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1. Company Snapshot

1.a. Company Description

BFF Bank S.p.A. provides financial services to suppliers of the national health system and public administration sector in Italy, Croatia, the Czech Republic, France, Greece, Poland, Portugal, the Slovak Republic, and Spain.It operates through Factoring & Lending, Securities Services, and Payment Services segments.The Factoring & Lending segment offers non-recourse factoring, lending, and credit management services to public sector suppliers and public administration bodies.


The Securities Services segment undertakes custodian banking for investment funds and related services, such as global custody, fund accounting, and transfer agent services for national managers and banks, as well as various investment funds, including pension, mutual, and alternative funds.The Payments Services segment undertakes payment processing, corporate payments, and cheques and bills, as well as operates customers medium-small Italian banks and medium-large companies.The company was founded in 1985 and is headquartered in Milan, Italy.

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1.b. Last Insights on BFF

BFF Bank SpA's recent performance was negatively driven by challenging funding costs and regional loan declines, despite strong profit growth and strategic market expansion. The company's ability to expand its market presence was offset by increasing costs, which may hinder its growth prospects. Additionally, the current economic landscape, marked by inflationary pressures and interest rate uncertainties, may further exacerbate these challenges. Insider buying activity in January 2025 suggests some confidence in the company's prospects, but the immediate outlook remains uncertain.

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 (10.00%)

6. Segments

Banking and Related Activities

Expected Growth: 10.0%

BFF Bank S.p.A.'s 10.0% growth in Banking and Related Activities is driven by increasing demand for digital payment solutions, expansion into new markets, and strategic partnerships. Additionally, the bank's focus on innovation, cost optimization, and risk management has improved operational efficiency, contributing to the growth.

7. Detailed Products

Corporate Banking

BFF Bank S.p.A. offers a range of corporate banking services to large and medium-sized enterprises, including cash management, trade finance, and lending solutions.

Factoring

BFF Bank S.p.A. provides factoring services to businesses, allowing them to receive immediate payment for their outstanding invoices.

Forfaiting

BFF Bank S.p.A. offers forfaiting services, which involve the purchase of receivables from businesses without recourse.

Supply Chain Finance

BFF Bank S.p.A. provides supply chain finance solutions to optimize the working capital of businesses and their suppliers.

Trade Finance

BFF Bank S.p.A. offers trade finance services, including letter of credit, guarantee, and documentary credit.

Treasury Services

BFF Bank S.p.A. provides treasury services, including cash management, foreign exchange, and interest rate hedging.

8. BFF Bank S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for BFF Bank 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 for BFF Bank S.p.A. is low due to the bank's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for BFF Bank S.p.A. is medium due to the presence of multiple suppliers and the bank's moderate dependence on them.

Threat Of New Entrants

The threat of new entrants for BFF Bank S.p.A. is high due to the increasing trend of fintech startups and digital banking platforms.

Intensity Of Rivalry

The intensity of rivalry for BFF Bank S.p.A. is high due to the presence of multiple established banks and financial institutions in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 87.50%
Debt Cost 8.26%
Equity Weight 12.50%
Equity Cost 8.26%
WACC 8.26%
Leverage 700.00%

11. Quality Control: BFF Bank S.p.A. passed 4 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

Stock-Card
H&T

A-Score: 6.3/10

Value: 5.2

Growth: 6.3

Quality: 6.4

Yield: 5.0

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
S&U

A-Score: 6.1/10

Value: 7.7

Growth: 5.6

Quality: 7.6

Yield: 8.8

Momentum: 3.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
BFF Bank

A-Score: 5.9/10

Value: 6.0

Growth: 4.8

Quality: 7.1

Yield: 5.0

Momentum: 6.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Resurs Holding

A-Score: 5.4/10

Value: 5.5

Growth: 5.2

Quality: 3.9

Yield: 5.0

Momentum: 9.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
MutuiOnline

A-Score: 4.8/10

Value: 3.5

Growth: 8.3

Quality: 5.8

Yield: 0.6

Momentum: 6.5

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Intrum

A-Score: 4.4/10

Value: 9.1

Growth: 2.1

Quality: 2.8

Yield: 5.0

Momentum: 7.5

Volatility: 0.0

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

10.44$

Current Price

10.44$

Potential

-0.00%

Expected Cash-Flows