(Telestock) – Intesa Sanpaolo has increased the target price (to 23.7 euros per share of 19.8 euros) and confirmed the recommendation (to Buy) on Ifis Banka group active in specialty finance and listed on Euronext STAR Milan, awaiting the second quarter results which will be released on August 2.
Analysts expect the second quarter to be another solid quartersupported by the positive trend of the NPL division and the resilience of the Commercial and Corporate division. They refined their estimates, leading to an upward revision of the EPS of 5% in 2024 and 3% in 2025.
The company’s dividend policy provides for a payout ratio of 50% up to 100 million euros of net profit and a payout ratio of 100% on any profit above 100 million euros. This, according to Intesa, should lead to a dividend yield of more than 10% per annum over the next three years. The visibility of a dividend yield “so generous” It is also enhanced by a solid capital base (CET1 ratio of 14.7% expected in June 2024, excluding net profit against a 9% SREP requirement).