BIT:ISP

Stock Analysis Report

Intesa Sanpaolo

Executive Summary

Intesa Sanpaolo S.p.A. provides various banking products and services.

Snowflake

Fundamentals

Established dividend payer with mediocre balance sheet.


Similar Companies

Share Price & News

How has Intesa Sanpaolo's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

3.3%

ISP

5.4%

IT Banks

1.3%

IT Market


1 Year Return

14.5%

ISP

11.9%

IT Banks

13.9%

IT Market

Return vs Industry: ISP exceeded the Italian Banks industry which returned 11.9% over the past year.

Return vs Market: ISP exceeded the Italian Market which returned 13.9% over the past year.


Shareholder returns

ISPIndustryMarket
7 Day3.3%5.4%1.3%
30 Day4.0%5.0%0.8%
90 Day10.7%8.0%1.3%
1 Year25.9%14.5%18.2%11.9%19.1%13.9%
3 Year31.6%4.5%-19.6%-37.8%24.5%6.2%
5 Year35.2%-1.3%-21.7%-52.8%23.0%-26.0%

Price Volatility Vs. Market

How volatile is Intesa Sanpaolo's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Intesa Sanpaolo undervalued compared to its fair value and its price relative to the market?

9.33x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ISP (€2.25) is trading above our estimate of fair value (€1.38)

Significantly Below Fair Value: ISP is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: ISP is poor value based on its PE Ratio (9.3x) compared to the Banks industry average (9.1x).

PE vs Market: ISP is good value based on its PE Ratio (9.3x) compared to the Italian market (17.6x).


Price to Earnings Growth Ratio

PEG Ratio: ISP is poor value based on its PEG Ratio (2.5x)


Price to Book Ratio

PB vs Industry: ISP is overvalued based on its PB Ratio (0.7x) compared to the IT Banks industry average (0.4x).


Next Steps

Future Growth

How is Intesa Sanpaolo forecast to perform in the next 1 to 3 years based on estimates from 20 analysts?

3.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ISP's forecast earnings growth (3.8% per year) is above the savings rate (2.9%).

Earnings vs Market: ISP's earnings (3.8% per year) are forecast to grow slower than the Italian market (8.4% per year).

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

Revenue vs Market: ISP's revenue (1.3% per year) is forecast to grow slower than the Italian market (3% per year).

High Growth Revenue: ISP's revenue (1.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ISP's Return on Equity is forecast to be low in 3 years time (9%).


Next Steps

Past Performance

How has Intesa Sanpaolo performed over the past 5 years?

37.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: ISP has become profitable over the past 5 years, growing earnings by 37.3% per year.

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

Earnings vs Industry: ISP had negative earnings growth (-2.8%) over the past year, making it difficult to compare to the Banks industry average (6.8%).


Return on Equity

High ROE: ISP's Return on Equity (7.7%) is considered low.


Return on Assets

ROA vs Industry: ISP has a higher Return on Assets than the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate ISP's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is Intesa Sanpaolo'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: ISP has a low level of unsold assets or inventory.

Debt Coverage by Assets: ISP's debt is not covered by short term assets (assets are 0.7x debt).


Financial Institutions Analysis

Asset Level: ISP's level of assets compared to its equity is moderate.

Allowance for Bad Loans: ISP has a low allowance for bad loans.

Low Risk Liabilities: ISP's liabilities are made up of primarily higher risk sources of funding.

Loan Level: ISP has an acceptable proportion of non-loan assets held.

Low Risk Deposits: ISP's loans are broadly funded by customer deposits.

Level of Bad Loans: ISP has a high level of bad loans (8.71%)


Next Steps

Dividend

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

8.74%

Current Dividend Yield


Dividend Yield vs Market

company8.7%marketbottom25%2.1%markettop25%4.4%industryaverage5.5%forecastin3Years7.8%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: ISP's dividend (8.74%) is higher than the bottom 25% of dividend payers in the Italian market (2.12%).

High Dividend: ISP's dividend (8.74%) is in the top 25% of dividend payers in the Italian market (4.37%)

Stable Dividend: ISP's dividend payments have been volatile in the past 10 years.

