BANCA SISTEMA S.P.A. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1.398 EUR | -4.38% |
|
-1.13% | +16.50% |
| Apr. 24 | Gianluca Garbi appointed chief executive officer of Banca Sistema | AN |
| Apr. 24 | Mib cautiously active; STM uptrend continues. | AN |
Valuation
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 115.5 | 148.4 | 136.1 | 169.3 | 122.6 | 112.2 | 112.2 | - |
| Enterprise Value (EV) 1 | 115.5 | 148.4 | 136.1 | 169.3 | 122.6 | 96.3 | 112.2 | 112.2 |
| P/E ratio | 4.25 x | 4.99 x | 5.28 x | 7.28 x | 5.56 x | 7.24 x | 7.42 x | 5.61 x |
| Yield | 6.05% | 5.03% | 4.72% | 3.42% | - | 3.51% | 4.43% | 5.04% |
| Capitalization / Revenue | 1.27 x | 1.47 x | 1.34 x | 1.73 x | 1.16 x | 0.93 x | 1.1 x | 1 x |
| EV / Revenue | 1.27 x | 1.47 x | 1.34 x | 1.73 x | 1.16 x | 0.93 x | 1.1 x | 1 x |
| EV / EBITDA | - | - | - | - | - | - | - | - |
| EV / FCF | - | - | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - | - | - |
| Price to Book | 0.76 x | 0.84 x | 0.69 x | 0.66 x | 0.5 x | 0.43 x | 0.41 x | 0.39 x |
| Nbr of stocks (in thousands) | 80,351 | 80,316 | 80,252 | 80,421 | 80,140 | 80,253 | 80,253 | - |
| Reference price 2 | 1.438 | 1.848 | 1.696 | 2.105 | 1.530 | 1.398 | 1.398 | 1.398 |
| Announcement Date | 2/8/19 | 2/6/20 | 2/10/21 | 2/10/22 | 2/10/23 | 2/9/24 | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 91.08 | 100.9 | 101.5 | 97.62 | 105.9 | 103.5 | 101.8 | 112.2 |
| EBITDA | - | - | - | - | - | - | - | - |
| EBIT 1 | 48.88 | 50.41 | 46.2 | 45.08 | 46.17 | 30.2 | 33.16 | 43.2 |
| Operating Margin | 53.67% | 49.96% | 45.52% | 46.19% | 43.58% | 29.18% | 32.57% | 38.52% |
| Earnings before Tax (EBT) 1 | 42.08 | 41.35 | 36.3 | 34.46 | 33.17 | 25.7 | 24.42 | 32.49 |
| Net income 1 | 27.17 | 29.72 | 25.8 | 23.25 | 22.03 | 16.5 | 16.29 | 21.36 |
| Net margin | 29.83% | 29.45% | 25.42% | 23.82% | 20.8% | 15.94% | 16% | 19.04% |
| EPS 2 | 0.3381 | 0.3702 | 0.3210 | 0.2890 | 0.2750 | 0.1931 | 0.1883 | 0.2490 |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
| Dividend per Share 2 | 0.0870 | 0.0930 | 0.0800 | 0.0720 | - | 0.0490 | 0.0619 | 0.0705 |
| Announcement Date | 2/8/19 | 2/6/20 | 2/10/21 | 2/10/22 | 2/10/23 | 2/9/24 | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S1 | 2020 S1 | 2021 Q2 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 44.09 | 45.9 | 22.92 | 46.35 | 22.61 | 28.65 | 24.36 | 27.25 | 51.6 | 26.11 | 25 | 25.23 | 24.12 | 21.85 | 32.2 | 25.9 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 20.54 | 20.9 | 9.259 | 20.03 | 10.43 | 14.62 | 9.033 | 14.4 | 23.43 | 9.769 | 10.61 | 6.85 | 7.403 | 6.751 | 9 | 8.6 |
| Operating Margin | 46.58% | 45.53% | 40.39% | 43.22% | 46.15% | 51.02% | 37.09% | 52.85% | 45.41% | 37.42% | 42.45% | 27.15% | 30.69% | 30.89% | 27.95% | 33.2% |
| Earnings before Tax (EBT) 1 | 15.77 | 16.9 | 5.536 | 12.22 | 9.437 | 12.8 | 6.69 | 11.64 | 18.33 | 8.611 | 6.235 | 5.874 | 5.735 | 5.989 | 8.1 | 5.9 |
| Net income 1 | 11.17 | 12.1 | 3.936 | 8.49 | 6.29 | 8.471 | 4.383 | 7.822 | 12.2 | 5.63 | 4.199 | 3.719 | - | 3.891 | 5.2 | 3.8 |
| Net margin | 25.34% | 26.36% | 17.17% | 18.32% | 27.82% | 29.56% | 18% | 28.71% | 23.65% | 21.56% | 16.8% | 14.74% | - | 17.81% | 16.15% | 14.67% |
| EPS | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 7/31/19 | 7/31/20 | 7/30/21 | 7/30/21 | 10/29/21 | 2/10/22 | 5/11/22 | 7/29/22 | 7/29/22 | 11/12/22 | 2/10/23 | 5/12/23 | 8/29/23 | 11/13/23 | 2/9/24 | - |
1EUR in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Debt | - | - | - | - | - | - | - | - |
| Net Cash position | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 18.9% | 18% | - | 10.1% | 8.78% | 6.03% | 6.98% | 9.05% |
| ROA (Net income/ Total Assets) | - | - | - | - | - | - | - | - |
| Assets 1 | - | - | - | - | - | - | - | - |
| Book Value Per Share 2 | 1.900 | 2.200 | 2.470 | 3.180 | 3.070 | 3.250 | 3.370 | 3.610 |
| Cash Flow per Share | - | - | - | - | - | - | - | - |
| Capex | - | - | - | - | - | - | - | - |
| Capex / Sales | - | - | - | - | - | - | - | - |
| Announcement Date | 2/8/19 | 2/6/20 | 2/10/21 | 2/10/22 | 2/10/23 | 2/9/24 | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
1.398
EUR
Average target price
1.46
EUR
Spread / Average Target
+4.43%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +16.50% | 125M | |
| +18.94% | 210B | |
| +4.26% | 73.14B | |
| +8.41% | 54.82B | |
| +3.27% | 47.1B | |
| +25.00% | 44.81B | |
| +11.35% | 36.6B | |
| -16.09% | 35.14B | |
| -96.60% | 32.24B | |
| +7.28% | 25.23B |
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