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Banca Sistema

Loan growth and ROE are positive features

Update | Financials | 13 Nov 2017

Banca Sistema’s (BST) Q3 results showed continued growth in its main trade receivables financing and salary and pension-backed loan activities. Reported profits were augmented by a higher accrual rate for late payment interest but, excluding the element relating to prior years, BST still targets an ROAE of 20% for FY17. Given this and the potential for continued growth, the valuation in terms of price to book and multiples of our reduced earnings estimates appears very cautious.

Banca Sistema

Q2 shows further strength in factoring turnover

Update | Financials | 04 Aug 2017

Banca Sistema’s first half figures confirmed further strength in factoring turnover and overall loans outstanding. Market conditions for factoring in Italy remain favourable and salary and pension-backed lending continues to offer good opportunities with the potential for a lower capital burden subject to regulatory discussions. Banca Sistema still trades on modest multiples, but continued growth in the loan book combined with success in delivering a return on equity of over 20% should provide the basis for a rerating.

Banca Sistema

Growing speciality finance provider

Initiation | Financials | 08 May 2017

Banca Sistema's (BST) main activity is financing trade receivables from the Italian public sector. It also purchases commercial receivables and has a growing salary and pension backed loan business. It aspires to be the leading independent speciality finance provider in Italy. A modest valuation, capital headroom, potential for increased penetration of public sector factoring in Italy, market share gains for BST and the development of diversifying businesses combine to make an appealing investment proposition.