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16.03.2018 - 12:12

Banca Sistema: FY17 result and a closer look at factoring income



Edison Investment Research Limited


Banca Sistema: FY17 result and a closer look at factoring income


16-March-2018 / 11:12 GMT/BST



London, UK, 16 March 2018



Edison issues outlook on Banca Sistema (BST)



Banca Sistema (BST) reported moderate earnings growth for FY17 with factoring income tempered by mix and price effects while SME loan interest contracted as the book is run off. Positives included strong growth in factoring turnover and pension and salary backed lending with benefits to flow through in FY18 and beyond. Capital ratios indicate good headroom for further growth. The shares are cautiously rated relative to peers and publication of the business plan expected in April is a potential positive catalyst.



Our estimates are reduced by 5-6%, but the valuation remains modest relative to peers and our ROE/COE valuation increases from EUR2.80 to EUR3.13, reflecting the net effect of the higher year-end NAV, and slightly lower cost of equity and return on equity assumptions (page 11).

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