Executive Summary
Credito Emiliano S.p.A., together with its subsidiaries, provides various banking services to retail and corporate customers primarily in Italy.
Snowflake
Fundamentals
Established dividend payer with adequate balance sheet.
Similar Companies
Share Price & News
How has Credito Emiliano's share price performed over time and what events caused price changes?
Latest Share Price and Events
Market Performance
7 Day Return
4.1%
CE
4.9%
IT Banks
2.3%
IT Market
1 Year Return
-5.8%
CE
1.2%
IT Banks
10.0%
IT Market
Return vs Industry: CE underperformed the Italian Banks industry which returned 1.2% over the past year.
Return vs Market: CE underperformed the Italian Market which returned 10% over the past year.
Share holder returns
| CE | Industry | Market | |
|---|---|---|---|
| 7 Day | 4.1% | 4.9% | 2.3% |
| 30 Day | 0.8% | 2.2% | -0.3% |
| 90 Day | 6.8% | 1.3% | -1.5% |
| 1 Year | -1.6%-5.8% | 6.8%1.2% | 14.8%10.0% |
| 3 Year | 9.4%-0.4% | -2.6%-25.6% | 31.5%13.3% |
| 5 Year | -0.8%-13.5% | -22.1%-53.5% | 25.0%-24.8% |
Price Volatility Vs. Market
How volatile is Credito Emiliano's share price compared to the market and industry in the last 5 years?
Simply Wall St News
3 weeks ago | Simply Wall St
How Does Investing In Credito Emiliano S.p.A. (BIT:CE) Impact The Volatility Of Your Portfolio?1 month ago | Simply Wall St
What Makes Credito Emiliano S.p.A. (BIT:CE) A Great Dividend Stock?2 months ago | Simply Wall St
Do Institutions Own Credito Emiliano S.p.A. (BIT:CE) Shares?Valuation
Is Credito Emiliano undervalued based on future cash flows and its price relative to the stock market?
8.66x
Price to Earnings (PE) ratio
Intrinsic Value Based on Future Cash Flows
Undervalued: CE (€5.05) is trading above our estimate of fair value (€2.61)
Significantly Undervalued: CE is trading above our estimate of fair value.
Price Based on Earnings
PE vs Industry: CE is good value based on its PE Ratio (8.7x) compared to the Banks industry average (8.8x).
PE vs Market: CE is good value based on its PE Ratio (8.7x) compared to the Italian market (16.8x).
Price Based on Expected Growth
Low PEG Ratio: CE's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price Based on Value of Assets
PB vs Industry: CE is overvalued based on its PB Ratio (0.6x) compared to the IT Banks industry average (0.4x).
Next Steps
Future Growth
How is Credito Emiliano expected to perform in the next 1 to 3 years based on estimates from 7 analysts?
-0.2%
Forecasted annual earnings growth
Earnings and Revenue Growth Estimates
Future Annual Growth Analysis
Earnings vs Savings Rate: CE's earnings are forecast to decline over the next 3 years (-0.2% per year).
Earnings vs Market: CE's earnings are forecast to decline over the next 3 years (-0.2% per year).
High Growth Earnings: CE's earnings are forecast to decline over the next 3 years.
Revenue vs Market: CE's revenue (2.3% per year) is forecast to grow slower than the Italian market (3.2% per year).
High Growth Revenue: CE's revenue (2.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Estimates
Future Return on Equity
High Future ROE: CE's Return on Equity is forecast to be low in 3 years time (6.3%).
Next Steps
Past Performance
How has Credito Emiliano performed over the past 5 years?
5.2%
Historical annual earnings growth
Earnings and Revenue History
Past Earnings Growth Analysis
Earnings Trend: CE's earnings have grown by 5.2% per year over the past 5 years.
Accelerating Growth: CE's earnings growth over the past year (7.1%) exceeds its 5-year average (5.2% per year).
Earnings vs Industry: CE earnings growth over the past year (7.1%) exceeded the Banks industry 6.8%.
Return on Equity
High ROE: CE's Return on Equity (7.1%) is considered low.
Return on Assets
ROA vs Industry: CE has a higher Return on Assets than the Banks industry average last year.
Return on Capital Employed
ROCE Improving: Insufficient data to calculate CE's Return on Capital Employed to determine if it has improved over the past 3 years.
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Financial Health
How is Credito Emiliano'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: CE has a low level of unsold assets or inventory.
Debt Coverage by Assets: CE's debt is not covered by short term assets (assets are 0.2x debt).
Financial Institutions Analysis
Asset Level: CE's level of assets compared to its equity is moderate.
Allowance for Bad Loans: CE has a low allowance for bad loans.
Low Risk Liabilities: CE's liabilities are made up of primarily low risk sources of funding.
