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1. Company Snapshot

1.a. Company Description

Credito Emiliano S.p.A., together with its subsidiaries, provides various banking services to retail and corporate customers primarily in Italy.It operates through Commercial Banking, Asset Management, Bancassurance, Trading, ALM Treasury, and Corporate Centre and Other segments.The company's deposit products include current and savings accounts, time deposits, certificates of deposit, bonds, and subordinated debts; and loan portfolio comprises mortgages, credit cards, personal loans, and salary-backed loans.


It also offers wealth management services, including management of mutual investment funds, SICAV, portfolio management, and private equity and hedge funds; and asset management, bancassurance, fiduciary, remote banking, savings management, brokerage, financial leasing, factoring, insurance, and ALM treasury services.In addition, the company provides cheese warehousing, real estate management, and trading services, as well as develops software.As of December 31, 2021, it operated through 625 branches, business centers, and financial outlets in 20 regions.


The company was founded in 1910 and is headquartered in Reggio Emilia, Italy.Credito Emiliano S.p.A. is a subsidiary of Credito Emiliano Holding S.p.A.

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1.b. Last Insights on CE

Credito Emiliano S.p.A.'s recent performance has been positively influenced by its status as a robust dividend stock. European markets are experiencing a positive upswing, driven by strong corporate earnings and hopes for geopolitical resolutions, making dividend stocks like Credito Emiliano attractive for portfolio stability. The company's consistent dividend payments offer a reliable income stream, which is particularly appealing during economic uncertainties and market volatility. Additionally, with European markets navigating trade complexities and economic stagnation, Credito Emiliano's strong fundamentals position it well to weather these challenges.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.35%)

6. Segments

Commercial Banking

Expected Growth: 5.83%

Credito Emiliano S.p.A.'s 5.83% commercial banking growth is driven by a strong loan portfolio expansion, fueled by a robust Italian economy and increasing demand for credit from SMEs. Additionally, the bank's strategic focus on digitalization and cost optimization has improved operational efficiency, contributing to the growth.

Private Banking

Expected Growth: 6.47%

Credito Emiliano S.p.A.'s Private Banking segment growth of 6.47% is driven by increasing high net worth individuals in Italy, strong wealth management services, and strategic partnerships. Additionally, the bank's digital transformation and expanded product offerings have attracted new clients, while its strong brand reputation and personalized services have led to increased customer loyalty and retention.

Non-banking, Consumer Credit, IT Technology

Expected Growth: 8.38%

Credito Emiliano S.p.A.'s 8.38% growth in Non-banking, Consumer Credit, and IT Technology is driven by increasing demand for digital lending, expansion into new markets, and strategic partnerships. The company's innovative IT platform and data analytics capabilities have improved operational efficiency, reduced costs, and enhanced customer experience, contributing to its growth momentum.

Eliminations, Adjustments and Reclassifications

Expected Growth: 6.37%

Credito Emiliano S.p.A.'s 6.37% growth driven by strong loan growth, improved asset quality, and effective cost management. Eliminations primarily relate to intersegment transactions. Adjustments include one-time gains from asset sales and reclassifications of non-recurring items. Reclassifications mainly involve the re-allocation of certain expenses between segments, enhancing transparency and comparability.

Asset Management

Expected Growth: 7.37%

Credito Emiliano S.p.A.'s 7.37% growth in Asset Management is driven by increasing demand for wealth management services, strategic partnerships, and expansion into new markets. Additionally, the company's focus on digital transformation, cost optimization, and investment in human capital have contributed to its growth.

Insurance

Expected Growth: 7.4%

Credito Emiliano S.p.A.'s 7.4% insurance growth driven by increasing demand for protection products, expansion into new regions, and strategic partnerships. Additionally, the insurer's digital transformation efforts, improved customer service, and competitive pricing strategies have contributed to its growth momentum.

7. Detailed Products

Retail Banking

Credito Emiliano S.p.A. offers a range of retail banking services, including current accounts, savings accounts, credit cards, personal loans, and mortgages.

Corporate Banking

Credito Emiliano S.p.A. provides corporate banking services, including cash management, trade finance, and lending solutions, to support businesses of all sizes.

Private Banking

Credito Emiliano S.p.A. offers private banking services, including wealth management, investment advice, and portfolio management, to high net worth individuals.

Insurance Services

Credito Emiliano S.p.A. offers a range of insurance products, including life insurance, non-life insurance, and pension plans, to individuals and businesses.

Wealth Management

Credito Emiliano S.p.A. provides wealth management services, including investment advice, portfolio management, and asset management, to individuals and institutions.

8. Credito Emiliano S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Credito Emiliano S.p.A. is medium due to the presence of alternative financial institutions and digital payment systems.

Bargaining Power Of Customers

The bargaining power of customers is high due to the high level of competition in the banking industry, giving customers the power to choose from a variety of financial institutions.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the limited number of suppliers of financial services and the high level of competition among them.

Threat Of New Entrants

The threat of new entrants is medium due to the high barriers to entry in the banking industry, including regulatory requirements and high capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high due to the high level of competition among financial institutions, leading to a high level of advertising and promotional expenses.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 82.66%
Debt Cost 9.23%
Equity Weight 17.34%
Equity Cost 9.23%
WACC 9.23%
Leverage 476.62%

11. Quality Control: Credito Emiliano S.p.A. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Sydbank

A-Score: 7.5/10

Value: 6.2

Growth: 7.2

Quality: 7.4

Yield: 8.1

Momentum: 9.5

Volatility: 6.3

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Bankinter

A-Score: 7.4/10

Value: 7.1

Growth: 5.3

Quality: 6.8

Yield: 8.1

Momentum: 10.0

Volatility: 7.3

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Credito Emiliano

A-Score: 7.4/10

Value: 7.8

Growth: 4.8

Quality: 6.5

Yield: 8.8

Momentum: 8.5

Volatility: 8.3

1-Year Total Return ->

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ING Bank Slaski

A-Score: 7.1/10

Value: 6.5

Growth: 9.1

Quality: 7.4

Yield: 7.5

Momentum: 6.5

Volatility: 5.7

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SpareBank 1 SR-Bank

A-Score: 6.8/10

Value: 5.1

Growth: 7.4

Quality: 6.8

Yield: 4.4

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

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Raiffeisen Bank International

A-Score: 6.2/10

Value: 9.4

Growth: 3.8

Quality: 5.4

Yield: 6.9

Momentum: 8.5

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

14.42$

Current Price

14.42$

Potential

-0.00%

Expected Cash-Flows