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Banca Farmafactoring

BIT:BFF
Snowflake Description

Acceptable track record with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BFF
BIT
€841M
Market Cap
  1. Home
  2. IT
  3. Diversified Financials
Company description

Banca Farmafactoring S.p.A., together with its subsidiaries, operates in the factoring industry in Italy, Spain, Portugal, Poland, the Czech Republic, Croatia, the Slovak Republic, and Greece. The last earnings update was 37 days ago. More info.


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BFF Share Price and Events
7 Day Returns
-0.3%
BIT:BFF
0.4%
IT Diversified Financial
0.7%
IT Market
1 Year Returns
-6.4%
BIT:BFF
-6.2%
IT Diversified Financial
-6.6%
IT Market
BFF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Banca Farmafactoring (BFF) -0.3% -1% -11.5% -6.4% - -
IT Diversified Financial 0.4% -0.1% 0.3% -6.2% -9.5% 33.3%
IT Market 0.7% -2.4% -2.5% -6.6% 9.2% -19.1%
1 Year Return vs Industry and Market
Price Volatility
BFF
Industry
5yr Volatility vs Market

BFF Value

 Is Banca Farmafactoring 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 Banca Farmafactoring 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 Banca Farmafactoring.

BIT:BFF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 5 analysts.
= Stable Book Value * Return on Equity
= €2.15 * 28.3%
€0.61
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. €2.15
Discount Rate (Cost of Equity) See below 13.5%
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:BFF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IT Govt Bond Rate 2.9%
Equity Risk Premium S&P Global 9%
Diversified Financial Unlevered Beta Simply Wall St/ S&P Global 0.74
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.739 (1 + (1- 24%) (90.9%))
1.167
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.17
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.93% + (1.167 * 9.02%)
13.46%

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

The calculations below outline how an intrinsic value for Banca Farmafactoring 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:BFF Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (28.3% – 13.46%) * €2.15)
€0.32
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €0.32 / (13.46% - 2.93%)
€3.03
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €2.15 + €3.03
€5.18
BIT:BFF Discount to Share Price
Calculation Result
Value per share (EUR) From above. €5.18
Current discount Discount to share price of €4.94
= -1 x (€4.94 - €5.18) / €5.18
4.7%

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

Current Discount
Amount off the current price Banca Farmafactoring is available for.
Intrinsic value
5%
Share price is €4.94 vs Future cash flow value of €5.18
Current Discount Checks
For Banca Farmafactoring to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Banca Farmafactoring's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Banca Farmafactoring's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Banca Farmafactoring's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Banca Farmafactoring's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BIT:BFF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.55
BIT:BFF Share Price ** BIT (2019-06-14) in EUR €4.94
Italy Diversified Financial Industry PE Ratio Median Figure of 8 Publicly-Listed Diversified Financial Companies 13.8x
Italy Market PE Ratio Median Figure of 240 Publicly-Listed Companies 15.76x

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

** Primary Listing of Banca Farmafactoring.

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

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

= 4.94 ÷ 0.55

8.95x

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

  • Banca Farmafactoring is good value based on earnings compared to the IT Diversified Financial industry average.
  • Banca Farmafactoring is good value based on earnings compared to the Italy market.
Price based on expected Growth
Does Banca Farmafactoring's expected growth come at a high price?
Raw Data
BIT:BFF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.95x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
7.8%per year
Italy Diversified Financial Industry PEG Ratio Median Figure of 6 Publicly-Listed Diversified Financial Companies 0.92x
Italy Market PEG Ratio Median Figure of 161 Publicly-Listed Companies 1.21x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.95x ÷ 7.8%

1.15x

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

  • Banca Farmafactoring is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Banca Farmafactoring's assets?
Raw Data
BIT:BFF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €1.74
BIT:BFF Share Price * BIT (2019-06-14) in EUR €4.94
Italy Diversified Financial Industry PB Ratio Median Figure of 8 Publicly-Listed Diversified Financial Companies 2.44x
Italy Market PB Ratio Median Figure of 324 Publicly-Listed Companies 1.45x
BIT:BFF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 4.94 ÷ 1.74

2.83x

* Primary Listing of Banca Farmafactoring.

