LSE:0HBC

Stock Analysis Report

Executive Summary

Intesa Sanpaolo S.p.A. provides various banking products and services.


Snowflake Analysis

Established dividend payer with adequate balance sheet.


Similar Companies

Share Price & News

How has Intesa Sanpaolo's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 0HBC has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-13.1%

0HBC

-8.5%

GB Banks

-8.6%

GB Market


1 Year Return

0.8%

0HBC

-14.3%

GB Banks

-1.3%

GB Market

Return vs Industry: 0HBC exceeded the UK Banks industry which returned -10.4% over the past year.

Return vs Market: 0HBC exceeded the UK Market which returned 2% over the past year.


Shareholder returns

0HBCIndustryMarket
7 Day-13.1%-8.5%-8.6%
30 Day-6.0%-9.4%-8.4%
90 Day-5.3%-11.1%-5.3%
1 Year10.8%0.8%-8.5%-14.3%4.0%-1.3%
3 Year17.5%-6.7%-13.2%-24.5%7.6%-6.1%
5 Year0.4%-26.7%-10.1%-27.8%23.4%-4.8%

Price Volatility Vs. Market

How volatile is Intesa Sanpaolo's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Intesa Sanpaolo undervalued compared to its fair value and its price relative to the market?

6.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 0HBC (€2.29) is trading below our estimate of fair value (€2.35)

Significantly Below Fair Value: 0HBC is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: 0HBC is poor value based on its PE Ratio (9.5x) compared to the Banks industry average (8.7x).

PE vs Market: 0HBC is good value based on its PE Ratio (9.5x) compared to the UK market (17.3x).


Price to Earnings Growth Ratio

PEG Ratio: 0HBC is poor value based on its PEG Ratio (76.7x)


Price to Book Ratio

PB vs Industry: 0HBC is good value based on its PB Ratio (0.7x) compared to the GB Banks industry average (0.8x).


Next Steps

Future Growth

How is Intesa Sanpaolo forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?

0.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0HBC's forecast earnings growth (0.1% per year) is below the savings rate (0.5%).

Earnings vs Market: 0HBC's earnings (0.1% per year) are forecast to grow slower than the UK market (12.9% per year).

High Growth Earnings: 0HBC's earnings are forecast to grow, but not significantly.

Revenue vs Market: 0HBC's revenue (3.9% per year) is forecast to grow faster than the UK market (3.8% per year).

High Growth Revenue: 0HBC's revenue (3.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 0HBC's Return on Equity is forecast to be low in 3 years time (7.9%).


Next Steps

Past Performance

How has Intesa Sanpaolo performed over the past 5 years?

18.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 0HBC has high quality earnings.

Growing Profit Margin: 0HBC's current net profit margins (25.6%) are lower than last year (26.1%).


Past Earnings Growth Analysis

Earnings Trend: 0HBC's earnings have grown by 18% per year over the past 5 years.

Accelerating Growth: 0HBC's earnings growth over the past year (1.1%) is below its 5-year average (18% per year).

Earnings vs Industry: 0HBC earnings growth over the past year (1.1%) underperformed the Banks industry 26.6%.


Return on Equity

High ROE: 0HBC's Return on Equity (7.3%) is considered low.


Next Steps

Financial Health

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


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: 0HBC has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0HBC's debt is covered by short term assets (assets are 1.8x debt).


Financial Institutions Analysis

Asset Level: 0HBC's level of assets compared to its equity is moderate.

Allowance for Bad Loans: 0HBC has a low allowance for bad loans.

Low Risk Liabilities: 0HBC's liabilities are made up of primarily low risk sources of funding.

Loan Level: 0HBC has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0HBC's loans are broadly funded by customer deposits.

Level of Bad Loans: 0HBC has a high level of bad loans (3.6%)


Next Steps

Dividend

What is Intesa Sanpaolo's current dividend yield, its reliability and sustainability?

8.73%

Current Dividend Yield


Upcoming Dividend Payment

TodayFeb 29 2020Ex Dividend DateMay 18 2020Dividend Pay DateMay 20 20202 days from Ex DividendBuy in the next 79 days to receive upcoming dividend

Dividend Yield vs Market

Notable Dividend: 0HBC's dividend (8.39%) is higher than the bottom 25% of dividend payers in the UK market (1.92%).

High Dividend: 0HBC's dividend (8.39%) is in the top 25% of dividend payers in the UK market (5.37%)


Stability and Growth of Payments

Stable Dividend: 0HBC's dividend payments have been volatile in the past 10 years.

