External News
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Company Info

Map
Description

Banca Sistema S.p.A. provides various banking products and services to companies and private customers in Italy. The company operates Factoring and Banking segments. It engages in financing and managing trade receivables owed by the Italian Public Administrations. The company offers current accounts, time deposits, securities deposit, salary and pension backed loans, guarantees, and pawnbroking services. It also provides recourse, non-recourse, maturity, and reverse factoring services; certification of public administration credits; and VAT refunds. In addition, the company engages in the purchase and management of non-performing financial and trade receivables, as well as management and debt recovery from individual. Banca Sistema S.p.A. was founded in 2011 and is based in Milan, Italy.

Details
Name: Banca Sistema S.p.A.
B2S
Exchange: BST
Founded: 2011
€149,613,658
80,351,052
Website: http://www.bancasintesi.it
Address: Banca Sistema S.p.A.
Corso Monforte, 20,
Milan,
Milan, 20122,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT BST Ordinary Shares Borsa Italiana IT EUR 02. Jul 2015
DB B2S Ordinary Shares Deutsche Boerse AG DE EUR 02. Jul 2015
BST B2S Ordinary Shares Boerse-Stuttgart DE EUR 02. Jul 2015
LSE 0R9H Ordinary Shares London Stock Exchange GB EUR 02. Jul 2015
BATS-CHIXE BSTM Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jul 2015
Number of employees
Current staff
Staff numbers
169
Banca Sistema employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/10/15 18:43
End of day share price update: 2018/07/19 00:00
Last estimates confirmation: 2018/10/11
Last earnings filing: 2018/08/29
Last earnings reported: 2018/06/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.