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Intesa Sanpaolo

BIT:ISP
Snowflake Description

Average dividend payer with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ISP
BIT
€34B
Market Cap
  1. Home
  2. IT
  3. Banks
Company description

Intesa Sanpaolo S.p.A. provides various banking products and services. The last earnings update was 11 days ago. More info.


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ISP Share Price and Events
7 Day Returns
-11.6%
BIT:ISP
-6.8%
IT Banks
-3%
IT Market
1 Year Returns
-27.3%
BIT:ISP
-26.6%
IT Banks
-8.2%
IT Market
ISP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Intesa Sanpaolo (ISP) -11.6% -15.7% -6% -27.3% -18.6% -21.9%
IT Banks -6.8% -14.6% -5.3% -26.6% -39.6% -65.7%
IT Market -3% -5.5% -0.2% -8.2% 0.5% -37.9%
1 Year Return vs Industry and Market
  • ISP underperformed the Market in Italy which returned -8.2% over the past year.
Price Volatility
ISP
Industry
5yr Volatility vs Market

Value

 Is Intesa Sanpaolo undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Intesa Sanpaolo to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Intesa Sanpaolo.

BIT:ISP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 19 analysts.
= Stable Book Value * Return on Equity
= €2.97 * 8.1%
€0.24
Book Value of Equity per Share Weighted future Book Value estimates from 13 analysts. €2.97
Discount Rate (Cost of Equity) See below 21%
Perpetual Growth Rate 10-Year IT Government Bond Rate 2.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BIT:ISP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IT Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 9%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.58
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.584 (1 + (1- 24%) (807.65%))
3.123
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (2 * 9.02%)
20.97%

Discounted Cash Flow Calculation for BIT:ISP using Excess Returns Model Model

The calculations below outline how an intrinsic value for Intesa Sanpaolo is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

BIT:ISP Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.1% – 20.97%) * €2.97)
€-0.38
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €-0.38 / (20.97% - 2.93%)
€-2.11
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €2.97 + €-2.11
€0.86
BIT:ISP Discount to Share Price
Calculation Result
Value per share (EUR) From above. €0.86
Current discount Discount to share price of €1.92
= -1 x (€1.92 - €0.86) / €0.86
-124.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Intesa Sanpaolo is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Intesa Sanpaolo's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Intesa Sanpaolo's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:ISP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.23
BIT:ISP Share Price ** BIT (2019-05-24) in EUR €1.92
Italy Banks Industry PE Ratio Median Figure of 12 Publicly-Listed Banks Companies 8.3x
Italy Market PE Ratio Median Figure of 242 Publicly-Listed Companies 15.34x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Intesa Sanpaolo.

BIT:ISP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BIT:ISP Share Price ÷ EPS (both in EUR)

= 1.92 ÷ 0.23

8.31x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Intesa Sanpaolo is overvalued based on earnings compared to the IT Banks industry average.
  • Intesa Sanpaolo is good value based on earnings compared to the Italy market.
Price based on expected Growth
Does Intesa Sanpaolo's expected growth come at a high price?
Raw Data
BIT:ISP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.31x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts
7.5%per year
Italy Banks Industry PEG Ratio Median Figure of 10 Publicly-Listed Banks Companies 1.23x
Italy Market PEG Ratio Median Figure of 162 Publicly-Listed Companies 1.36x

*Line of best fit is calculated by linear regression .

BIT:ISP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.31x ÷ 7.5%

1.11x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Intesa Sanpaolo is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Intesa Sanpaolo's assets?
Raw Data
BIT:ISP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €3.15
BIT:ISP Share Price * BIT (2019-05-24) in EUR €1.92
Italy Banks Industry PB Ratio Median Figure of 15 Publicly-Listed Banks Companies 0.34x
Italy Market PB Ratio Median Figure of 322 Publicly-Listed Companies 1.46x
BIT:ISP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BIT:ISP Share Price ÷ Book Value per Share (both in EUR)

