OTCPK:BPPU.F

Stock Analysis Report

Unione di Banche Italiane

Executive Summary

Unione di Banche Italiane S.p.A., together with subsidiaries, provides banking products and services for retail, private banking, corporate, and institutional customers in Italy and internationally.

Snowflake

Fundamentals

Good value average dividend payer.


Similar Companies

Share Price & News

How has Unione di Banche Italiane's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0%

BPPU.F

1.4%

US Banks

1.0%

US Market


1 Year Return

n/a

BPPU.F

0.2%

US Banks

6.7%

US Market

Return vs Industry: Insufficient data to determine how BPPU.F performed against the US Banks industry.

Return vs Market: Insufficient data to determine how BPPU.F performed against the US Market.


Share holder returns

BPPU.FIndustryMarket
7 Day0%1.4%1.0%
30 Day0%-2.6%-1.8%
90 Dayn/a0.8%-1.8%
1 Yearn/a3.1%0.2%9.1%6.7%
3 Yearn/a52.0%41.5%46.1%36.6%
5 Yearn/a69.7%51.2%66.9%48.6%

Price Volatility Vs. Market

How volatile is Unione di Banche Italiane's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Unione di Banche Italiane undervalued based on future cash flows and its price relative to the stock market?

11.01x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Undervalued: BPPU.F ($2.54) is trading above our estimate of fair value ($0.88)

Significantly Undervalued: BPPU.F is trading above our estimate of fair value.


Price Based on Earnings

PE vs Industry: BPPU.F is good value based on its PE Ratio (11x) compared to the Banks industry average (12.5x).

PE vs Market: BPPU.F is good value based on its PE Ratio (11x) compared to the US market (17.5x).


Price Based on Expected Growth

Low PEG Ratio: BPPU.F is good value based on its PEG Ratio (0.7x)


Price Based on Value of Assets

PB vs Industry: BPPU.F is good value based on its PB Ratio (0.3x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Unione di Banche Italiane expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

16.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Earnings vs Savings Rate: BPPU.F's forecast earnings growth (16.4% per year) is above the savings rate (2.7%).

Earnings vs Market: BPPU.F's earnings (16.4% per year) are forecast to grow faster than the US market (14.5% per year).

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

Revenue vs Market: BPPU.F's revenue (2.5% per year) is forecast to grow slower than the US market (7.3% per year).

High Growth Revenue: BPPU.F's revenue (2.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Estimates


Future Return on Equity

High Future ROE: BPPU.F's Return on Equity is forecast to be low in 3 years time (5.7%).


Next Steps

Past Performance

How has Unione di Banche Italiane performed over the past 5 years?

34.9%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: BPPU.F's earnings have grown significantly by 34.9% per year over the past 5 years.

Accelerating Growth: BPPU.F's earnings growth over the past year (36.9%) exceeds its 5-year average (34.9% per year).

Earnings vs Industry: BPPU.F earnings growth over the past year (36.9%) exceeded the Banks industry 31.8%.


Return on Equity

High ROE: BPPU.F's Return on Equity (4%) is considered low.


Return on Assets

ROA vs Industry: BPPU.F's Return on Assets is below or equal to the Banks industry average last year.


Return on Capital Employed

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


Next Steps

Financial Health

How is Unione di Banche Italiane'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: BPPU.F has a low level of unsold assets or inventory.

Debt Coverage by Assets: BPPU.F's debt is not covered by short term assets (assets are 0.3x debt).


Financial Institutions Analysis

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

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

Low Risk Liabilities: BPPU.F's liabilities are made up of primarily low risk sources of funding.

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

Low Risk Deposits: BPPU.F has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: BPPU.F has a high level of bad loans (9.28%)


Next Steps

Dividend

What is Unione di Banche Italiane's current dividend yield, its reliability and sustainability?

5.46%

Expected Dividend Yield


Dividend Yield vs Market

company4.4%marketbottom25%1.5%markettop25%3.8%industryaverage2.5%forecastin3Years5.5%

Current dividend yield vs market & industry


Dividend Yield and Payments Analysis

Notable Dividend: BPPU.F's dividend (4.38%) is higher than the bottom 25% of dividend payers in the US market (1.46%).

High Dividend: BPPU.F's dividend (4.38%) is in the top 25% of dividend payers in the US market (3.77%)

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

Growing Dividend: BPPU.F's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (48.2%), BPPU.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BPPU.F's dividends in 3 years are forecast to be well covered by earnings (35.2% payout ratio).


Next Steps

Management

What is the CEO of Unione di Banche Italiane's salary, the management and board of directors tenure and is there insider trading?

