OTCPK:CDEF.F

Stock Analysis Report

Executive Summary

Credito Emiliano S.p.A., together with its subsidiaries, provides various banking services to retail and corporate customers primarily in Italy.

Snowflake

Fundamentals

6 star dividend payer with adequate balance sheet.


Similar Companies

Share Price & News

How has Credito Emiliano's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

9.4%

CDEF.F

4.1%

US Banks

1.0%

US Market


1 Year Return

n/a

CDEF.F

7.2%

US Banks

8.0%

US Market

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

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


Shareholder returns

CDEF.FIndustryMarket
7 Day9.4%4.1%1.0%
30 Day11.8%2.8%-0.07%
90 Dayn/a2.9%-1.0%
1 Yearn/a10.3%7.2%10.4%8.0%
3 Yearn/a53.9%43.3%46.2%36.7%
5 Yearn/a71.9%53.1%64.3%46.2%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

Is Credito Emiliano undervalued compared to its fair value and its price relative to the market?

8.97x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: CDEF.F ($5.8) is trading above our estimate of fair value ($3.07)

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


Price To Earnings Ratio

PE vs Industry: CDEF.F is good value based on its PE Ratio (9x) compared to the Banks industry average (12.6x).

PE vs Market: CDEF.F is good value based on its PE Ratio (9x) compared to the US market (17.6x).


Price to Earnings Growth Ratio

PEG Ratio: CDEF.F's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: CDEF.F is good value based on its PB Ratio (0.6x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Credito Emiliano forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

-0.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CDEF.F's earnings are forecast to decline over the next 3 years (-0.2% per year).

Earnings vs Market: CDEF.F's earnings are forecast to decline over the next 3 years (-0.2% per year).

High Growth Earnings: CDEF.F's earnings are forecast to decline over the next 3 years.

Revenue vs Market: CDEF.F's revenue (2.3% per year) is forecast to grow slower than the US market (7.2% per year).

High Growth Revenue: CDEF.F's revenue (2.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CDEF.F's Return on Equity is forecast to be low in 3 years time (6.3%).


Next Steps

Past Performance

How has Credito Emiliano performed over the past 5 years?

5.2%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: CDEF.F's earnings have grown by 5.2% per year over the past 5 years.

Accelerating Growth: CDEF.F's earnings growth over the past year (7.1%) exceeds its 5-year average (5.2% per year).

Earnings vs Industry: CDEF.F earnings growth over the past year (7.1%) underperformed the Banks industry 30.1%.


Return on Equity

High ROE: CDEF.F's Return on Equity (7.1%) is considered low.


Return on Assets

ROA vs Industry: CDEF.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 CDEF.F's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is Credito Emiliano'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: CDEF.F has a low level of unsold assets or inventory.

Debt Coverage by Assets: CDEF.F's debt is not covered by short term assets (assets are 0.2x debt).


Financial Institutions Analysis

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

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

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

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

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

Level of Bad Loans: CDEF.F has a high level of bad loans (4.02%)


Next Steps

Dividend

What is Credito Emiliano's current dividend yield, its reliability and sustainability?

3.82%

Current Dividend Yield


Dividend Yield vs Market

company3.8%marketbottom25%1.4%markettop25%3.7%industryaverage3.0%forecastin3Years4.1%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: CDEF.F's dividend (3.82%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: CDEF.F's dividend (3.82%) is in the top 25% of dividend payers in the US market (3.68%)

Stable Dividend: CDEF.F's dividends per share have been stable in the past 10 years.

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (34.3%), CDEF.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CDEF.F's dividends in 3 years are forecast to be well covered by earnings (39.4% payout ratio).


Next Steps

Management

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

7.5yrs

Average board tenure


CEO

Nazzareno Gregori 0

0yrs

Tenure

€541,000

Compensation

Mr. Nazzareno Gregori has been General Manager of Credito Emiliano S.p.A. since August 31, 2016. Mr. Gregori served as a Deputy General Manager of Credito Emiliano S.p.A. until August 31, 2016. Mr. Gregori ...


CEO Compensation Analysis

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

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


Board Age and Tenure

7.5yrs

Average Tenure

62yo

Average Age

Experienced Board: CDEF.F's board of directors are considered experienced (7.5 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 Pilastri

    Deputy General Manager

    • Tenure: 0yrs
  • Nazzareno Gregori

    General Manager

    • Tenure: 0yrs
    • Compensation: €541.00k
  • Angelo Campani

    Joint General Manager

    • Tenure: 0yrs
    • Compensation: €541.00k
  • Stefano Morellini

    Deputy General Manager

    • Tenure: 0yrs
  • Ottorino Righetti

    Secretary

    • Tenure: 0yrs
  • Benedetta Levi

    Head of IR

    • Tenure: 0yrs

Board Members

  • Enrico Corradi (63yo)

    Deputy Chairman of the Board

    • Tenure: 1.5yrs
    • Compensation: €69.80k
  • Lucio Zanon di Valgiurata (63yo)

    Chairman of the Board

    • Tenure: 1.5yrs
    • Compensation: €61.40k
  • Benedetto Maria Renda (68yo)

    Director

    • Tenure: 19.1yrs
    • Compensation: €42.00k
  • Giorgio Ferrari (86yo)

    Director

    • Tenure: 0yrs
    • Compensation: €221.50k
  • Giovanni Viani (58yo)

    Director

    • Tenure: 13.5yrs
    • Compensation: €41.50k
  • Luigi Maramotti (62yo)

    Deputy Chairman of the Board

    • Tenure: 0yrs
    • Compensation: €16.70k
  • Giorgia Fontanesi (48yo)

    Director

    • Tenure: 7.5yrs
    • Compensation: €44.00k
  • Paola Maria Schwizer (54yo)

    Independent Director

    • Tenure: 7.5yrs
    • Compensation: €61.30k
  • Ernestina Morstofolini (60yo)

    Independent Director

    • Tenure: 5.8yrs
    • Compensation: €52.80k
  • Anna Allievi

    Chairman of Statutory Auditors Board

    • Tenure: 0yrs

Company Information

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


Key Information

  • Name: Credito Emiliano S.p.A.
  • Ticker: CDEF.F
  • Exchange: OTCPK
  • Founded: 1910
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: €1.734b
  • Listing Market Cap: €1.932b
  • Shares outstanding: 331.61m
  • Website: https://www.credem.it

Number of Employees


Location

  • Credito Emiliano S.p.A.
  • Via Emilia San Pietro no. 4
  • Reggio Emilia
  • Reggio Emilia
  • 42100
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CDEF.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1998
CEBIT (Borsa Italiana)YesOrdinary SharesITEURJan 1998
0K93LSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1998
CEMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1998

Biography

Credito Emiliano S.p.A., together with its subsidiaries, provides various banking services to retail and corporate customers primarily in Italy. The company operates through Commercial Banking, Asset Manag ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/21 23:52
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.