= 1.92 ÷ 3.15

0.61x

* Primary Listing of Intesa Sanpaolo.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Intesa Sanpaolo is overvalued based on assets compared to the IT Banks industry average.
X
Value checks
We assess Intesa Sanpaolo's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Intesa Sanpaolo has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Intesa Sanpaolo expected to perform in the next 1 to 3 years based on estimates from 21 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Intesa Sanpaolo expected to grow at an attractive rate?
  • Intesa Sanpaolo's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Intesa Sanpaolo's earnings growth is positive but not above the Italy market average.
  • Intesa Sanpaolo's revenue growth is positive but not above the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:ISP Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:ISP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts 7.5%
BIT:ISP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 21 Analysts 2.9%
Italy Banks Industry Earnings Growth Rate Market Cap Weighted Average 7.1%
Italy Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
Italy Market Earnings Growth Rate Market Cap Weighted Average 9.3%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BIT:ISP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:ISP Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 18,995 5,071 1
2022-12-31 18,781 4,898 1
2021-12-31 18,391 4,471 19
2020-12-31 17,926 4,156 20
2019-12-31 17,473 3,782 18
BIT:ISP Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 15,051 3,849
2018-12-31 15,515 5,623 4,050
2018-09-30 15,264 4,440
2018-06-30 14,783 -27,795 4,257
2018-03-31 14,680 7,666
2017-12-31 13,655 2,086 7,316
2017-09-30 13,345 5,798
2017-06-30 13,321 -20,445 5,761
2017-03-31 13,136 2,232
2016-12-31 13,304 -36,985 2,124
2016-09-30 13,426 2,212
2016-06-30 13,385 -26,278 2,306

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Intesa Sanpaolo's earnings are expected to grow by 7.5% yearly, however this is not considered high growth (20% yearly).
  • Intesa Sanpaolo's revenue is expected to grow by 2.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BIT:ISP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below

All data from Intesa Sanpaolo Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:ISP Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.28 0.28 0.28 1.00
2022-12-31 0.27 0.27 0.27 1.00
2021-12-31 0.25 0.29 0.20 13.00
2020-12-31 0.24 0.29 0.20 16.00
2019-12-31 0.21 0.24 0.20 14.00
BIT:ISP Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.23
2018-12-31 0.24
2018-09-30 0.26
2018-06-30 0.25
2018-03-31 0.46
2017-12-31 0.44
2017-09-30 0.35
2017-06-30 0.34
2017-03-31 0.13
2016-12-31 0.13
2016-09-30 0.13
2016-06-30 0.14

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Intesa Sanpaolo is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Intesa Sanpaolo's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Italy market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Italy market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Intesa Sanpaolo has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Intesa Sanpaolo performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Intesa Sanpaolo's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Intesa Sanpaolo has delivered over 20% year on year earnings growth in the past 5 years.
  • Intesa Sanpaolo's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Intesa Sanpaolo's 1-year earnings growth is negative, it can't be compared to the IT Banks industry average.
Earnings and Revenue History
Intesa Sanpaolo's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Intesa Sanpaolo Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:ISP Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 15,051.00 3,849.00 10,147.00
2018-12-31 15,515.00 4,050.00 10,201.00
2018-09-30 15,264.00 4,440.00 10,314.00
2018-06-30 14,783.00 4,257.00 10,340.00
2018-03-31 14,680.00 7,666.00 10,136.00
2017-12-31 13,655.00 7,316.00 9,879.00
2017-09-30 13,345.00 5,798.00 9,875.00
2017-06-30 13,321.00 5,761.00 9,644.00
2017-03-31 13,136.00 2,232.00 9,640.00
2016-12-31 13,304.00 2,124.00 9,639.00
2016-09-30 13,426.00 2,212.00 9,908.00
2016-06-30 13,385.00 2,306.00 9,742.00
2016-03-31 13,663.00 2,408.00 9,704.00
2015-12-31 14,241.00 2,679.00 9,690.00
2015-09-30 14,165.00 2,729.00 9,217.00
2015-06-30 13,886.00 2,505.00 9,262.00
2015-03-31 13,467.00 1,799.00 9,512.00
2014-12-31 12,577.00 1,251.00 9,093.00
2014-09-30 10,034.00 -3,983.00 8,986.00
2014-06-30 9,777.00 -4,245.00 8,816.00
2014-03-31 9,068.00 -4,319.00 7,843.00
2013-12-31 8,917.00 -4,519.00 7,871.00
2013-09-30 12,719.00 584.00 7,956.00
2013-06-30 13,324.00 777.00 8,093.00
2013-03-31 13,690.00 1,117.00 8,416.00
2012-12-31 14,569.00 1,605.00 8,572.00
2012-09-30 12,025.00 -8,431.00 8,609.00
2012-06-30 11,897.00 -8,318.00 8,678.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Intesa Sanpaolo has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Intesa Sanpaolo used its assets more efficiently than the IT Banks industry average last year based on Return on Assets.
  • Unable to establish if Intesa Sanpaolo improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Intesa Sanpaolo's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Intesa Sanpaolo has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

