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BST

Banca Sistema BIT:BST Stock Report

Last Price

€1.56

Market Cap

€124.1m

7D

-7.2%

1Y

-24.8%

Updated

01 Jul, 2022

Data

Company Financials +
BST fundamental analysis
Snowflake Score
Valuation5/6
Future Growth3/6
Past Performance1/6
Financial Health3/6
Dividends3/6

BST Stock Overview

Banca Sistema S.p.A. provides various business and retail banking products and services in Italy.

Banca Sistema Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Banca Sistema
Historical stock prices
Current Share Price€1.56
52 Week High€2.43
52 Week Low€1.54
Beta1.69
1 Month Change-22.78%
3 Month Change-25.55%
1 Year Change-24.83%
3 Year Change22.14%
5 Year Change-32.23%
Change since IPO-60.21%

Recent News & Updates

May 14
Banca Sistema S.p.A. (BIT:BST) First-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year

Banca Sistema S.p.A. (BIT:BST) First-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year

Last week saw the newest quarterly earnings release from Banca Sistema S.p.A. ( BIT:BST ), an important milestone in...

Shareholder Returns

BSTIT BanksIT Market
7D-7.2%-6.4%-2.7%
1Y-24.8%-18.5%-17.1%

Return vs Industry: BST underperformed the Italian Banks industry which returned -18.9% over the past year.

Return vs Market: BST underperformed the Italian Market which returned -17.4% over the past year.

Price Volatility

Is BST's price volatile compared to industry and market?
BST volatility
BST Average Weekly Movement4.6%
Banks Industry Average Movement4.8%
Market Average Movement5.1%
10% most volatile stocks in IT Market7.3%
10% least volatile stocks in IT Market3.3%

Stable Share Price: BST is not significantly more volatile than the rest of Italian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: BST's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2011275Gianluca Garbihttps://www.bancasistema.it

Banca Sistema S.p.A. provides various business and retail banking products and services in Italy. The company offers factoring services that cover non-recourse and recourse factoring, VAT receivables, maturity factoring, receivables certifications, and credit management and recovery products; tax receivables management, maturity factoring, and the certification of receivables from the public administration; and online factoring. Its banking solutions include current accounts, and time and securities deposits; and salary and pension backed loans, and collateralized loans.

Banca Sistema Fundamentals Summary

How do Banca Sistema's earnings and revenue compare to its market cap?
BST fundamental statistics
Market Cap€124.06m
Earnings (TTM)€23.12m
Revenue (TTM)€97.64m

5.4x

P/E Ratio

0.5x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BST income statement (TTM)
Revenue€97.64m
Cost of Revenue€0
Gross Profit€97.64m
Other Expenses€74.52m
Earnings€23.12m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Jul 29, 2022

Earnings per share (EPS)0.29
Gross Margin100.00%
Net Profit Margin23.68%
Debt/Equity Ratio487.5%

How did BST perform over the long term?

See historical performance and comparison

Dividends

4.6%

Current Dividend Yield

25%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

BST 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/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio0.4x

Price to Earnings Ratio vs Peers

How does BST's PE Ratio compare to its peers?

BST PE Ratio vs Peers
The above table shows the PE ratio for BST vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average5x
BDB Banco di Desio e della Brianza
6.5xn/a€442.7m
BMPS Banca Monte dei Paschi di Siena
2.6x67.2%€519.2m
BPSO Banca Popolare di Sondrio
5.9x0.6%€1.5b
CE Credito Emiliano
4.8x-0.4%€1.8b
BST Banca Sistema
5.4x14.2%€124.1m

Price-To-Earnings vs Peers: BST is expensive based on its Price-To-Earnings Ratio (5.4x) compared to the peer average (5x).


Price to Earnings Ratio vs Industry

How does BST's PE Ratio compare vs other companies in the European Banks Industry?

