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Intesa Sanpaolo ISP

Morningstar Rating
€3.74 +0.03 (0.78%)
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Company Report

Intesa Sanpaolo: An Italian Savings Powerhouse

Intesa Sanpaolo is the best-run bank in Italy, and with the benefit of higher interest rates, it is now one of the most profitable European banks we cover. Retail deposits make up the bulk of Intesa's funding. Retail, and especially sight deposits, tend not to track market interest rates. Zero or negative interest rates have obscured the benefit to Intesa of having a vast source of cheap funding for more than a decade. Rather than being a highly profitable product, deposit-taking became a loss-making activity.

Price vs Fair Value

ISP is trading within a range we consider fairly valued.
Price
€3.72
Fair Value
€5.20
Uncertainty
High
1-Star Price
€1.17
5-Star Price
€7.50
Economic Moat
Bcxl
Capital Allocation
Gqsmtphd

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
€3.73
Day Range
€3.723.76
52-Week Range
€2.313.77
Bid/Ask
€3.74 / €3.75
Market Cap
€67.51 Bil
Volume/Avg
68.4 Mil / 78.8 Mil

Key Statistics

Price/Earnings (Normalized)
8.32
Price/Sales
2.50
Dividend Yield (Trailing)
7.97%
Dividend Yield (Forward)
7.97%
Total Yield
9.90%

Company Profile

Intesa Sanpaolo is an Italian banking group resulting from the merger of Banca Intesa and Sanpaolo IMI in 2007. The Italian segment 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 Value
Total Number of Employees
93,910

Competitors

Valuation

Metric
ISP
UCG
ACA
Price/Earnings (Normalized)
8.326.146.35
Price/Book Value
1.170.990.58
Price/Sales
2.502.871.82
Price/Cash Flow
6.353.941.72
Price/Earnings
ISP
UCG
ACA

Financial Strength

Metric
ISP
UCG
ACA
Quick Ratio
Current Ratio
Interest Coverage
Quick Ratio
No chart available

Profitability

Metric
ISP
UCG
ACA
Return on Assets (Normalized)
0.86%1.20%0.31%
Return on Equity (Normalized)
14.67%15.74%8.22%
Return on Invested Capital (Normalized)
Return on Assets
ISP
UCG
ACA
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Banks - Regional Industry Comparables

1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
BNP Paribas ADR
BNPQY
VyrbjbptNpjl$79.5 Bil
Intesa Sanpaolo ADR
ISNPY
XmgjjhykJdqx$73.0 Bil
PNC Financial Services Group Inc
PNC
ZxbgnrszHvbqskq$70.4 Bil
U.S. Bancorp
USB
ZhdbckfwXdsk$70.3 Bil
Truist Financial Corp
TFC
CgdfbsnwBxcrhc$58.6 Bil
Itau Unibanco Holding SA ADR
ITUB
DgltvdtZwtt$55.5 Bil
Mizuho Financial Group Inc ADR
MFG
CynkxrwzWvk$54.8 Bil
Lloyds Banking Group PLC ADR
LYG
BtnvggwqSgrhfs$47.5 Bil
NatWest Group PLC ADR
NWG
GfbnxqwnWtz$36.3 Bil
Deutsche Bank AG
DB
GyqsPwqw$33.3 Bil

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