Loan Level: CE has an acceptable proportion of non-loan assets held.
Low Risk Deposits: CE's loans are broadly funded by customer deposits.
Level of Bad Loans: CE has a high level of bad loans (4.02%)
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Dividend
What is Credito Emiliano's current dividend yield, its reliability and sustainability?
4.20%
Expected Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Dividend Yield and Payments Analysis
Notable Dividend: CE's dividend (3.96%) is higher than the bottom 25% of dividend payers in the Italian market (2.1%).
High Dividend: CE's dividend (3.96%) is low compared to the top 25% of dividend payers in the Italian market (4.42%).
Stable Dividend: CE's dividends per share have been stable in the past 10 years.
Growing Dividend: CE's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (34.3%), CE's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: CE's dividends in 3 years are forecast to be well covered by earnings (39.4% payout ratio).
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Management
What is the CEO of Credito Emiliano's salary, the management and board of directors tenure and is there insider trading?
7.5yrs
Average board tenure
CEO
Nazzareno Gregori 0
0yrs
Tenure
€541,000
Compensation
Mr. Nazzareno Gregori has been General Manager of Credito Emiliano S.p.A. since August 31, 2016. Mr. Gregori served as a Deputy General Manager of Credito Emiliano S.p.A. until August 31, 2016. Mr. Gregori ...
CEO Compensation Analysis
Compensation vs. Market: Nazzareno's total compensation ($USD0.00) is too low to compare against companies of similar size in the Italian market ($USD0.00).
Compensation vs Earnings: Nazzareno's compensation has been consistent with company performance over the past year.
Board Age and Tenure
7.5yrs
Average Tenure
62yo
Average Age
Experienced Board: CE's board of directors are considered experienced (7.5 years average tenure).
Insider Trading
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Ownership Breakdown
Management Team
Stefano Pilastri
Deputy General Manager
- Tenure: 0yrs
Nazzareno Gregori
General Manager
- Tenure: 0yrs
- Compensation: €541.00k
Angelo Campani
Joint General Manager
- Tenure: 0yrs
- Compensation: €541.00k
Stefano Morellini
Deputy General Manager
- Tenure: 0yrs
Ottorino Righetti
Secretary
- Tenure: 0yrs
Benedetta Levi
Head of IR
- Tenure: 0yrs
Board Members
Enrico Corradi (63yo)
Deputy Chairman of the Board
- Tenure: 1.5yrs
- Compensation: €69.80k
Lucio Zanon di Valgiurata (63yo)
Chairman of the Board
- Tenure: 1.5yrs
- Compensation: €61.40k
Benedetto Maria Renda (68yo)
Director
- Tenure: 19.1yrs
- Compensation: €42.00k
Giorgio Ferrari (86yo)
Director
- Tenure: 0yrs
- Compensation: €221.50k
Giovanni Viani (58yo)
Director
- Tenure: 13.5yrs
- Compensation: €41.50k
Luigi Maramotti (62yo)
Deputy Chairman of the Board
- Tenure: 0yrs
- Compensation: €16.70k
Giorgia Fontanesi (48yo)
Director
- Tenure: 7.5yrs
- Compensation: €44.00k
Paola Maria Schwizer (54yo)
Independent Director
- Tenure: 7.5yrs
- Compensation: €61.30k
Ernestina Morstofolini (60yo)
Independent Director
- Tenure: 5.8yrs
- Compensation: €52.80k
Anna Allievi
Chairman of Statutory Auditors Board
- Tenure: 0yrs
Company Information
Credito Emiliano S.p.A.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Credito Emiliano S.p.A.
- Ticker: CE
- Exchange: BIT
- Founded: 1910
- Industry: Diversified Banks
- Sector: Banks
- Market Cap: €1.675b
- Shares outstanding: 331.61m
- Website: https://www.credem.it
Number of Employees
Location
- Credito Emiliano S.p.A.
- Via Emilia San Pietro no. 4
- Reggio Emilia
- Reggio Emilia
- 42100
- Italy
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| CDEF.F | OTCPK (Pink Sheets LLC) | Yes | Ordinary Shares | US | USD | Jan 1998 |
| CE | BIT (Borsa Italiana) | Yes | Ordinary Shares | IT | EUR | Jan 1998 |
| 0K93 | LSE (London Stock Exchange) | Yes | Ordinary Shares | GB | EUR | Jan 1998 |
| CEM | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Ordinary Shares | GB | EUR | Jan 1998 |
Biography
Credito Emiliano S.p.A., together with its subsidiaries, provides various banking services to retail and corporate customers primarily in Italy. The company operates through Commercial Banking, Asset Manag ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/10/12 20:54 |
| End of Day Share Price | 2019/10/11 00:00 |
| Earnings | 2019/06/30 |
| Annual Earnings | 2018/12/31 |
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.