Growing Dividend: 0HBC's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (79.5%), 0HBC's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 0HBC's dividends in 3 years are forecast to be covered by earnings (69.4% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.6yrs

Average management tenure


CEO

Carlo Messina (57yo)

6.4yrs

Tenure

€3,573,000

Compensation

Mr. Carlo Messina is Managing Director and Chief Executive Officer of Intesa Sanpaolo SpA since September 2013 and serves as its General Manager. A graduate of Economics and Business from the Luiss Univers ...


CEO Compensation Analysis

Compensation vs Market: Carlo's total compensation ($USD0.00) is below average for companies of similar size in the UK market ($USD4.93M).

Compensation vs Earnings: Carlo's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Carlo Messina
MD, CEO6.4yrs€3.57mno data
Stefano Del Punta
Group Chief Financial Officer6.8yrs€1.87mno data
Paola Angeletti
Chief Operating Officer0.08yrsno datano data
Massimo Proverbio
Chief IT2.1yrsno datano data
Fabrizio Dabbene
Head of Administration & Tax Department and Manager4.7yrsno datano data
Andrea Tamagnini
Head of Investor Relations0yrsno datano data
Elisabetta Lunati
Head of Legal Affairs0yrsno datano data
Piero Franco Boccassino
Chief Compliance Officer4.6yrsno datano data
Stefano Lucchini
Chief Institutional Affairs & External Communication Officer2.1yrsno datano data
Claudio Zazzeri
Head of Customer Satisfaction0yrsno datano data

4.6yrs

Average Tenure

57yo

Average Age

Experienced Management: 0HBC's management team is considered experienced (4.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Carlo Messina
MD, CEO6.4yrs€3.57mno data
Mario Ciaccia
Head of Government & Infrastuctures and Institutional Relations13.1yrsno datano data
Gian Gros-Pietro
Chairman of the Board3.8yrs€900.00kno data
Bruno Picca
Director6.8yrs€1.62mno data
Franco Ceruti
Director3.8yrsno datano data
Paolo Colombo
Deputy Chairperson3.8yrs€92.61kno data
Rossella Locatelli
Independent Director6.8yrs€168.00kno data
Livia Pomodoro
Independent Director3.8yrsno datano data
Daniele Zamboni
Independent Director3.8yrsno datano data
Maria Mazzarella
Independent Director3.8yrsno datano data

3.8yrs

Average Tenure

67yo

Average Age

Experienced Board: 0HBC's board of directors are considered experienced (3.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.1%.


Top Shareholders

Company Information

Intesa Sanpaolo S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Intesa Sanpaolo S.p.A.
  • Ticker: 0HBC
  • Exchange: LSE
  • Founded: 1925
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €38.459b
  • Shares outstanding: 17.49b
  • Website: https://www.intesasanpaolo.com

Number of Employees


Location

  • Intesa Sanpaolo S.p.A.
  • Piazza San Carlo, 156
  • Turin
  • Turin
  • 10121
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ISPBIT (Borsa Italiana)YesOrdinary SharesITEURJan 1990
IESDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1990
0HBCLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1990
IITS.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1990
IESXTRA (XETRA Trading Platform)YesOrdinary SharesDEEURJan 1990
IITO.FOTCPK (Pink Sheets LLC)Saving SharesUSUSDJan 1990
ISPMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1990
ISP NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNJan 1990
ISPSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJan 1990
ISPWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJan 1990
ISNP.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDJan 2007

Biography

Intesa Sanpaolo S.p.A. provides various banking products and services. It operates through Banca dei Territori, Corporate and Investment Banking, International Subsidiary Banks, Asset Management, Private Banking, and Insurance segments. The company offers lending and deposit products; corporate, investment banking, and public finance services; industrial credit, factoring, and leasing services; asset management solutions; life and non-life insurance products; and bancassurance and pension fund, and fiduciary services. It also provides consumer credit, e-money, and payment systems; wealth management and private banking services. The company serves individuals, small and medium-sized businesses, non-profit entities, corporates and financial institutions, private clients and high net worth individuals, commercial networks and institutional clienteles, and other customers. It operates through a network of approximately 4,200 branches in Italy and 1,100 branches in Central Eastern Europe, and the Middle Eastern and North African areas. The company was founded in 1925 and is headquartered in Turin, Italy. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/28 21:01
End of Day Share Price2020/02/28 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.