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

  • Banca Farmafactoring is overvalued based on assets compared to the IT Diversified Financial industry average.
X
Value checks
We assess Banca Farmafactoring'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 Diversified Financial 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 Diversified Financial industry average (and greater than 0)? (1 check)
  5. Banca Farmafactoring has a total score of 2/6, 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.

BFF Future Performance

 How is Banca Farmafactoring expected to perform in the next 1 to 3 years based on estimates from 5 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
7.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Banca Farmafactoring expected to grow at an attractive rate?
  • Banca Farmafactoring's earnings growth is expected to exceed the low risk savings rate of 2.9%.
Growth vs Market Checks
  • Banca Farmafactoring's earnings growth is positive but not above the Italy market average.
  • Banca Farmafactoring's revenue growth is expected to exceed the Italy market average.
Annual Growth Rates Comparison
Raw Data
BIT:BFF Future Growth Rates Data Sources
Data Point Source Value (per year)
BIT:BFF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 7.8%
BIT:BFF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 7.3%
Italy Diversified Financial Industry Earnings Growth Rate Market Cap Weighted Average 14.9%
Italy Diversified Financial Industry Revenue Growth Rate Market Cap Weighted Average 6.9%
Italy Market Earnings Growth Rate Market Cap Weighted Average 9.2%
Italy Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*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:BFF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BIT:BFF Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 244 116 3
2020-12-31 222 108 4
2019-12-31 210 99 3
BIT:BFF Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 200 94
2018-12-31 198 117 92
2018-09-30 183 85
2018-06-30 208 121 86
2018-03-31 173 81
2017-12-31 201 156 96
2017-09-30 179 99
2017-06-30 173 -2 94
2017-03-31 198 91
2016-12-31 164 94 72
2016-06-30 153 176 70

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Banca Farmafactoring's earnings are expected to grow by 7.8% yearly, however this is not considered high growth (20% yearly).
  • Banca Farmafactoring's revenue is expected to grow by 7.3% 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:BFF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Banca Farmafactoring Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:BFF Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.68 0.69 0.66 3.00
2020-12-31 0.63 0.66 0.60 4.00
2019-12-31 0.58 0.60 0.55 4.00
BIT:BFF Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.55
2018-12-31 0.54
2018-09-30
2018-06-30
2018-03-31
2017-12-31 0.56
2017-09-30
2017-06-30 0.55
2017-03-31
2016-12-31 0.42
2016-06-30 0.41

*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.
  • Banca Farmafactoring is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Banca Farmafactoring'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.
Banca Farmafactoring has a total score of 3/6, 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.

BFF Past Performance

  How has Banca Farmafactoring 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 Banca Farmafactoring's growth in the last year to its industry (Diversified Financial).
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.
  • Banca Farmafactoring's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Banca Farmafactoring's 1-year earnings growth exceeds its 5-year average (15.6% vs -0.2%)
  • Banca Farmafactoring's earnings growth has exceeded the IT Diversified Financial industry average in the past year (15.6% vs -5%).
Earnings and Revenue History
Banca Farmafactoring'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 Banca Farmafactoring Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BIT:BFF Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 199.97 93.78 60.27
2018-12-31 198.03 92.15 59.67
2018-09-30 182.69 85.28 57.11
2018-06-30 207.78 86.22 55.52
2018-03-31 172.54 81.13 51.20
2017-12-31 201.26 95.55 54.09
2017-09-30 178.77 99.46 46.31
2017-06-30 172.72 94.44 51.31
2017-03-31 197.63 91.04 54.90
2016-12-31 164.23 72.14 48.90
2016-06-30 152.96 70.49 41.50
2016-03-31 144.74 70.77 33.85
2015-12-31 140.33 68.79 37.29
2014-12-31 217.96 124.38 32.79
2013-12-31 111.10 48.91 27.65
2012-12-31 110.94 56.19 24.77

*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.
  • Whilst Banca Farmafactoring has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Banca Farmafactoring used its assets more efficiently than the IT Diversified Financial industry average last year based on Return on Assets.
  • Unable to establish if Banca Farmafactoring 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 Banca Farmafactoring'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 Diversified Financial 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.
Banca Farmafactoring has a total score of 3/6, 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.

