Executive Summary
Credito Emiliano S.p.A., together with its subsidiaries, provides various banking services to retail and corporate customers primarily in Italy.
Rewards
Risk Analysis
Earnings are forecast to decline by an average of -7.8% per year for the next 3 years
Snowflake Analysis
6 star dividend payer with solid track record.
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
Stable Share Price: CE's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
1.1%
CE
-11.4%
IT Banks
-1.1%
IT Market
1 Year Return
-23.8%
CE
-38.7%
IT Banks
-26.1%
IT Market
Return vs Industry: CE exceeded the Italian Banks industry which returned -38.7% over the past year.
Return vs Market: CE exceeded the Italian Market which returned -26.1% over the past year.
Shareholder returns
| CE | Industry | Market | |
|---|---|---|---|
| 7 Day | 1.1% | -11.4% | -1.1% |
| 30 Day | -7.2% | -31.7% | -22.6% |
| 90 Day | -25.2% | -42.4% | -29.1% |
| 1 Year | -20.4%-23.8% | -35.4%-38.7% | -22.9%-26.1% |
| 3 Year | -33.9%-39.8% | -38.8%-44.8% | -13.5%-22.2% |
| 5 Year | -46.8%-53.6% | -62.2%-76.5% | -26.2%-51.9% |
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
1 month ago | Simply Wall St
What Type Of Shareholder Owns Credito Emiliano S.p.A.'s (BIT:CE)?2 months ago | Simply Wall St
Some Credito Emiliano (BIT:CE) Shareholders Are Down 27%3 months ago | Simply Wall St
Are You An Income Investor? Don't Miss Out On Credito Emiliano S.p.A. (BIT:CE)Valuation
Is Credito Emiliano undervalued compared to its fair value and its price relative to the market?
8.6%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: CE (€3.82) is trading below our estimate of fair value (€4.18)
Significantly Below Fair Value: CE is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: CE is poor value based on its PE Ratio (6.3x) compared to the Banks industry average (5.9x).
PE vs Market: CE is good value based on its PE Ratio (6.3x) compared to the Italian market (12.7x).
Price to Earnings Growth Ratio
PEG Ratio: CE's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: CE is overvalued based on its PB Ratio (0.4x) compared to the IT Banks industry average (0.3x).
Next Steps
Future Growth
How is Credito Emiliano forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?
-7.8%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: CE's earnings are forecast to decline over the next 3 years (-7.8% per year).
Earnings vs Market: CE's earnings are forecast to decline over the next 3 years (-7.8% per year).
High Growth Earnings: CE's earnings are forecast to decline over the next 3 years.
Revenue vs Market: CE's revenue (2.8% per year) is forecast to grow faster than the Italian market (0.06% per year).
High Growth Revenue: CE's revenue (2.8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: CE's Return on Equity is forecast to be low in 3 years time (6%).
Next Steps
Past Performance
How has Credito Emiliano performed over the past 5 years?
5.8%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: CE has high quality earnings.
Growing Profit Margin: CE's current net profit margins (18.1%) are higher than last year (17.6%).
Past Earnings Growth Analysis
Earnings Trend: CE's earnings have grown by 5.8% per year over the past 5 years.
Accelerating Growth: CE's earnings growth over the past year (7.8%) exceeds its 5-year average (5.8% per year).
Earnings vs Industry: CE earnings growth over the past year (7.8%) exceeded the Banks industry 6.9%.
Return on Equity
High ROE: CE's Return on Equity (7%) is considered low.
Next Steps
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 0.1x 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 (3.24%)
Next Steps
Dividend
What is Credito Emiliano's current dividend yield, its reliability and sustainability?
5.76%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: CE's dividend (5.76%) is higher than the bottom 25% of dividend payers in the Italian market (2.39%).
High Dividend: CE's dividend (5.76%) is in the top 25% of dividend payers in the Italian market (5.75%)
Stability and Growth of Payments
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 (36.1%), 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 (44.5% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
8.0yrs
Average board tenure
CEO
Nazzareno Gregori
no data
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 ($USD0.00) is below average for companies of similar size in the Italian market ($USD1.04M).
Compensation vs Earnings: Nazzareno's compensation has been consistent with company performance over the past year.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Deputy Chairman of the Board | 2yrs | €69.80k | no data | |
| Chairman of the Board | 2yrs | €61.40k | no data | |
| Director | 19.58yrs | €42.00k | no data | |
| Director | no data | €221.50k | no data | |
| Director | 14yrs | €41.50k | no data | |
| Deputy Chairman of the Board | no data | €16.70k | no data | |
| Director | 8yrs | €44.00k | no data | |
| Independent Director | 8yrs | €61.30k | no data | |
| Independent Director | 6.33yrs | €52.80k | no data | |
| Chairman of Statutory Auditors Board | no data | no data | no data |
8.0yrs
Average Tenure
62yo
Average Age
Experienced Board: CE's board of directors are considered experienced (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 not been meaningfully diluted in the past year.
Top Shareholders
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: €1.267b
- 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 Management, Bancassurance, Trading, and ALM Treasury segments. Its deposit products include current accounts and savings accounts, time deposits, certificates of deposit, bonds and subordinated debts, and repurchase agreements. The company’s loan portfolio comprises mortgages, credit cards, personal loans, and salary-backed loans. It also offers wealth management services, including management of mutual investment funds, SICAV, portfolio management, and private equity and hedge funds; and asset management, bancassurance, remote banking, fiduciary, savings management, brokerage, factoring, insurance, trading, financial leasing, and ALM treasury services, as well as cheese warehousing services. As of December 31, 2018, Credito Emiliano S.p.A. operated a network of approximately 592 branches, business centers, and financial outlets in 19 regions and 89 Italian provinces. The company was founded in 1910 and is headquartered in Reggio Emilia, Italy. Credito Emiliano S.p.A. is a subsidiary of Credito Emiliano Holding S.p.A.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/04/04 23:08 |
| End of Day Share Price | 2020/04/03 00:00 |
| Earnings | 2019/12/31 |
| 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.