9.3yrs

Average management tenure


CEO

Victor Massiah (60yo)

10.8yrs

Tenure

€2,038,600

Compensation

Mr. Victor Massiah has been the Chief Executive Officer of Unione di Banche Italiane S.p.A. since December 01, 2008 and its General Manager since June 01, 2015 and Director since April 12, 2019. Mr. Massia ...


CEO Compensation Analysis

Compensation vs. Market: Insufficient data to establish whether Victor's total compensation is reasonable compared to companies of similar size in the US market.

Compensation vs Earnings: Victor's compensation has increased by more than 20% in the past year.


Management Age and Tenure

9.3yrs

Average Tenure

63yo

Average Age

Experienced Management: BPPU.F's management team is seasoned and experienced (9.3 years average tenure).


Board Age and Tenure

0.5yrs

Average Tenure

57yo

Average Age

Experienced Board: BPPU.F's board of directors are not considered experienced ( 0.5 years average tenure), which suggests a new board.


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

  • Letizia Maria Brichetto Moratti (70yo)

    Chairwoman of the Board

    • Tenure: 0.5yrs
    • Compensation: €495.00k
  • Victor Massiah (60yo)

    CEO, GM & Director

    • Tenure: 10.8yrs
    • Compensation: €2.04m
  • Gian Toffetti (73yo)

    Head of Administration and Depository Bank Macro Area

    • Tenure: 0yrs
  • Pierangelo Rigamonti (66yo)

    Operational Chairman of UBI Sistemi e Servizi

    • Tenure: 0yrs
    • Compensation: €412.37k
  • Elvio Sonnino (59yo)

    Senior Deputy GM & COO

    • Tenure: 7.8yrs
    • Compensation: €1.05m
  • Rossella Leidi (55yo)

    Deputy GM and Chief Wealth & Welfare Officer

    • Tenure: 12.8yrs
    • Compensation: €564.61k
  • Laura Ferraris

    Head of Investor Relations

    • Tenure: 0yrs
  • Frederik Geertman

    Deputy GM & Chief Commercial Officer

    • Tenure: 3.2yrs
    • Compensation: €782.54k
  • Sergio Passoni

    Head of International Activities

    • Tenure: 0yrs

Board Members

  • Letizia Maria Brichetto Moratti (70yo)

    Chairwoman of the Board

    • Tenure: 0.5yrs
    • Compensation: €495.00k
  • Emilio Zanetti (88yo)

    Honorary Chairman

    • Tenure: 0yrs
    • Compensation: €1.83m
  • Roberto Nicastro (55yo)

    Deputy Chairman of the Board

    • Tenure: 0.5yrs
  • Gino Trombi

    Honorary Chairman

    • Tenure: 0yrs
    • Compensation: €459.50k
  • Victor Massiah (60yo)

    CEO, GM & Director

    • Tenure: 10.8yrs
    • Compensation: €2.04m
  • Pietro Gussalli Beretta (57yo)

    Director

    • Tenure: 0.5yrs
    • Compensation: €145.00k
  • Silvia Fidanza (45yo)

    Director

    • Tenure: 0.5yrs
    • Compensation: €120.00k
  • Letizia Bellini Cavalletti (57yo)

    Director

    • Tenure: 0.5yrs
    • Compensation: €125.00k
  • Paolo Boccardelli

    Director

    • Tenure: 0.5yrs
  • Alessandro Zannini (54yo)

    Director

    • Tenure: 0.8yrs

Company Information

Unione di Banche Italiane S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Unione di Banche Italiane S.p.A.
  • Ticker: BPPU.F
  • Exchange: OTCPK
  • Founded: 1869
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €3.112b
  • Listing Market Cap: €3.439b
  • Shares outstanding: 1.14b
  • Website: https://www.ubibanca.it

Number of Employees


Location

  • Unione di Banche Italiane S.p.A.
  • Piazza Vittorio Veneto, 8
  • Bergamo
  • Bergamo
  • 24122
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BPPU.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJul 2003
UBIBIT (Borsa Italiana)YesOrdinary SharesITEURJul 2003
BPDDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJul 2003
0LBNLSE (London Stock Exchange)YesOrdinary SharesGBEURJul 2003
UBIMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJul 2003
UBIWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJul 2003

Biography

Unione di Banche Italiane S.p.A., together with subsidiaries, provides banking products and services for retail, private banking, corporate, and institutional customers in Italy and internationally. The co ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 01:48
End of Day Share Price2019/08/06 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.

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