Growing Dividend: ISP's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (81.6%), ISP's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ISP's dividends in 3 years are forecast to be covered by earnings (71.3% payout ratio).


Next Steps

Management

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

4.3yrs

Average management tenure


CEO

Carlo Messina (57yo)

6.1yrs

Tenure

€3,573,000

Compensation

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 Univers ...


CEO Compensation Analysis

Compensation vs. Market: Carlo's total compensation ($USD0.00) is too low to compare against companies of similar size in the Italian market ($USD851.68K).

Compensation vs Earnings: Carlo's compensation has been consistent with company performance over the past year.


Management Age and Tenure

4.3yrs

Average Tenure

57yo

Average Age

Experienced Management: ISP's management team is considered experienced (4.3 years average tenure).


Board Age and Tenure

3.5yrs

Average Tenure

60yo

Average Age

Experienced Board: ISP's board of directors are considered experienced (3.5 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 Del Punta (59yo)

    Group Chief Financial Officer

    • Tenure: 6.4yrs
    • Compensation: €1.87m
  • Claudio Zazzeri

    Head of Customer Satisfaction

    • Tenure: 0yrs
  • Rosario Giacomo Strano (56yo)

    Chief Operating Officer

    • Tenure: 1.8yrs
  • Elisabetta Lunati

    Head of Legal Affairs

    • Tenure: 0yrs
  • Stefano Lucchini (57yo)

    Chief Institutional Affairs & External Communication Officer

    • Tenure: 0yrs
  • Carlo Messina (57yo)

    MD, CEO

    • Tenure: 6.1yrs
    • Compensation: €3.57m
  • Fabrizio Dabbene

    Head of Administration & Tax Department and Manager

    • Tenure: 4.3yrs
  • Piero Franco Boccassino

    Chief Compliance Officer

    • Tenure: 4.3yrs
  • Andrea Tamagnini

    Head of Investor Relations

    • Tenure: 0yrs
  • Massimo Proverbio (34yo)

    Chief IT

    • Tenure: 1.8yrs

Board Members

  • Gian Gros-Pietro (77yo)

    Chairman of the Board

    • Tenure: 3.5yrs
    • Compensation: €900.00k
  • Bruno Picca (69yo)

    Director

    • Tenure: 6.5yrs
    • Compensation: €1.62m
  • Mario Ciaccia

    Head of Government & Infrastuctures and Institutional Relations

    • Tenure: 12.8yrs
  • Franco Ceruti (67yo)

    Director

    • Tenure: 3.5yrs
  • Carlo Messina (57yo)

    MD, CEO

    • Tenure: 6.1yrs
    • Compensation: €3.57m
  • Giovanni Gorno Tempini (57yo)

    Independent Director

    • Tenure: 3.5yrs
  • Paolo Colombo (59yo)

    Deputy Chairperson

    • Tenure: 3.5yrs
    • Compensation: €92.61k
  • Rossella Locatelli (59yo)

    Independent Director

    • Tenure: 6.5yrs
    • Compensation: €168.00k
  • Livia Pomodoro (79yo)

    Independent Director

    • Tenure: 3.5yrs
  • Daniele Zamboni (60yo)

    Independent Director

    • Tenure: 3.5yrs

Company Information

Intesa Sanpaolo S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Intesa Sanpaolo S.p.A.
  • Ticker: ISP
  • Exchange: BIT
  • Founded: 1925
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €39.413b
  • Shares outstanding: 17.49b
  • Website: https://www.intesasanpaolo.com

Number of Employees


Location

  • Intesa Sanpaolo S.p.A.
  • Piazza San Carlo, 156
  • Turin
  • Turin
  • 10121
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ISPBIT (Borsa Italiana)YesOrdinary SharesITEURJan 1990
IESDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1990
0HBCLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1990
IITS.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1990
IESXTRA (XETRA Trading Platform)YesOrdinary SharesDEEURJan 1990
ISPMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1990
ISP NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNJan 1990
ISPSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJan 1990
ISPWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJan 1990
ISNP.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDJan 2007

Biography

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 B ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/21 20:39
End of Day Share Price2019/10/21 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.