Price-To-Earnings vs Industry: BST is good value based on its Price-To-Earnings Ratio (5.4x) compared to the Italian Banks industry average (6.5x)


Price to Earnings Ratio vs Fair Ratio

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

BST PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.4x
Fair PE Ratio9.7x

Price-To-Earnings vs Fair Ratio: BST is good value based on its Price-To-Earnings Ratio (5.4x) compared to the estimated Fair Price-To-Earnings Ratio (9.7x).


Share Price vs Fair Value

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

Below Fair Value: BST (€1.56) is trading below our estimate of fair value (€3.37)

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


Price to Earnings Growth Ratio

PEG Ratio: BST is good value based on its PEG Ratio (0.4x)


Discover undervalued companies

Future Growth

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

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


14.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BST's forecast earnings growth (14.2% per year) is above the savings rate (1.7%).

Earnings vs Market: BST's earnings (14.2% per year) are forecast to grow faster than the Italian market (10.1% per year).

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

Revenue vs Market: BST's revenue (10% per year) is forecast to grow faster than the Italian market (0.4% per year).

High Growth Revenue: BST's revenue (10% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BST's Return on Equity is forecast to be low in 3 years time (10.3%).


Discover growth companies

Past Performance

How has Banca Sistema performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-0.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BST has high quality earnings.

Growing Profit Margin: BST's current net profit margins (23.7%) are lower than last year (27.7%).


Past Earnings Growth Analysis

Earnings Trend: BST's earnings have declined by 0.4% per year over the past 5 years.

Accelerating Growth: BST's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BST had negative earnings growth (-11.5%) over the past year, making it difficult to compare to the Banks industry average (35.8%).


Return on Equity

High ROE: BST's Return on Equity (8.9%) is considered low.


Discover strong past performing companies

Financial Health

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

Financial Health Score

3/6

Financial Health Score 3/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: BST's Assets to Equity ratio (15.2x) is moderate.

Allowance for Bad Loans: BST has a low allowance for bad loans (21%).

Low Risk Liabilities: 61% of BST's liabilities are made up of primarily low risk sources of funding.

Loan Level: BST has an appropriate level of Loans to Assets ratio (77%).

Low Risk Deposits: BST's Loans to Deposits ratio (134%) is high.

Level of Bad Loans: BST has a high level of bad loans (10.2%).


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Dividend

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

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


4.63%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: BST's dividend (4.63%) is higher than the bottom 25% of dividend payers in the Italian market (1.72%).

High Dividend: BST's dividend (4.63%) is low compared to the top 25% of dividend payers in the Italian market (5.25%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, BST has been paying a dividend for less than 10 years.

Growing Dividend: BST's dividend payments have increased, but the company has only paid a dividend for 6 years.


Current Payout to Shareholders

Earnings Coverage: With its low payout ratio (24.9%), BST's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BST's dividends in 3 years are forecast to be well covered by earnings (25.8% payout ratio).


Discover strong dividend paying companies

Management

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

4.5yrs

Average management tenure


CEO

Gianluca Garbi (52 yo)

8.17yrs

Tenure

€2,155,000

Compensation

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 ser...


CEO Compensation Analysis

Compensation vs Market: Insufficient data to establish whether Gianluca's total compensation is reasonable compared to companies of similar size in the Italian market.

Compensation vs Earnings: Insufficient data to compare Gianluca's compensation with company performance.


Leadership Team

Experienced Management: BST's management team is considered experienced (4.5 years average tenure).


Board Members

Experienced Board: BST's board of directors are considered experienced (3.9 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

Banca Sistema S.p.A.'s employee growth, exchange listings and data sources


Key Information

  • Name: Banca Sistema S.p.A.
  • Ticker: BST
  • Exchange: BIT
  • Founded: 2011
  • Industry: Diversified Banks
  • Sector: Banks
  • Implied Market Cap: €124.057m
  • Shares outstanding: 79.73m
  • Website: https://www.bancasistema.it

Number of Employees


Location

  • Banca Sistema S.p.A.
  • Largo Augusto 1/A
  • ang. via Verziere 13
  • Milan
  • Milan
  • 20122
  • Italy

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/07/01 00:00
End of Day Share Price2022/07/01 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


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.