BFF Health

 How is Banca Farmafactoring's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Banca Farmafactoring's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Banca Farmafactoring is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Banca Farmafactoring's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Banca Farmafactoring'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 6.1x debt.
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 Banca Farmafactoring Company Filings, last reported 2 months ago.

BIT:BFF Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 296.11 764.12 201.05
2018-12-31 366.24 2,137.68 260.21
2018-09-30 330.57 711.81 170.19
2018-06-30 312.85 2,151.52 38.66
2018-03-31 384.37 730.90 164.60
2017-12-31 363.86 2,218.02 183.25
2017-09-30 334.66 574.86 21.94
2017-06-30 316.36 2,568.97 4.08
2017-03-31 298.70 730.50 0.40
2016-12-31 333.75 2,732.16 0.92
2016-06-30 289.43 2,609.25 0.91
2016-03-31 331.28 1,846.45 0.16
2015-12-31 331.28 1,846.45 0.16
2014-12-31 310.79 1,715.64 0.00
2013-12-31 233.01 392.93 0.01
2012-12-31 237.25 313.28 0.00
  • Banca Farmafactoring's level of debt (258.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (286.3% vs 258.1% today).
  • Debt is not well covered by operating cash flow (15.3%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Banca Farmafactoring's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Banca Farmafactoring'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. Banca Farmafactoring 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.

BFF Dividends

 What is Banca Farmafactoring'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
10.92%
Current annual income from Banca Farmafactoring dividends. Estimated to be 9.84% next year.
If you bought €2,000 of Banca Farmafactoring shares you are expected to receive €218 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?
  • Banca Farmafactoring's pays a higher dividend yield than the bottom 25% of dividend payers in Italy (2.16%).
  • Banca Farmafactoring's dividend is above the markets top 25% of dividend payers in Italy (4.59%).
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:BFF 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 5 Analyst Estimates (S&P Global) See Below
Italy Diversified Financial Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2.8%
Italy Market Average Dividend Yield Market Cap Weighted Average of 185 Stocks 4.3%
Italy Minimum Threshold Dividend Yield 10th Percentile 1.1%
Italy Bottom 25% Dividend Yield 25th Percentile 2.2%
Italy Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

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

BIT:BFF Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.49 3.00
2020-12-31 0.51 5.00
2019-12-31 0.45 4.00
BIT:BFF Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-11 0.539 10.718
2019-02-08 0.539 10.179
2018-04-10 0.492 9.902
2018-02-09 0.492 8.401

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

  • It is too early to tell whether Banca Farmafactoring has stable dividend payments.
  • Banca Farmafactoring only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Banca Farmafactoring's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess Banca Farmafactoring's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 Banca Farmafactoring afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Banca Farmafactoring has a total score of 3/6, see the detailed checks below.


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

BFF Management

 What is the CEO of Banca Farmafactoring'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
Massimiliano Belingheri
AGE 44
TENURE AS CEO 5.5 years
CEO Bio

