BPPUF - Intesa: Do Not Dismiss This High-Yielding Bank Too Quickly
Author’s note: unless otherwise stated, I’ll refer to Intesa shares trading in Milan. Volumes are very liquid (Ticker: ISP-BVME), and the base currency is EUR.
Macro outlook
Saddled by continuous squabbles between the two governing parties, Italy’s macro outlook remains uncertain. The boot-shaped country needs long-awaited reforms in almost every area (including fiscal, judicial, welfare), but it is unlikely investors will see any developments under the current leadership. Ideas flow in and out the political arena just as fast, with the populist parties in charge exploiting an all-too-well known pattern of creating a buzz for