Drucken
vwd group

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).

Click here to view the full report.



All reports published by Edison are available to download free of charge from its website
www.edisoninvestmentresearch.com



About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.



Edison is authorised and regulated by the Financial Conduct Authority.



Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.



For more information please contact Edison:



Andrew Mitchell, +44 (0)20 3681 2500
financials@edisongroup.com


Learn more at www.edisongroup.com and connect with Edison on:

LinkedIn https://www.linkedin.com/company/edison-investment-research

Twitter www.twitter.com/Edison_Inv_Res

YouTube www.youtube.com/edisonitv
















Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.





End of Announcement - EQS News Service



664995  16-March-2018 



fncls.ssp?fn=show_t_gif&application_id=664995&application_name=news&site_id=real_vwd

DGAP Corporate News

Zeit Meldung
09:10 DGAP-News: Ve-RI Equities Europe: Anteil französis
09:10 DGAP-News: STEICO SE Halbjahresergebnis: Rekord-Pr
09:00 Helvetica Property Investors AG: Helvetica Propert
09:00 Bade-Check: In diesen europäischen Ländern gibt es
09:00 DGAP-News: Scout24 AG gelingt vorzeitige Refinanzi
09:00 DGAP-News: RIB Software SE (RIB) unterzeichnet ein
08:34 DGAP-News: Monument Mining Ltd. veröffentlicht NI
08:30 DGAP-News: German Startups Group GmbH & Co. KGaA:
08:30 DGAP-News: artec technologies AG: Mit der künstlic
08:14 DGAP-News: home24 SE passt Umsatzschätzung für das


DGAP Corporate News (english)

Zeit Meldung
09:10 DGAP-News: STEICO SE half year figures: Record-bre
09:00 Helvetica Property Investors AG: Helvetica Propert
09:00 DGAP-News: Scout24 AG succeeds in early refinancin
09:00 DGAP-News: RIB Software SE (RIB) signs a Phase-II-
08:30 DGAP-News: German Startups Group GmbH & Co. KGaA:
08:30 DGAP-News: artec technologies AG: XENTAURIX Artifi
08:14 DGAP-News: home24 SE adjusts sales estimate for th
08:00 DGAP-News: Amadeus FiRe AG: Half-Yearly Financial
08:00 DGAP-News: Villeroy & Boch AG: Villeroy & Boch rem
07:30 DGAP-News: zooplus AG: Sales grow 24% to EUR 643 m
Werbung

Mehr Marktdaten und Kurse finden Sie auf www.finanztreff.de