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Intesa Sanpaolo ISP

Rating as of

Morningstar’s Analysis

Valuation
Currency in EUR
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Intesa Sanpaolo: Higher FVE, Lower Uncertainty Rating and Exemplary Capital Allocation

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

We increase our fair value estimate for Intesa Sanpaolo to EUR 2.70/share from EUR 2.10/share previously. This is due to two factors. First, we reduce our estimate of Intesa's cost of equity to 11% from 13% previously and second, we now believe near-term loan losses are going to be less than we initially feared. Under our new capital allocation methodology, we award Intesa an Exemplary rating. We also believe there is now less uncertainty around our valuation and we now have a high uncertainty rating in place, compared with very high previously. However, we still do not believe Intesa enjoys the benefit of an economic moat. 

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Company Profile

Business Description

Intesa Sanpaolo is an Italian banking group resulting from the merger of Banca Intesa and Sanpaolo IMI, based in Turin. It has clear leadership in the Italian market and a minor but growing international presence focused on Central and Eastern Europe, the Middle East, and North Africa.

Contact
Piazza San Carlo, 156
Torino, 10121, Italy
T +39 115551
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 99,599

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