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

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Intesa Sanpaolo's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Intesa Sanpaolo Company Filings, last reported 1 month ago.

BIT:ISP Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 55,560.00 271,096.00 56,050.00
2018-12-31 54,431.00 248,109.00 101,309.00
2018-09-30 52,817.00 253,486.00 82,878.00
2018-06-30 51,227.00 248,970.00 81,796.00
2018-03-31 54,894.00 245,068.00 50,523.00
2017-12-31 56,604.00 246,863.00 97,583.00
2017-09-30 54,039.00 255,483.00 79,283.00
2017-06-30 53,521.00 266,087.00 84,012.00
2017-03-31 51,091.00 248,560.00 87,052.00
2016-12-31 49,319.00 234,001.00 95,726.00
2016-09-30 48,862.00 242,866.00 95,665.00
2016-06-30 48,173.00 255,113.00 69,332.00
2016-03-31 50,278.00 242,592.00 97,575.00
2015-12-31 48,593.00 228,818.00 76,527.00
2015-09-30 48,206.00 238,520.00 85,029.00
2015-06-30 46,329.00 249,810.00 84,214.00
2015-03-31 46,570.00 241,096.00 79,894.00
2014-12-31 45,062.00 241,540.00 76,582.00
2014-09-30 45,127.00 92,878.00 72,458.00
2014-06-30 44,773.00 234,002.00 78,548.00
2014-03-31 45,603.00 221,580.00 66,700.00
2013-12-31 45,063.00 243,123.00 69,317.00
2013-09-30 50,067.00 236,800.00 64,317.00
2013-06-30 49,650.00 269,437.00 80,520.00
2013-03-31 49,947.00 272,087.00 77,708.00
2012-12-31 49,906.00 301,847.00 107,234.00
2012-09-30 49,838.00 290,805.00 81,825.00
2012-06-30 48,656.00 315,691.00 88,042.00
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Intesa Sanpaolo has an acceptable proportion of non-loan assets held.
  • Intesa Sanpaolo's liabilities are made up of primarily higher risk sources of funding.
  • Loans at Intesa Sanpaolo are broadly funded by customer deposits.
  • Intesa Sanpaolo's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Intesa Sanpaolo has a low allowance for bad loans.
  • Intesa Sanpaolo has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Intesa Sanpaolo's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Intesa Sanpaolo has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Intesa Sanpaolo's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
10.27%
Current annual income from Intesa Sanpaolo dividends. Estimated to be 9.38% next year.
If you bought €2,000 of Intesa Sanpaolo shares you are expected to receive €205 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Intesa Sanpaolo's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (2.16%).
  • Intesa Sanpaolo's dividend is above the markets top 25% of dividend payers in Italy (4.5%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BIT:ISP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
Italy Banks Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 6.4%
Italy Market Average Dividend Yield Market Cap Weighted Average of 185 Stocks 4.3%
Italy Minimum Threshold Dividend Yield 10th Percentile 1.2%
Italy Bottom 25% Dividend Yield 25th Percentile 2.2%
Italy Top 25% Dividend Yield 75th Percentile 4.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BIT:ISP Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.19 1.00
2022-12-31 0.19 1.00
2021-12-31 0.18 20.00
2020-12-31 0.18 22.00
2019-12-31 0.18 20.00
BIT:ISP Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-22 0.197 8.984
2019-02-05 0.197 9.375
2018-03-09 0.203 8.671
2018-02-06 0.203 6.593
2017-02-03 0.178 6.551
2016-03-17 0.140 6.567
2016-02-05 0.140 5.753
2015-02-10 0.070 2.245
2014-04-09 0.050 2.124
2014-03-28 0.050 1.996
2013-03-12 0.050 3.169
2012-08-03 0.050 3.877
2012-04-02 0.050 4.748
2012-03-15 0.050 3.410
2011-05-20 0.080 5.971
2011-03-29 0.080 3.728
2011-03-15 0.080 3.566
2010-03-22 0.080 3.397
2009-11-10 0.000 0.000
2009-09-10 0.000 0.000
2009-08-28 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Intesa Sanpaolo has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Intesa Sanpaolo only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Intesa Sanpaolo's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Intesa Sanpaolo's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Intesa Sanpaolo afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Intesa Sanpaolo has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Intesa Sanpaolo's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Carlo Messina
COMPENSATION €3,573,000
AGE 56
TENURE AS CEO 5.7 years
CEO Bio

