illimity Bank Valuation

Q: What is the Fair Price of 53D when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

53D (€3.47) is trading below our estimate of [[fair value]] (€9.51)

Is 53D undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 53D when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow

Simply Wall St

€9.51

Fair Value

63.5% undervalued

Number of Analysts

Below Fair Value: 53D (€3.47) is trading below our estimate of fair value (€9.51)

Significantly Below Fair Value: 53D is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 53D?

Key metric: As 53D is an unprofitable bank we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for 53D. This is calculated by dividing 53D's market cap by their current book value.
What is 53D's PB Ratio?
PB Ratio	0.3x
Book	€894.20m
Market Cap	€294.70m

53D key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does 53D's PB Ratio compare to its peers?

The above table shows the PB ratio for 53D vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	1x
GLJ Grenke	0.5x	22.7%	€612.3m
ALG ALBIS Leasing	1.7x	3.8%	€57.7m
FRS FORIS	1.1x	n/a	€19.3m
DFTK DF Deutsche Forfait	0.6x	n/a	€18.4m
53D illimity Bank	0.3x	74.4%	€294.7m

Price-To-Book vs Peers: 53D is good value based on its Price-To-Book Ratio (0.3x) compared to the peer average (1x).

Price to Book Ratio vs Industry

How does 53D's PB Ratio compare vs other companies in the DE Diversified Financial Industry?

3 Companies	Price / Book	Estimated Growth	Market Cap
Industry Avg.	1.0x	42.1%
53D illimity Bank	0.3x	74.4%	US$333.18m
PBB Deutsche Pfandbriefbank	0.2x	24.7%	US$819.47m
ENGL EV Digital Invest	0.4x	31.1%	US$1.06m

No more companies available in this PB range

3 Companies		Estimated Growth	Market Cap
Industry Avg.	1.0x	42.1%
53D illimity Bank	0.3x	74.4%	US$333.18m

No more companies

Price-To-Book vs Industry: 53D is good value based on its Price-To-Book Ratio (0.3x) compared to the European Diversified Financial industry average (1x).

Price to Book Ratio vs Fair Ratio

What is 53D's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

53D PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	0.3x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate 53D's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 53D forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€3.47	€3.53 +1.5%	9.5%	€3.90	€3.00	n/a	4
Apr ’26	€3.42	€3.73 +9.0%	11.1%	€4.30	€3.20	n/a	4
Mar ’26	€3.64	€3.73 +2.3%	11.1%	€4.30	€3.20	n/a	4
Feb ’26	€3.58	€3.57 -0.4%	7.0%	€3.90	€3.30	n/a	3
Jan ’26	€3.25	€4.68 +44.1%	8.6%	€5.25	€4.40	n/a	3
Dec ’25	€2.94	€5.01 +70.5%	13.3%	€6.00	€4.40	n/a	4
Nov ’25	€3.64	€5.49 +50.8%	8.9%	€6.00	€5.00	n/a	4
Oct ’25	€4.55	€5.66 +24.5%	7.0%	€6.00	€5.00	n/a	4
Sep ’25	€4.76	€5.66 +18.9%	7.0%	€6.00	€5.00	n/a	4
Aug ’25	€4.59	€5.71 +24.5%	5.5%	€6.00	€5.20	n/a	4
Jul ’25	€4.77	€5.79 +21.4%	3.5%	€6.00	€5.50	n/a	4
Jun ’25	€4.98	€5.79 +16.3%	3.5%	€6.00	€5.50	n/a	4
May ’25	€5.14	€5.79 +12.6%	3.5%	€6.00	€5.50	€3.43	4
Apr ’25	€4.75	€6.16 +29.8%	7.6%	€6.70	€5.50	€3.42	4
Mar ’25	€4.53	€6.16 +36.1%	7.6%	€6.70	€5.50	€3.64	4
Feb ’25	€4.99	€6.90 +38.3%	14.1%	€8.50	€5.90	€3.58	4
Jan ’25	€5.37	€7.30 +36.1%	10.8%	€8.50	€6.50	€3.25	4
Dec ’24	€5.20	€7.30 +40.4%	10.8%	€8.50	€6.50	€2.94	4
Nov ’24	€4.71	€7.90 +67.7%	12.3%	€8.90	€6.50	€3.64	4
Oct ’24	€5.12	€8.03 +56.7%	9.9%	€8.90	€7.00	€4.55	4
Sep ’24	€5.90	€8.03 +36.0%	9.9%	€8.90	€7.00	€4.76	4
Aug ’24	€5.83	€8.10 +38.9%	8.7%	€8.90	€7.30	€4.59	4
Jul ’24	€6.22	€8.55 +37.5%	7.3%	€9.10	€7.50	€4.77	4
Jun ’24	€6.16	€8.55 +38.9%	7.3%	€9.10	€7.50	€4.98	4
May ’24	€6.29	€9.05 +44.0%	11.6%	€10.20	€7.50	€5.14	4

AnalystConsensusTarget

Consensus Narrative from 4 Analysts

€3.45

Fair Value

0.7% overvalued

Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/05/02 17:52
End of Day Share Price	2025/05/02 00:00
Earnings	2024/12/31
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

illimity Bank S.p.A. is covered by 8 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Luigi Tramontana	Banca Akros S.p.A. (ESN)
Michele Baldelli	BNP Paribas Exane
Domenico Ghilotti	Equita SIM S.p.A.