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Intesa Sanpaolo ADR ISNPY

Morningstar Rating
$18.78 +0.26 (1.40%)
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Company Report

Intesa Sanpaolo Earnings: In Contrast to Peers, Guidance Is for Higher Net Interest Income

No-moat Intesa Sanpaolo reported a net profit of EUR 7.7 billion for fiscal 2023, slightly below our EUR 7.9 billion estimate, with wage inflation driving operating expense growth ahead of our expectations. Intesa slightly increased its net profit guidance for 2024 and 2025, and guidance is also slightly ahead of our expectations. Management came across as confident that it can keep growing net interest income. In sharp contrast to some of its peers, Intesa believes it can keep a lid on the cost of deposits while its hedging program will also shelter it from the initial expected decrease in interest rates. Even in the event of a sharp decline in interest rates, Intesa believes it can make up for lower net interest income by migrating deposits into its asset-management and life insurance operations.

Price vs Fair Value

ISNPY is trading at a 478% premium.
Price
$18.78
Fair Value
$1.34
Uncertainty
High
1-Star Price
$7.13
5-Star Price
$3.37
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Low-cost retail deposits comprise the bulk of Intesa's funding, which supports above-average profitability.

Bears

The recent improvement in Intesa's profitability is almost exclusively due to higher interest rates; historically, it did not outearn its cost of capital.

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News

Trading Information

Previous Close Price
$18.52
Day Range
$18.7218.84
52-Week Range
$13.6418.87
Bid/Ask
$18.65 / $18.86
Market Cap
$57.14 Bil
Volume/Avg
107,426 / 148,276

Key Statistics

Price/Earnings (Normalized)
6.01
Price/Sales
2.13
Dividend Yield (Trailing)
8.08%
Dividend Yield (Forward)
8.08%
Total Yield
14.95%

Company Profile

Intesa Sanpaolo is an Italian banking group resulting from the merger of Banca Intesa and Sanpaolo IMI in 2007. Italy still accounts for by far the most of its earnings. Still, Intesa also has a growing international presence, focusing on some smaller countries in Central and Eastern Europe. Intesa has an enviable market position in the Italian savings market that it services through its private banking, asset management and life insurance operations, which accounts for around 25% of its revenue. While Intesa does have a sizable corporate banking business, it has limited exposure to securities trading and underwriting.
Sector
Financial Services
Industry
Banks - Regional
Stock Style Box
Large Core
Total Number of Employees
94,194

Competitors

Valuation

Metric
ISNPY
BNP
ACA
Price/Earnings (Normalized)
6.018.545.88
Price/Book Value
0.920.560.28
Price/Sales
2.131.081.59
Price/Cash Flow
4.613.151.67
Price/Earnings
ISNPY
BNP
ACA

Financial Strength

Metric
ISNPY
BNP
ACA
Quick Ratio
Current Ratio
Interest Coverage
Quick Ratio
No chart available

Profitability

Metric
ISNPY
BNP
ACA
Return on Assets (Normalized)
0.76%0.32%0.24%
Return on Equity (Normalized)
13.45%7.32%5.67%
Return on Invested Capital (Normalized)
Return on Assets
ISNPY
BNP
ACA
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Economic Moat
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BBD
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DB
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