(Telestock) – Analysts are positive on Ifis Banka group active in specialty finance and listed on Euronext STAR Milan, following the half-yearly report released on Friday and the messages from CEO Frederik Geertman in the conference call.
Intermontewhich increased the target price to 25 euros per share from the previous 24.1 euros and confirmed the recommendation “Outperform“, says Banca Ifis has delivered “a solid set of 2Q24 results”, with an improved top line offsetting a higher OpEx. The bottom-line guidance and payout policy were confirmed, although “we expect there to be some upside potential given the solid capital position (CET1r at 15.32%)”. The financial position is very solid with €1.7 billion of available liquidity and the TLTRO repayment almost completed (€0.4 billion to be made in September 24).
Equitywhich confirmed “Buy” and target price at 24 euros per share, reports better-than-expected 2Q24 results for NII growing QoQ and other revenues. Banca Ifis “trades at attractive multiples (P/E 2024/25 = 6.2/6.0x) and offers excellent remuneration (dividend yield above 11.5%), with a balanced business model that we expect to support a resilient NIM and good protection in the event of a macro slowdown thanks to the provision of overlays (approximately 60bps additional CoR)”.
Intesa Sanpaolowhich increased the target price to 23.8 euros per share from the previous 23.7 euros and confirmed the recommendation “Buy“, writes that Banca Ifis reported “a solid set of results”, characterized by higher revenues in the NPL division, a lower cost of risk and higher capital generation. The company is preparing its new business plan (to be unveiled in 1H25) by reducing its sensitivity to interest rates and leaving its overlay provisions intact to protect future profitability. “Robust results could have allowed an upgrade of FY24 guidance that could be revised upwards in November”, it underlines.