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1. Company Snapshot

1.a. Company Description

Intercorp Financial Services Inc.provides banking, insurance, and wealth management services for retail and commercial clients in Peru.The company operates through three segments: Banking, Insurance, and Wealth Management.


It provides transactional accounts, such as cuenta sueldo and cuenta simple; savings accounts; investment accounts; and time deposits, certificates of deposit, and compensation for service time accounts.The company also offers retail banking products, including credit cards, payroll deduction loans, mortgages, and consumer loans, as well as cash, student, and collateralized cash loans.In addition, the company provides corporate, medium-size business, and small business banking services; and commercial banking products, which include commercial real estate, vehicles, machinery and other goods, cash management, trade finance, and electronic factoring products.


Further, it offers treasury and institutional banking, as well as securitization services.Additionally, the company provides annuities and conventional life insurance, and other retail insurance products, as well as financial advisory services for equities, fixed income, structured products, alternative investments, and managed accounts; brokerage, and investment management services.As of December 31, 2021, it operated 189 financial stores and 1,581 ATMs. Intercorp Financial Services Inc.


was incorporated in 1897 and is based in Lima, Peru.Intercorp Financial Services Inc.operates as a subsidiary of Intercorp Perú Ltd.

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1.b. Last Insights on IFS

Intercorp Financial Services' recent performance was driven by robust digital growth trends, strong banking division performance, and a healthy cost of risk below target. The company's insurance segment write-offs were offset by its robust digital growth, which is expected to continue driving its business forward. Additionally, Intercorp Financial Services maintains a stable NPL coverage and strong capitalization, providing a solid foundation for its future growth. The company's recent announcement of a 60% dividend increase is also a positive development, indicating its commitment to returning value to shareholders.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Intercorp Financial Services: Strong Recovery Completed, Valuation Now Fully Reflected (Rating Downgrade)

Feb -13

Source: seekingalpha.com

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Intercorp Financial Services Inc. (IFS) Q4 2025 Earnings Call Transcript

Feb -12

Source: seekingalpha.com

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Intercorp Financial Services Inc. $IFS Shares Acquired by Principal Financial Group Inc.

Feb -08

Source: defenseworld.net

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INTERCORP FINANCIAL SERVICES, INC. TO HOST FOURTH QUARTER 2025 EARNINGS CONFERENCE CALL & VIDEO WEBCAST PRESENTATION

Jan -26

Source: prnewswire.com

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Campbell & CO Investment Adviser LLC Cuts Position in Intercorp Financial Services Inc. $IFS

Jan -24

Source: defenseworld.net

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IFS or BX: Which Is the Better Value Stock Right Now?

Dec -17

Source: zacks.com

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IFS Cloud 25R2: Unlocking 10X Industrial Workforce Capacity with Digital Workers and Applied Industrial AI

Nov -27

Source: prnewswire.com

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Intercorp Financial Services: Better Cost Of Risk Vs. Insurance Impairment, Buy

Nov -20

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.46%)

6. Segments

Banking

Expected Growth: 8.27%

Intercorp Financial Services Inc.'s 8.27% growth in Banking is driven by increasing demand for digital payment solutions, strategic expansion into emerging markets, and a strong focus on customer acquisition and retention. Additionally, the company's investments in technology and process efficiencies have improved operational scalability, contributing to the segment's growth.

Insurance

Expected Growth: 8.5%

Intercorp Financial Services Inc.'s 8.5% growth in insurance is driven by increasing demand for protection products, expansion into new markets, and strategic partnerships. Additionally, the company's digital transformation efforts, improved customer experience, and competitive pricing strategies have contributed to its growth momentum.

Payment Means

Expected Growth: 10.1%

The 10.1% growth in Payment Means from Intercorp Financial Services Inc. is driven by increasing adoption of digital payment solutions, expansion into new markets, and strategic partnerships. Additionally, the rise of e-commerce and mobile payments, coupled with improving economic conditions, have contributed to the growth.

Wealth Management

Expected Growth: 8.9%

Intercorp Financial Services Inc.'s Wealth Management segment growth of 8.9% is driven by increasing demand for investment products, expansion into new markets, and strategic partnerships. Additionally, the segment benefits from a strong brand reputation, diversified product offerings, and a growing high-net-worth individual client base.

Holding and Consolidation Adjustments

Expected Growth: 6.15%

Intercorp Financial Services Inc.'s 6.15% growth in Holding and Consolidation Adjustments is driven by strategic acquisitions, effective cost management, and revenue diversification. The company's ability to integrate new businesses, optimize operational efficiencies, and expand into high-growth markets has contributed to this growth.

7. Detailed Products

Banco Internacional del Perú (BIP)

A commercial bank that provides a wide range of financial services to individuals and businesses in Peru.

Interbank

A leading bank in Peru that offers a variety of financial products and services, including credit cards, loans, and investment products.

Interseguros

An insurance company that provides a range of insurance products, including life insurance, health insurance, and property insurance.

Interfondo

A pension fund manager that provides retirement savings plans and other investment products.

Prima AFP

A leading pension fund manager in Peru that provides a range of investment products and retirement savings plans.

La Positiva

A leading insurance company in Peru that provides a range of insurance products, including life insurance, health insurance, and property insurance.

8. Intercorp Financial Services Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Intercorp Financial Services Inc. is medium due to the presence of alternative financial institutions and digital payment platforms.

Bargaining Power Of Customers

The bargaining power of customers is high due to the availability of multiple financial service providers, giving customers the power to switch between providers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's large scale of operations and ability to negotiate favorable terms with suppliers.

Threat Of New Entrants

The threat of new entrants is medium due to the presence of regulatory barriers and the need for significant capital investment to enter the financial services market.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple established financial institutions and the need to compete for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 52.22%
Debt Cost 8.01%
Equity Weight 47.78%
Equity Cost 8.01%
WACC 8.01%
Leverage 109.30%

11. Quality Control: Intercorp Financial Services Inc. passed 3 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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Value: 4.9

Growth: 7.1

Quality: 8.0

Yield: 6.9

Momentum: 8.0

Volatility: 8.0

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Luzerner Kantonalbank

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Value: 3.5

Growth: 4.6

Quality: 4.5

Yield: 6.2

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Volatility: 10.0

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Intercorp Financial Services

A-Score: 5.7/10

Value: 4.4

Growth: 1.7

Quality: 6.8

Yield: 6.2

Momentum: 8.0

Volatility: 7.3

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Bank of Ireland

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Value: 4.9

Growth: 6.2

Quality: 4.0

Yield: 3.1

Momentum: 10.0

Volatility: 5.0

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Zuger KB

A-Score: 5.3/10

Value: 2.9

Growth: 5.7

Quality: 5.2

Yield: 5.0

Momentum: 3.0

Volatility: 10.0

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Bank Millennium

A-Score: 5.3/10

Value: 4.8

Growth: 8.2

Quality: 5.8

Yield: 0.0

Momentum: 9.5

Volatility: 3.3

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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

50.43$

Current Price

50.43$

Potential

-0.00%

Expected Cash-Flows