Mr. Massimiliano Belingheri, also known as Max, serves as Chief Executive Officer at Banca Farmafactoring S.p.A. Mr. Belingheri has been Vice-Chairman of Supervisory Board at BFF Polska S.A. since January 2019. He served as an Executive Officer at Apax Partners LLP. He joined the Apax Partners LLP in 2001 and was a Partner at the Apax Partners LLP. He focused on financial and business services. He leads the financial services sector in Europe. He served as a Strategy Consultant at McKinsey & Company, advising financial services and energy companies. He also worked as an Associate in the mergers and acquisition department of Morgan Stanley International. He serves as a Director of Psagot and Farmafactoring S.p.A. He served as a Director on the Board of Azimut. He served as a Director of Azimut Holding Spa. He has been an Executive Director at Banca Farmafactoring S.p.A. since November 4, 2015. Mr. Belingheri holds a Degree, summa cum laude, in Public Sector Economics and Management and a Laurea in Economia in Government, Business & Economics from Universita Commerciale “Bocconi”, Milan and an M.B.A. with high distinction (Baker Scholar) from the Harvard University.

CEO Compensation
  • Insufficient data for Massimiliano to compare compensation growth.
  • Insufficient data for Massimiliano to establish whether their remuneration is reasonable compared to companies of similar size in Italy.
Management Team

Massimiliano Belingheri

TITLE
CEO & Director
AGE
44
TENURE
5.5 yrs

Carlo Zanni

TITLE
Financial Reporting Officer

Marina Corsi

TITLE
Head of Internal Audit
Board of Directors Tenure

Average tenure and age of the Banca Farmafactoring board of directors in years:

1.2
Average Tenure
54.5
Average Age
  • The average tenure for the Banca Farmafactoring board of directors is less than 3 years, this suggests a new board.
Board of Directors

Salvatore Messina

TITLE
Chairman of the Board
AGE
72
TENURE
6.4 yrs

Massimiliano Belingheri

TITLE
CEO & Director
AGE
44

Luigi Sbrozzi

TITLE
Vice Chairman
AGE
36

Federico Fornari Luswergh

TITLE
Non-Executive Director
AGE
54

Gabriele Michaela Aumann

TITLE
Independent Non-Executive Director
AGE
65
TENURE
4.4 yrs

Carlo Paris

TITLE
Non Executive Director
AGE
62
TENURE
1.2 yrs

Barbara Poggiali

TITLE
Non Executive Director
AGE
55
TENURE
1.2 yrs

Paola Carrara

TITLE
Chairman of the Board of Statutory Auditors
AGE
42
TENURE
1.2 yrs

Ben Langworthy

TITLE
Non-Executive Director
AGE
40

Isabel Aguilera

TITLE
Non Executive Director
AGE
58
TENURE
1.2 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 (€)
03. Apr 19 Sell Centerbridge Partners, L.P. Company 29. Mar 19 29. Mar 19 -22,000,000 €5.42 €-119,240,005
X
Management checks
We assess Banca Farmafactoring'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. Banca Farmafactoring 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.

BFF News

Simply Wall St News

What Should We Expect From Banca Farmafactoring S.p.A.'s (BIT:BFF) Earnings In The Next Couple Of Years?

In December 2018, Banca Farmafactoring S.p.A. … (BIT:BFF) announced its latest earnings update, whicha

Simply Wall St -

Imagine Owning Banca Farmafactoring And Wondering If The 11% Share Price Slide Is Justified

One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … Even though the Banca Farmafactoring share price is down over the year, its EPS actually improved. … We don't see any weakness in the Banca Farmafactoring's dividend so the steady payout can't really explain the share price drop.

Simply Wall St -

Have Insiders Been Buying Banca Farmafactoring S.p.A. (BIT:BFF) Shares?

We often see insiders buying up shares in companies that perform well over the long term. … So shareholders might well want to know whether insiders have been buying or selling shares in Banca Farmafactoring S.p.A. … The Last 12 Months Of Insider Transactions At Banca Farmafactoring.

Simply Wall St -

Is Banca Farmafactoring S.p.A. (BIT:BFF) A Smart Pick For Income Investors?

Dividends play a key role in compounding returns over time and can form a large part of our portfolio return. … Banca Farmafactoring S.p.A. … Let's dig deeper into whether Banca Farmafactoring should have a place in your portfolio.

