illimity Bank (BIT:ILTY) - Share price, News & Analysis

ILTY fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	5/6
Past Performance	5/6
Financial Health	4/6
Dividends	0/6

ILTY Stock Overview

illimity Bank S.p.A. provides private banking, and investment and trading services in Italy.

Rewards

Price-To-Earnings ratio (12.3x) is below the Italian market (17.8x)

Earnings are forecast to grow 34.81% per year

Earnings grew by 74.9% over the past year

Risk Analysis

Shareholders have been diluted in the past year

illimity Bank Competitors

Price History & Performance

Summary of all time highs, changes and price drops for illimity Bank
Historical stock prices
Current Share Price	€10.62
52 Week High	€14.25
52 Week Low	€10.04
Beta	1.06
1 Month Change	-8.68%
3 Month Change	-9.23%
1 Year Change	-11.20%
3 Year Change	19.60%
5 Year Change	n/a
Change since IPO	45.48%

Shareholder Returns

	ILTY	IT Diversified Financial	IT Market
7D	1.5%	2.4%	1.1%
1Y	-11.2%	-12.0%	-15.6%

Return vs Industry: ILTY exceeded the Italian Diversified Financial industry which returned -13.4% over the past year.

Return vs Market: ILTY exceeded the Italian Market which returned -17.2% over the past year.

Price Volatility

Is ILTY's price volatile compared to industry and market?
ILTY volatility
ILTY Average Weekly Movement	4.1%
Diversified Financial Industry Average Movement	4.5%
Market Average Movement	5.1%
10% most volatile stocks in IT Market	7.1%
10% least volatile stocks in IT Market	3.3%

Stable Share Price: ILTY is less volatile than 75% of Italian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: ILTY's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
n/a	765	Corrado Passera	https://www.illimity.com

illimity Bank S.p.A. provides private banking, and investment and trading services in Italy. The company operates through Growth Credit, Distressed Credit, and Direct Banking divisions. The Growth Credit division is involved in the financing of the supply chains of the operators of Italian chains and industrial districts through the activity of recourse and non-recourse purchasing of customers' trade receivables; and financing to businesses; and financing solutions for acquisition activities.

illimity Bank Fundamentals Summary

How do illimity Bank's earnings and revenue compare to its market cap?
ILTY fundamental statistics
Market Cap	€842.56m
Earnings (TTM)	€68.46m
Revenue (TTM)	€245.32m

12.3x

P/E Ratio

3.4x

P/S Ratio

Is ILTY overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
ILTY income statement (TTM)
Revenue	€245.32m
Cost of Revenue	€0
Gross Profit	€245.32m
Other Expenses	€176.87m
Earnings	€68.46m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 02, 2022

Earnings per share (EPS)	0.86
Gross Margin	100.00%
Net Profit Margin	27.90%
Debt/Equity Ratio	118.2%

How did ILTY perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is ILTY undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ILTY?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for ILTY. This is calculated by dividing ILTY's market cap by their current preferred multiple.
What is ILTY's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€842.56m

ILTY key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	0.4x

Price to Earnings Ratio vs Peers

How does ILTY's PE Ratio compare to its peers?

ILTY PE Ratio vs Peers

The above table shows the PE ratio for ILTY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	29.1x

Forward PE

Price-To-Earnings vs Peers: ILTY is good value based on its Price-To-Earnings Ratio (12.3x) compared to the peer average (29.1x).

Price to Earnings Ratio vs Industry

How does ILTY's PE Ratio compare vs other companies in the Diversified Financial Industry?

Price-To-Earnings vs Industry: ILTY is expensive based on its Price-To-Earnings Ratio (12.3x) compared to the Italian Diversified Financial industry average (12.1x)

Price to Earnings Ratio vs Fair Ratio

What is ILTY's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ILTY PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	12.3x
Fair PE Ratio	27.7x

Price-To-Earnings vs Fair Ratio: ILTY is good value based on its Price-To-Earnings Ratio (12.3x) compared to the estimated Fair Price-To-Earnings Ratio (27.7x).

Share Price vs Fair Value

What is the Fair Price of ILTY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ILTY (€10.62) is trading above our estimate of fair value (€7.12)

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

Price to Earnings Growth Ratio

PEG Ratio: ILTY is good value based on its PEG Ratio (0.4x)

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Future Growth

How is illimity Bank forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

34.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ILTY's forecast earnings growth (34.8% per year) is above the savings rate (1.7%).

Earnings vs Market: ILTY's earnings (34.8% per year) are forecast to grow faster than the Italian market (10.2% per year).

High Growth Earnings: ILTY's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ILTY's revenue (25.8% per year) is forecast to grow faster than the Italian market (0.3% per year).

High Growth Revenue: ILTY's revenue (25.8% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: ILTY's Return on Equity is forecast to be low in 3 years time (19.3%).

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Past Performance

How has illimity Bank performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

71.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ILTY has high quality earnings.

Growing Profit Margin: ILTY's current net profit margins (27.9%) are higher than last year (20.8%).

Past Earnings Growth Analysis

Earnings Trend: ILTY's earnings have grown significantly by 71.7% per year over the past 5 years.

Accelerating Growth: ILTY's earnings growth over the past year (74.9%) exceeds its 5-year average (71.7% per year).

Earnings vs Industry: ILTY earnings growth over the past year (74.9%) exceeded the Diversified Financial industry 40%.

Return on Equity

High ROE: ILTY's Return on Equity (8.8%) is considered low.

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Financial Health

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

Financial Health Score

4/6

Financial Health Score 4/6

Asset Level
Allowance for Bad Loans
Low Risk Liabilities
Loan Level
Low Risk Deposits
Level of Bad Loans

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: ILTY's Assets to Equity ratio (6.3x) is low.

Allowance for Bad Loans: ILTY has a low allowance for bad loans (45%).

Low Risk Liabilities: 74% of ILTY's liabilities are made up of primarily low risk sources of funding.

Loan Level: ILTY has an appropriate level of Loans to Assets ratio (64%).

Low Risk Deposits: ILTY's Loans to Deposits ratio (103%) is appropriate.

Level of Bad Loans: ILTY has a high level of bad loans (30.7%).

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Dividend

What is illimity Bank current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

4.23%

Forecast Dividend Yield

Dividend Yield vs Market

Notable Dividend: Unable to evaluate ILTY's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate ILTY's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if ILTY's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if ILTY's dividend payments have been increasing.

Current Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of ILTY's dividend in 3 years as they are not forecast to pay a notable one for the Italian market.

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Management

How experienced are the management team and are they aligned to shareholders interests?

1.3yrs

Average board tenure

CEO

Corrado Passera

no data

Tenure

Mr. Corrado Passera serves as Chief Executive Officer and Director of illimity Bank SpA (formerly known as Banca Interprovinciale SpA).

Board Members

Experienced Board: ILTY's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.

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.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 7.9%.

Data	Last Updated (UTC time)
Company Analysis	2022/06/24 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31