Executive Summary
Banca Sistema S.p.A. provides various business and retail banking products and services in Italy. More Details
Rewards
Risk Analysis
Snowflake Analysis
Undervalued average dividend payer.
Share Price & News
How has Banca Sistema's share price performed over time and what events caused price changes?
Latest Share Price and Events
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.
Market Performance
7 Day Return
3.4%
BST
5.5%
IT Banks
2.8%
IT Market
1 Year Return
-5.7%
BST
-21.0%
IT Banks
-9.9%
IT Market
Return vs Industry: BST exceeded the Italian Banks industry which returned -23.6% over the past year.
Return vs Market: BST exceeded the Italian Market which returned -10.9% over the past year.
Shareholder returns
| BST | Industry | Market | |
|---|---|---|---|
| 7 Day | 3.4% | 5.5% | 2.8% |
| 30 Day | 15.7% | 23.4% | 13.3% |
| 90 Day | -2.2% | 4.4% | 7.9% |
| 1 Year | -5.7%-5.7% | -19.4%-21.0% | -7.4%-9.9% |
| 3 Year | -13.9%-21.5% | -26.4%-34.0% | 1.2%-8.6% |
| 5 Year | -52.0%-58.4% | -42.6%-63.7% | 4.7%-28.1% |
Long-Term Price Volatility Vs. Market
How volatile is Banca Sistema's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
Is Banca Sistema S.p.A. (BIT:BST) A Good Fit For Your Dividend Portfolio?1 month ago | Simply Wall St
Banca Sistema's(BIT:BST) Share Price Is Down 63% Over The Past Five Years.1 month ago | Simply Wall St
Does Banca Sistema (BIT:BST) Deserve A Spot On Your Watchlist?Valuation
Is Banca Sistema undervalued compared to its fair value and its price relative to the market?
20.5%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: BST (€1.78) is trading below our estimate of fair value (€2.24)
Significantly Below Fair Value: BST is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: BST is good value based on its PE Ratio (4.7x) compared to the IT Banks industry average (10x).
PE vs Market: BST is good value based on its PE Ratio (4.7x) compared to the Italian market (18.1x).
Price to Earnings Growth Ratio
PEG Ratio: BST is good value based on its PEG Ratio (0.4x)
Price to Book Ratio
PB vs Industry: BST is overvalued based on its PB Ratio (0.8x) compared to the IT Banks industry average (0.4x).
Next Steps
Future Growth
How is Banca Sistema forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?
12.4%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BST's forecast earnings growth (12.4% per year) is above the savings rate (2%).
Earnings vs Market: BST's earnings (12.4% per year) are forecast to grow slower than the Italian market (24.6% per year).
High Growth Earnings: BST's earnings are forecast to grow, but not significantly.
Revenue vs Market: BST's revenue (11.5% per year) is forecast to grow faster than the Italian market (3.4% per year).
High Growth Revenue: BST's revenue (11.5% 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 (13.4%).
Next Steps
Past Performance
How has Banca Sistema performed over the past 5 years?
8.5%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: BST has high quality earnings.
Growing Profit Margin: BST's current net profit margins (30.5%) are lower than last year (32.2%).
Past Earnings Growth Analysis
Earnings Trend: BST's earnings have grown by 8.5% 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 (-5%) over the past year, making it difficult to compare to the Banks industry average (-5.3%).
Return on Equity
High ROE: BST's Return on Equity (13.8%) is considered low.
Next Steps
Financial Health
How is Banca Sistema'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: BST's Assets to Equity ratio (19.5x) is moderate.
Allowance for Bad Loans: BST has a low allowance for bad loans (19%).
Low Risk Liabilities: 54% 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 (83%).
Low Risk Deposits: BST's Loans to Deposits ratio (162%) is high.
Level of Bad Loans: BST has a high level of bad loans (7.8%).
Next Steps
Dividend
What is Banca Sistema current dividend yield, its reliability and sustainability?
5.22%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: BST's dividend (5.22%) is higher than the bottom 25% of dividend payers in the Italian market (1.53%).
High Dividend: BST's dividend (5.22%) is in the top 25% of dividend payers in the Italian market (4.9%)
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 5 years.
Current Payout to Shareholders
Dividend Coverage: With its low payout ratio (24.3%), 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 (25.1% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
2.9yrs
Average management tenure
CEO
Gianluca Garbi (50 yo)
6.58yrs
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: Gianluca's total compensation ($USD0.00) is below average for companies of similar size in the Italian market ($USD530.03K).
Compensation vs Earnings: Gianluca's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, MD | 6.58yrs | €2.16m | 0.41% € 588.6k | |
| Head of Finance & CFO | 2.92yrs | no data | no data | |
| Head of Banking Services | 0.83yr | no data | no data | |
| Head of Investor Relations | no data | no data | no data | |
| Head of Factoring Division | 4.42yrs | no data | no data | |
| Head of Media Relations | no data | no data | no data | |
| Head of Internal Audit | 1.83yrs | no data | no data | |
| Co-Head of S&P-Backed Loans Division | 0.83yr | no data | no data | |
| Head of Institutional Relations | 1.83yrs | no data | no data | |
| Head of Credit & Deputy Head of Factoring | 3.08yrs | no data | no data | |
| Co-Head of S&P-Backed Loans Division | 0.83yr | no data | no data |
2.9yrs
Average Tenure
Experienced Management: BST's management team is considered experienced (2.9 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, MD | 6.58yrs | €2.16m | 0.41% € 588.6k | |
| Head of Internal Audit | 1.83yrs | no data | no data | |
| Independent Director | 2.83yrs | no data | no data | |
| Independent Deputy Chairperson | no data | €30.90k | no data | |
| Independent Director | 2.33yrs | €41.50k | no data | |
| Chairman of the Board of Statutory Auditors | 3.5yrs | no data | no data | |
| Chairperson of the Board | 5yrs | €12.00k | no data | |
| Independent Director | 5.83yrs | €4.00k | no data | |
| Standing Auditor | 2.92yrs | no data | no data | |
| Independent Director | 2.83yrs | no data | no data | |
| Independent Director | 2.83yrs | no data | no data | |
| Independent Director | 2.83yrs | no data | no data |
2.8yrs
Average Tenure
55yo
Average Age
Experienced Board: BST's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.
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.
Recent Insider Transactions
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 company bio, 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
- Market Cap: €142.849m
- Shares outstanding: 80.25m
- 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
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| BST | BIT (Borsa Italiana) | Yes | Ordinary Shares | IT | EUR | Jul 2015 |
| 0R9H | LSE (London Stock Exchange) | Yes | Ordinary Shares | GB | EUR | Jul 2015 |
| BSTM | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Ordinary Shares | GB | EUR | Jul 2015 |
| B2S | DB (Deutsche Boerse AG) | Yes | Ordinary Shares | DE | EUR | Jul 2015 |
Biography
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, matu...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/11/24 20:38 |
| End of Day Share Price | 2020/11/24 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
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.