Simply Wall St -

Banca Farmafactoring SpA (BIT:BFF): Will The Growth Last?

As Banca Farmafactoring SpA (BIT:BFF) announced its earnings release on 30 September 2018, … the consensus outlook from analysts appear fairly confident, … the past 5-year average growth rate of 4.5%.

Simply Wall St -

Future Outlook Of The Financial Industry And Banca Farmafactoring SpA (BIT:BFF)

operates in the financial services industry, … However, more recently, poor management decisions, such as those involved in subprime loans and derivatives, significantly raised operating risk, limiting the industry's investment suitability to those who are less risk averse … Financial services analysts are forecasting for the entire industry,

Simply Wall St -

Banca Farmafactoring SpA (BIT:BFF): Poised For Long Term Success?

In March 2018, Banca Farmafactoring SpA (BIT:BFF) announced its earnings update. … with profits predicted to increase by 17.20% next year … the past 5-year average growth rate of 7.20%

Simply Wall St -

Should You Be Tempted To Buy Banca Farmafactoring SpA (BIT:BFF) At Its Current PE Ratio?

and want to better understand how you can grow your money by investing in Banca Farmafactoring SpA (BIT:BFF). … Banca Farmafactoring SpA (BIT:BFF) trades with a trailing P/E of 10.5x, which is lower than the industry average of 10.9x. … While this makes BFF 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 -

Are Insiders Too Confident In Banca Farmafactoring Sp.A. (BIT:BFF)?

Banca Farmafactoring is one of Italy’s small-cap stocks that saw some insider buying over the past three months, with insiders investing in 137,550 shares during this period. … This means, if insiders believe shares were heavily undervalued recently, this would provide a prime opportunity to buy more irrespective of its growth outlook. … Next Steps: Banca Farmafactoring’s net buying tells us the stock is in favour with some insiders, which is coherent with the positive growth in expected earnings, although the share price has not moved significantly to warrant reassessment of mispricing.

Simply Wall St -

Is Banca Farmafactoring Sp.A. (BIT:BFF) A Financial Leader?

View our latest analysis for Banca Farmafactoring What’s the catalyst for Banca Farmafactoring's sector growth? … In terms of returns, Banca Farmafactoring generated 26.25% in the past year, which is 13.21% over the diversified financial services sector. … Next Steps: Banca Farmafactoring's future growth prospect aligns with that of the broader market and it is trading in-line with its peers.

Simply Wall St -

BFF Company Info

Description

Banca Farmafactoring S.p.A., together with its subsidiaries, operates in the factoring industry in Italy, Spain, Portugal, Poland, the Czech Republic, Croatia, the Slovak Republic, and Greece. The company engages in the management and non-recourse sale of trade receivables due from public administrations and national healthcare systems. It provides financial and management support services to companies operating primarily in the pharmaceutical and biomedical sectors. The company also offers online deposit accounts to retail and corporate customers in Italy, Spain, and Germany. In addition, it purchases tax receivables; and provides electronic invoicing services, as well as legal assistance in credit collection for suppliers of the public administrations and national health services. Banca Farmafactoring S.p.A. was incorporated in 1985 and is headquartered in Milan, Italy.

Details
Name: Banca Farmafactoring S.p.A.
BFF
Exchange: BIT
Founded: 1985
€840,650,808
170,344,642
Website: http://it.bffgroup.com
Address: Banca Farmafactoring S.p.A.
Via Domenichino 5,
Milan,
Milan, 20149,
Italy
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BIT BFF Ordinary Shares Borsa Italiana IT EUR 07. Apr 2017
DB 2BF Ordinary Shares Deutsche Boerse AG DE EUR 07. Apr 2017
LSE 0RON Ordinary Shares London Stock Exchange GB EUR 07. Apr 2017
Number of employees
Current staff
Staff numbers
462
Banca Farmafactoring employees.
Industry
Specialized Finance
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 22:27
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/03
Last earnings filing: 2019/05/10
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.