Intesa Sanpaolo

ISP: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€4.10	Wdklx	Plqbfxpjx

Intesa Sanpaolo Resumes Coverage With a Fair Value Estimate of EUR 3.00 per Share

Johann Scholtz

Aug 25, 2023

We estimate that Intesa Sanpaolo has a fair value of EUR 3.00 per share, equal to 1.3 times Intesa's 2022 tangible book value and 8 times the EPS we estimate Intesa will record for 2023. We estimate that Intesa can generate a midcycle return on tangible equity of around 13%.

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