Mr. Carlo Messina is Managing Director and Chief Executive Officer of Intesa Sanpaolo SpA since September 2013 and serves as its General Manager. A graduate of Economics and Business from the Luiss University of Roma, he began his professional career in the Finance Department of Banca Nazionale del Lavoro in 1987, rising to the position of Manager in charge of Corporate Finance in 1990. While developing his professional career, he carried out intense academic activities as Professor of Economics of Financial Intermediaries at the Business Administration Master of the Luiss School of Management and Professor of Corporate Finance at the Faculty of Economics and Business of Ancona. In 1995, he joined Banco Ambrosiano Veneto as Manager in charge of the Planning Department. He held important positions through the different integration stages: Head of Planning and Research and Head of the Control Department within Intesa BCI; Head of the Planning and Control Department and Head of the Risk Management Department within Banca Intesa. He has been an Executive Director at Intesa Sanpaolo SpA since May 2, 2019. Mr. Messina was Head of the Value Creation Governance until June 2008, Chief Financial Officer until May 2013, General Manager Deputy to the CEO and responsible for the Chief Financial Officer Governance Area from May to September 2013, responsible for the Retail Division from May 2013 to January 2016. He has been a Member of the Bocconi University Board since November 2014.

CEO Compensation
  • Carlo's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Carlo's remuneration is higher than average for companies of similar size in Italy.
Management Team Tenure

Average tenure and age of the Intesa Sanpaolo management team in years:

3.9
Average Tenure
56
Average Age
  • The tenure for the Intesa Sanpaolo management team is about average.
Management Team

Carlo Messina

TITLE
MD, CEO
COMPENSATION
€4M
AGE
56
TENURE
5.7 yrs

Stefano Del Punta

TITLE
Group Chief Financial Officer
COMPENSATION
€2M
AGE
58
TENURE
6 yrs

Rosario Giacomo Strano

TITLE
Chief Operating Officer
AGE
55
TENURE
1.3 yrs

Massimo Proverbio

TITLE
Chief IT
AGE
33
TENURE
1.3 yrs

Fabrizio Dabbene

TITLE
Head of Administration & Tax Department and Manager
TENURE
3.9 yrs

Andrea Tamagnini

TITLE
Head of Investor Relations

Elisabetta Lunati

TITLE
Head of Legal Affairs

Piero Franco Boccassino

TITLE
Chief Compliance Officer
TENURE
3.9 yrs

Stefano Lucchini

TITLE
Chief Institutional Affairs & External Communication Officer
AGE
56

Claudio Zazzeri

TITLE
Head of Customer Satisfaction
Board of Directors Tenure

Average tenure and age of the Intesa Sanpaolo board of directors in years:

