BIT:BPE

Stock Analysis Report

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Executive Summary

BPER Banca S.p.A. provides banking products and services to individuals, and small and medium enterprises in Italy and internationally. More Details


Snowflake Analysis

Good value with proven track record and pays a dividend.


Similar Companies

Share Price & News

How has BPER Banca's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BPE's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

9.0%

BPE

-4.1%

IT Banks

-2.7%

IT Market


1 Year Return

-70.4%

BPE

-29.9%

IT Banks

-16.1%

IT Market

Return vs Industry: BPE underperformed the Italian Banks industry which returned -28% over the past year.

Return vs Market: BPE underperformed the Italian Market which returned -15% over the past year.


Shareholder returns

BPEIndustryMarket
7 Day9.0%-4.1%-2.7%
30 Day-39.6%-4.3%-0.04%
90 Day-50.5%-15.0%-6.5%
1 Year-56.3%-70.4%-29.1%-29.9%-13.9%-16.1%
3 Year-55.2%-71.4%-42.1%-46.9%-13.1%-21.0%
5 Year-74.2%-84.1%-54.8%-71.5%-8.8%-29.8%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is BPER Banca undervalued compared to its fair value and its price relative to the market?

1.63x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BPE (€1.22) is trading above our estimate of fair value (€0.59)

Significantly Below Fair Value: BPE is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BPE is good value based on its PE Ratio (1.6x) compared to the IT Banks industry average (8.4x).

PE vs Market: BPE is good value based on its PE Ratio (1.6x) compared to the Italian market (16.8x).


Price to Earnings Growth Ratio

PEG Ratio: BPE is good value based on its PEG Ratio (0.3x)


Price to Book Ratio

PB vs Industry: BPE is good value based on its PB Ratio (0.1x) compared to the IT Banks industry average (0.3x).


Next Steps

Future Growth

How is BPER Banca forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

6.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BPE's forecast earnings growth (6.2% per year) is above the savings rate (2%).

Earnings vs Market: BPE's earnings (6.2% per year) are forecast to grow slower than the Italian market (23.9% per year).

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

Revenue vs Market: BPE's revenue (7% per year) is forecast to grow faster than the Italian market (3.4% per year).

High Growth Revenue: BPE's revenue (7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BPE's Return on Equity is forecast to be low in 3 years time (4.7%).


Next Steps

Past Performance

How has BPER Banca performed over the past 5 years?

29.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BPE has a large one-off gain of €161.0M impacting its June 30 2020 financial results.

Growing Profit Margin: BPE's current net profit margins (20.8%) are higher than last year (12.6%).


Past Earnings Growth Analysis

Earnings Trend: BPE's earnings have grown significantly by 29.2% per year over the past 5 years.

Accelerating Growth: BPE's earnings growth over the past year (93.2%) exceeds its 5-year average (29.2% per year).

Earnings vs Industry: BPE earnings growth over the past year (93.2%) exceeded the Banks industry 13.9%.


Return on Equity

High ROE: BPE's Return on Equity (7.5%) is considered low.


Next Steps

Financial Health

How is BPER Banca'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


Financial Institutions Analysis

Asset Level: BPE's Assets to Equity ratio (16x) is moderate.

Allowance for Bad Loans: BPE has a low allowance for bad loans (48%).

Low Risk Liabilities: 63% of BPE's liabilities are made up of primarily low risk sources of funding.

Loan Level: BPE has an appropriate level of Loans to Assets ratio (75%).

Low Risk Deposits: BPE's Loans to Deposits ratio (125%) is high.

Level of Bad Loans: BPE has a high level of bad loans (8%).


Next Steps

Dividend

What is BPER Banca current dividend yield, its reliability and sustainability?

11.50%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BPE's dividend (11.5%) is higher than the bottom 25% of dividend payers in the Italian market (1.56%).

High Dividend: BPE's dividend (11.5%) is in the top 25% of dividend payers in the Italian market (5.4%)


Stability and Growth of Payments

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

Growing Dividend: BPE's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (18.8%), BPE's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BPE's dividends in 3 years are forecast to be well covered by earnings (28.5% payout ratio).


Next Steps

Management

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

3.5yrs

Average board tenure


CEO

Alessandro Vandelli (61 yo)

6.5yrs

Tenure

€1,085,000

Compensation

Dr. Alessandro Vandelli has been General Manager of BPER Banca SpA since January 1, 2020. Dr. Vandelli graduated with honours in Economics and Commerce from Modena University in 1984. He subsequently atten ...


CEO Compensation Analysis

Compensation vs Market: Alessandro's total compensation ($USD0.00) is below average for companies of similar size in the Italian market ($USD1.35M).

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


Board Members

NamePositionTenureCompensationOwnership
Alessandro Vandelli
GM, MD & Director6.5yrs€1.09mno data
Mara Bernardini
Independent Director6.75yrs€73.00kno data
Pietro Ferrari
Chairman2.5yrs€83.00kno data
Elisabetta Gualandri
Independent Director8.17yrs€102.00kno data
Valeria Venturelli
Independent Director4.5yrsno datano data
Giuseppe Capponcelli
Independent Deputy Chairman3.5yrsno datano data
Riccardo Barbieri
Director2.5yrsno datano data
Luciano Camagni
Independent Director3.5yrsno datano data
Alessandro Foti
Independent Director3.5yrsno datano data
Rossella Schiavini
Independent Director3.5yrsno datano data
Massimo Belcredi
Independent Director3.5yrsno datano data
Paolo De Mitri
Chairman of the Statutory Auditors2.42yrsno datano data

3.5yrs

Average Tenure

63yo

Average Age

Experienced Board: BPE's board of directors are considered experienced (3.5 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 not been meaningfully diluted in the past year.


Top Shareholders

Company Information

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


Key Information

  • Name: BPER Banca S.p.A.
  • Ticker: BPE
  • Exchange: BIT
  • Founded: 1867
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €634.556m
  • Shares outstanding: 521.41m
  • Website: https://www.bper.it

Number of Employees


Location

  • BPER Banca S.p.A.
  • Via San Carlo 8/20
  • Modena
  • Modena
  • 41121
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BPEBIT (Borsa Italiana)YesOrdinary SharesITEURMar 1992
0MU6LSE (London Stock Exchange)YesOrdinary SharesGBEURMar 1992
4BEDB (Deutsche Boerse AG)YesOrdinary SharesDEEURMar 1992
BPEMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURMar 1992
BPEWBAG (Wiener Boerse AG)YesOrdinary SharesATEURMar 1992
BPXX.YOTCPK (Pink Sheets LLC)ADRUSUSDJan 2013

Biography

BPER Banca S.p.A. provides banking products and services to individuals, and small and medium enterprises in Italy and internationally. The company operates through Retail, Private, Corporate, Large Corpor ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/21 21:36
End of Day Share Price2020/10/21 00:00
Earnings2020/06/30
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.