Debut bubbly Tour Bpm at Piazza Affari, with the title of the third Italian banking group, which in its first day of trading exchanges to 2.43 euros, with an increase of 6,02% compared to 2,252 euros of the price of the debut. A start tonic that reflects the constructive approach expressed by the experts, who expect good results from the newborn banking group, the result of the merger, effective from 31 December 2016, between Banco Popular and Popular Bank of Milan .
The new title, according to the estimates of the Equity, is a multiple of 8 times the price/earnings estimated at 2017, 6 times that to 2018, and to 5 times to 2019. The multiple applied to the p/te is seen, respectively, 0.33, 0.32 and 0.31 in times, for a return on tangible net shareholders ‘ equity (Rote) of 2.6%, 5% and 6.5%.
“our positive view is linked to the synergy potential of the transaction”, have pointed out, from a sim card, adding that to expect the successful completion of the objectives set by the company in terms of cost cutting, targets that require a reduction of 9% of the combined costs to 2019, that is, lower charges for 320 million euros. The whole, “also, because of the transformation in spa will, according to us, pressure to the management in achieving the objectives of the plan.” For Fairness, “this intuition has been recently confirmed by the agreement with trade unions on the staff cuts”, in the sense that will see the voluntary exodus of 2,100 employees, a figure more than the 1,800 outputs envisaged by the industrial plan.
In addition, in the first year of his life to the experts, the re-rating of the title should be guided by the execution of the program of reduction of the risk connected to the portfolio of assets, the scheme aims at a reduction of the 55% of Non-performing loans within the institution for a total amount of 8 billion euros.
“Given the market pressure for the acceleration of the process, we do not exclude changes of a more structural nature than envisaged in the industrial plan”, was continued by the sim, assuming that an operation for the deconsolidation of part of the portfolio of Npl’s through strategic partnership on the front of the non-performing loans.
analysts have said, also, to the doubts of the market, which fears that the new entity can be placed in the constraints of capital, in the wake of a general trend of an increase of coverage on non-performing exposures (Npe): “we believe that the new group can count on abundant reserves of value which can be drawn upon in case of necessity, linked to the enhancement of the product factories”. Lukewarm, but still positive, Banca Imi, which binds the concept to the low rating of the action.
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