3.1
Average Tenure
59
Average Age
  • The tenure for the Intesa Sanpaolo board of directors is about average.
Board of Directors

Gian Gros-Pietro

TITLE
Chairman of the Board
COMPENSATION
€900K
AGE
76
TENURE
3.1 yrs

Carlo Messina

TITLE
MD, CEO
COMPENSATION
€4M
AGE
56
TENURE
0.1 yrs

Paolo Colombo

TITLE
Deputy Chairperson
COMPENSATION
€93K
AGE
58
TENURE
3.1 yrs

Mario Ciaccia

TITLE
Head of Government & Infrastuctures and Institutional Relations
TENURE
12.3 yrs

Livia Pomodoro

TITLE
Director
AGE
78
TENURE
3.1 yrs

Daniele Zamboni

TITLE
Director
AGE
59
TENURE
3.1 yrs

Franco Ceruti

TITLE
Director
AGE
66
TENURE
3.1 yrs

Giovanni Gorno Tempini

TITLE
Director
AGE
56
TENURE
3.1 yrs

Bruno Picca

TITLE
Director
COMPENSATION
€2M
AGE
68
TENURE
6.1 yrs

Rossella Locatelli

TITLE
Director
COMPENSATION
€168K
AGE
58
TENURE
6.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Intesa Sanpaolo's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Intesa Sanpaolo has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Intesa Sanpaolo SpA (BIT:ISP) Over-Exposed To Risk?

A risk Intesa Sanpaolo SpA (BIT:ISP) faces as a bank is bad loans, also formally known as “credit risk”. … During the Global Financial Crisis, large financial institutions with commercial banking arms lost billions of dollars in equity due to their lending portfolios’ exposure to the turbulent credit market. … Now we will analyse financial metrics focused on bad debt and liabilities in order to gain insights into Intesa Sanpaolo’s lending practices and better understand its operational risks.

Simply Wall St -

Should You Be Concerned About Intesa Sanpaolo SpA’s (BIT:ISP) Liquidity?

As these large financial institutions revert back to health after the 2008 Financial Crisis, we are seeing an increase in market confidence in these “too-big-to-fail” banking stocks. … Following the crisis, a set of reforms termed Basel III was enforced to bolster risk management, regulation, and supervision in the financial services industry. … These reforms target bank level regulation and aims to improve the banking sector’s ability to absorb shocks arising from economic stress which could expose financial institutions to vulnerabilities.

Simply Wall St -

Can Intesa Sanpaolo SpA's (BIT:ISP) ROE Continue To Surpass The Industry Average?

This analysis is intended to introduce important early concepts to people who are starting to invest. … and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … View our latest analysis for Intesa Sanpaolo

Simply Wall St -

Should You Buy Intesa Sanpaolo SpA (BIT:ISP) At This PE Ratio?

and want to better understand how you can grow your money by investing in Intesa Sanpaolo SpA (BIT:ISP). … Intesa Sanpaolo SpA (BIT:ISP) is trading with a trailing P/E of 5.5x, which is lower than the industry average of 9.9x. … While this makes ISP appear like a great stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio

Simply Wall St -

At €02.5535, Is Intesa Sanpaolo SpA (BIT:ISP) A Buy?

Let's talk about the popular Intesa Sanpaolo SpA (BIT:ISP). … A question to answer is whether Intesa Sanpaolo's current trading price of €2.55 reflective of the actual value of the? … Let’s take a look at Intesa Sanpaolo’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Intesa Sanpaolo SpA (BIT:ISP) Has Attractive Fundamentals, Here's Why

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook.

Simply Wall St -

One Thing To Consider Before Buying Intesa Sanpaolo Sp.A. (BIT:ISP)

A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one. … Any stock with a beta of greater than one is considered more volatile than the market, and those with a beta less than one is generally less volatile. … How ISP's assets could affect its beta During times of economic downturn, low demand may cause companies to readjust production of their goods and services.

Simply Wall St -

Does Intesa Sanpaolo Sp.A.'s (BIT:ISP) PE Ratio Signal A Buying Opportunity?

It compares a stock’s price per share to the stock’s earnings per share. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for ISP Price per share = €2.72 Earnings per share = €0.457 ∴ Price-Earnings Ratio = €2.72 ÷ €0.457 = 6x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … For example, if you inadvertently compared lower risk firms with ISP, then investors would naturally value ISP at a lower price since it is a riskier investment.

Simply Wall St -

Is Intesa Sanpaolo Sp.A. (BIT:ISP) Over-Exposed To Risk?

Intesa Sanpaolo’s ability to forecast and provision for its bad loans relatively accurately indicates it has a good understanding of the level of risk it is taking on. … If it writes off more than 100% of the bad debt it provisioned for, then it has poorly anticipated the factors that may have contributed to a higher bad loan level which begs the question – does Intesa Sanpaolo understand its own risk?. … Since Intesa Sanpaolo’s total deposit to total liabilities is within the sensible margin at 56.58% compared to other banks' level of 50%, it shows a prudent level of the bank's safer form of borrowing and an appropriate level of risk.Next Steps: While Intesa Sanpaolo has maintained a safe level of deposits against its liabilities, it has taken on excess levels of bad debt and poorly provisioned for these bad debt payments.

Simply Wall St -

Should You Buy Intesa Sanpaolo Sp.A. (BIT:ISP) Now?

Let’s take a look at Intesa Sanpaolo’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … This means that the opportunity to buy Intesa Sanpaolo at a good price has disappeared! … Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations.

Simply Wall St -

Company Info

Description

Intesa Sanpaolo S.p.A. provides various banking products and services. It operates through Banca dei Territori, Corporate and Investment Banking, International Subsidiary Banks, Asset Management, Private Banking, and Insurance segments. The company offers lending and deposit products; corporate, investment banking, and public finance services; industrial credit, factoring, and leasing services; asset management solutions; life and non-life insurance products; and bancassurance and pension fund, and fiduciary services. It also provides consumer credit, e-money, and payment systems; wealth management and private banking services. The company serves individuals, small and medium-sized businesses, non-profit entities, corporates and financial institutions, private clients and high net worth individuals, commercial networks and institutional clienteles, and other customers. It operates through a network of approximately 4,200 branches in Italy and 1,100 branches in Central Eastern Europe, and the Middle Eastern and North African areas. The company is headquartered in Turin, Italy.

Details
Name: Intesa Sanpaolo S.p.A.
ISP
Exchange: BIT
Founded:
€33,566,050,007
17,493,250,994
Website: http://www.intesasanpaolo.com
Address: Intesa Sanpaolo S.p.A.
Piazza San Carlo, 156,
Turin,
Turin, 10121,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT ISP Ordinary Shares Borsa Italiana IT EUR 17. Jan 1990
OTCPK IITS.F Ordinary Shares Pink Sheets LLC US USD 17. Jan 1990
DB IES Ordinary Shares Deutsche Boerse AG DE EUR 17. Jan 1990
XTRA IES Ordinary Shares XETRA Trading Platform DE EUR 17. Jan 1990
LSE 0HBC Ordinary Shares London Stock Exchange GB EUR 17. Jan 1990
SWX ISP Ordinary Shares SIX Swiss Exchange CH CHF 17. Jan 1990
WBAG ISP Ordinary Shares Wiener Boerse AG AT EUR 17. Jan 1990
BMV ISP N Ordinary Shares Bolsa Mexicana de Valores MX MXN 17. Jan 1990
BATS-CHIXE ISPM Ordinary Shares BATS 'Chi-X Europe' GB EUR 17. Jan 1990
OTCPK ISNP.Y SPONSORED ADR Pink Sheets LLC US USD 08. Jan 2007
OTCPK IITO.F Saving Shares Pink Sheets LLC US USD 17. Jan 1990
LSE 0EW0 Saving Shares London Stock Exchange GB EUR 17. Jan 1990
Number of employees
Current staff
Staff numbers
92,117
Intesa Sanpaolo employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 20:44
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/23
Last earnings filing: 2019/05/14
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.